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Chapter Name

Start-Up Business Plan

The purpose of the Start-Up Business Plan Event is to provide an opportunity for the participant to develop and present a proposal to form a business. The event provides an opportunity for a participant to develop and demonstrate mastery of essential knowledge and skills as they apply to the analysis of a business opportunity.

Career Opportunities

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Sample Exams

Exam blueprint.

The chart below shows the number of items per instructional area for the 2023-2024 exams used at the district level, chartered association level and the International Career Development Conference.

EXAM STRATEGIES

The exam blueprint is your best friend.

Use the exam blueprint to focus your preparation efforts. You may prioritize studying instructional areas with the higher number of questions listed the blueprint.

Keep Expanding Your Knowledge

As you advance in competition, exam items become more specialized to the Career Cluster. Therefore, you should start with an understanding of general business concepts in the Business Administration Core and build on the knowledge within the Career Cluster of your competitive event.

Review Your Work

Don’t just take the exam! After you take the exam, compare your answers to the exam’s key. If you incorrectly answer a question, re-read the question, note the correct answer, and then read the descriptive key. The descriptive key explains the correct answer and why the other answers are incorrect. This will also help you understand the performance indicator addressed in the exam question.

Focus Your Efforts Where They Need To Be

Each exam question is linked to an instructional area. For each incorrect answer, tally the instructional area it matches. If you are noticing a pattern of incorrectly answering questions within particular instructional areas, spend more time learning the knowledge and skills within those instructional areas. Spend more time reviewing the performance indicators under those instructional areas.

Form Study Groups

Because there are only seven DECA exams, chances are high that some of your fellow chapters are taking the same exam as you, even if they are in a different competitive event. Use this opportunity to form study groups. You could consider taking the exam together and discussing the questions and answers. You could even divide and conquer to prepare study materials to help understand performance indicators.

Get In The Mode

Recreate the testing scene. Find out from your chapter advisor the setting for your exam during competition. Will you be taking the exam online through an electronic device prior to the competition, or  using pencil and paper on-site during the competition? Find out how long you will have to take the test. Then try to replicate the setting using a practice test and using the same time frame you are given in competition.

Develop a Study Schedule

Make sure to study and prepare on a regular basis. Plan a study schedule and calendar leading up to your competition. Do not study right before you take the test. Instead, concentrate on being calm and confident in yourself when taking the exam.

Test Taking Techniques

When taking the exam, use these general test taking techniques:

• Familiarize yourself with the format.
• Read the question. Think about the answer.
• Read all choices before choosing your answer.
• Eliminate choices you know aren't correct.
• If you get stuck, circle and come back.
• Always take an educated guess.
• If time allows, review your work. ‍

Remain Positive!

Be confident. Refrain from engaging in negative discussions with other members prior to the exam, such as “I’m so nervous – I don’t know if I studied enough.”

Sample Role-Plays

Instructional areas.

Each role-play focuses on a primary instructional area. For each role-play, a majority of its performance indicators will focus on that primary instructional area. The following instructional areas may be used in this event's role-plays.

ROLE-PLAY STRATEGIES

Key elements.

The following key elements are always a part of each role-play scenario. Understanding the format and style of the role-play will help you become familiar, feel comfortable and easily identify the key elements so you can maximize your time developing your solution.

• Participant Role
• Company and Brief Description
• Deliverable
• Instructional Area

Performance Indicators

• Meeting Location

The performance indicators are your guide to a focused presentation! Apply them to the situation because they are always based on a real-life situation. Use industry knowledge that you have researched before competition to supplement what you know about your performance indicators. This helps demonstrate your proficiency.

What's the Ask?

At the end of any role-play situation, you are presented with what the judge is looking for from you. Make sure you address what the judge is asking while incorporating the performance indicators. You will want to wow your judge with your solution while explaining it by incorporating the performance indicators.

Communication is Key

Speak clearly so that the judge can understand what you are sharing with him/her. You have time to talk about your performance indicators within the situation—don’t rush and take the chance a judge didn’t hear you talking about something. Be natural and comfortable in your role in the situation. Nonverbal communication can be just as important as verbal communication. Smile and be confident to help demonstrate your professionalism.

Be Creative and Stand Out

Be calm, be professional and be enthusiastic. Don’t be scared of your competition. There are many creative ways to approach a role-play, and no one way is necessarily right, so focus on adding your own creative twist to what you do. Don’t just have a “Plan A”; exceed expectations by having options for your judge to select from if the situation calls for it. Setting yourself apart through innovation, creativity and quality ideas is the key way to stay in a judge’s mind long after all the competitors have finished presenting. What can you bring to the presentation that no other competitor will show your judge?

Connect with the Judge

Take time to make sure your judge is following your thoughts. You can ask your judge questions to make sure he or she has understood what you have shared. Near the end of the role-play, the judge will likely ask you questions. When you are preparing your presentation for the role-play, you may anticipate what questions the judge may ask. However, if you need a minute to consider the questions before answering, say so in a professional manner. This reflects your respect of his or her position and your desire to share an informed answer.

Speak the Language

When speaking with the judge, be as professional as possible, while still being personable and accessible. This means using accurate industry terminology when the situation calls for it. Do not be afraid to use sophisticated or rich vocabulary—with­out sounding like you’re just trying too hard to impress, because, of course, you still want to be relatable, friendly, and down-to-earth.

Make a Good Impression

Be friendly, make eye contact and give a firm handshake when you first meet your judge. Do not wait for them to introduce themselves; rather, take the initiative. While you might be nervous and feel awkward, taking initiative shows that you truly are mature, confident and comfort­able. Also, adhere to the dress code, because you come across as much more professional if you really do look like a business executive. You may also consider the career area in which you are competing. For example, as a competitor in Apparel and Accessories Marketing, you may want to wear something that will reflect an interest in fashion or a more creative point-of-view, without being outrageous. You want to leave a good impression with the judge, and of course, be rememberable.

WRITE IT LIKE  YOU MEAN IT

Participants in the Start-Up Business Plan will prepare a business plan proposal describing a business the participants want to develop. The body of the written entry must be limited to 10 numbered pages, including the appendix (if an appendix is attached), but excluding the title page and the table of contents.

WRITTEN ENTRY GUIDELINES

The written entry must follow the specifications provided in the Written Entry Guidelines section of the DECA Guide for the competitive event. In addition to the Written Entry Guidelines, participants must observe all of the standards on the Penalty Point Checklist. These standards are designed to make competition as fair as possible. Additionally, the Written Event Statement of Assurances and Academic Integrity Form must be signed and submitted with the entry.

Sample Written ENTRY

Written entry strategies, content is king.

The written entry is the foundation of your competitive event. It's your outline for your project or plan, and represents your process to achieving your outcome. Choosing the right written event and the right company, event, idea, product or topic is so important, because you want to be passionate about the work you will endeavor in this process. Be thoughtful when making your decisions using some of these key considerations:

• Is there enough data accessible?
• Can I get information I need from the company or about the product, event or idea?
• Are there real people I can engage with or enlist the help and expertise of?
• Is this cutting edge or has the potential to be?

First, But Last

The executive summary is one of the most important parts of your written entry. Not only is it likely to be one of the first parts of your entry the judge reviews, it also provides an overall summary of your entry. It should be dynamic, concise and effectively highlight the main points of your written entry all while including a call to action. Often, it is best to write the executive summary last so that you can identify the most relevant components to include. Some tips for an effective executive summary include:

• Start with a bang.
• Identify the problem solution and opportunity.
• Focus on what makes you stand out.
• Sell don't just tell.
• Include data and finances.
• Use graphics and formatting as appropriate.
• Imagine this is the only thing someone would read.

Review, Edit, Proofread

Once you have completed your written entry, review it against the written entry guidelines and written entry evaluation form to ensure you have addressed each item. If you believe items are missing or need improvement, revisit your written entry and improve those areas. You may also wish to ask consultants to read your written entry against the criteria and provide feedback. Often, that is the best way to determine if your written entry is clearly understood by someone other than you as the project creator(s). In addition, you should edit and revise your written work so that it is well-organized, professional, logical and error free.

Avoid Penalty Points

Penalty points can cause you to lose your chance for advancement quickly! Many times, they can easily be avoided. Some of the most common reasons for penalty points include:

• Not using the current year’s event guidelines.
• All participants or advisor not signing the Statement of Assurances.
• Leaving out sections in the body of the written entry.
• Having too many pages. Double check the number of pages allowed in your written entry.

Give your entry to a trusted advisor or peer to review against the Penalty Point Checklist.

PRESENT WITH PIZZAZZ

The participants will present the project to the judge in a 15-minute presentation. The judge is role-playing a potential source of capital for the business. The presentation begins immediately after the introduction of the participants to the judge by the adult assistant. Each participant must take part in the presentation.

PRESENTATION GUIDELINES

Each participant may bring a copy of the written entry or note cards pertaining to the written entry to use as reference during the presentation. Only visual aids that can be easily hand carried to the presentation by the actual participant(s)will be permitted. The participants themselves must set up the visuals. Wheeled carts, moving straps or similar items may not be used to bring visuals into the area. Set up time is included in the total presentation time. Participants must furnish their own materials and equipment. No electrical power or internet connection will be supplied. Alternate power sources such as small generators are not allowed. Sound may be used, as long as the volume is kept at a conversational level. Materials appropriate to the situation may be handed to or left with judges in all competitive events. Items of monetary value may be handed to but may not be left with judges. Items such as flyers, brochures, pamphlets and business cards may be handed to or left with the judge. No food or drinks allowed. If any of these rules are violated, the adult assistant must be notified by the judge.  

Presentation Strategies

First things first.

Consider your presentation your time to highlight the most important parts of your competitive event. In every case, you're trying to sell the judge that your idea, concept or plan is the best. Start with that in mind, and develop an outline for your presentation. Your ultimate goal is for the judge to choose your presentation. Consult the presentation evaluation rubric in the DECA Guide to ensure that your presentation includes information for all of the scoring criteria. You may also consider visual aids and if you'll use technology — but make sure they are relevant and meaningful to your presentation.

Brand Yourself A Winner

When creating your project and delivering your presentation, you are essentially developing a brand for yourself and your ideas. Make your presentation’s brand attractive and easy for your judge to remember by wrapping it in a strong visual package. Tie together all the elements of your project, from the charts and graphs of your written document, to your slide backgrounds, to the shirt you wear with a signature element, such as a particular color palette or pattern.

Stop, Look, Listen

A great portion of your presentation’s success isn’t dependent on what you say, but how you say it. Like any good speech, the judge may not recall every statistic, market segment or promotional idea that you deliver, but they will remember how you made them feel. That’s where confidence in your delivery comes in. Being excited, nervous and anxious about your presentation can cause your rate of speech to increase rapidly, making your words fly by in a blur. Always remember the power of pause. When practicing your presentation, incorporate pauses into your phrases. This will create a dramatic, ear-catching effect to keep your judge attentive to your presentation, plus it will emphasize important points and information. 

Eye contact is another way to connect with your judge. Locking eyes shows confidence in the points you’re delivering and is another way to keep your judge engaged in your delivery.

A memorable part of your delivery that will greatly affect how your judge feels is your tone of voice. Your tone should vary depending on the subjects you’re covering in your presentation. For example, presenting a charity that your Community Giving Project supports may be most effective with a serious, earnest tone, yet in sharing your creative marketing  ideas for an Integrated Marketing Campaign event, an excitable, vibrant tone would be great for expressing your creativity. No matter what tone you use, make sure you vary your expression. Nothing will lose a judge’s attention more than a flat, boring delivery that gives them no feeling about your topic. 

While relying on your innate ability to “wing it” is never recommended for competition, writing down paragraphs of perfect phrases, word-for-word, doesn’t guarantee that your presentation will turn out trophies either. Note cards are a handy tool to remember specific numerical data and exact quotes, but using them as a crutch for your memory could reduce your confident delivery, especially in form of eye contact with your judges. Instead, commit your presentation to memory as best as possible. If you thought it, developed it and wrote about it, you should be able, with a bit of practice, to present it well. Use your visual aid to help guide your talking points, with illustrations, diagrams or other images to help cue your words. 

Just because you reach your last slide doesn’t mean it’s time to thank your judge, shake hands and flee the room. The time after your formal presentation is crucial for further interaction with your judge. Take this opportunity to clarify parts of your presentation, show more of your personality and impress your judge with an ability to provide thorough answers to any questions they may have. The best way to flawlessly answer these questions is to prepare for them in advance. Use your advisors and peers as practice judges for your presentation, and request that they each ask you at least three follow-up questions to your presentation. You begin to become more confident delivering answers off-the-cuff and will begin to learn the most commonly asked questions of your presentation. Should your judge not immediately ask any questions, ask for them! 

To leave even more of an impact on your judge, provide them with a handout before you walk out the door, such as a brochure or outline. Use this strategy to highlight important takeaway points from your presentation, further brand yourself and your ideas, and keep a presence in front of your judge, even long after your final handshake. Make sure to have a final statement or call to action to show your judge that you’re interested in following through.

INSIGHTS INTO THE INDUSTRY

Industry trends are patterns or current happenings that occur within a specific industry. Keeping up with the industry helps give you a pulse on issues and trends that are affecting the industry. This knowledge can help you develop creative, relevant and timely solutions for your competitive event.

5 Things You Really Need to do when Starting Your Own Business

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Not only do these interactive competition preparation tools help you expand your industry terminology, understand performance indicators and check your comprehension through exam items, they also help you prepare for DECA competition!

Expand your vocabulary

Broaden your knowledge

Check your comprehension

DECA Direct Online is your source for competition tips and career insights. Check out these articles and more on DECA Direct Online as you prepare for competition.

3 Written Event Competition Tips To Consider

The ultimate written event guide, 4 things you must remember while public speaking, deca goes lean in entrepreneurship.

DECA+ ACCEPTABLE USE POLICY ‍ A DECA+ subscription is required for each DECA chapter wishing to access the resources within the DECA+ site. The login is to be used only by the chapter and its members, and the login cannot be shared beyond the chapter. Under no circumstances may any of the content, including but not limited to exams, scenarios or sample written entries, in whole or in part, or any item within be published or posted on any website. Under no circumstances may any of the content, including but not limited to exams, scenarios or sample written entries, in whole or in part, or any item within be shared or distributed beyond the specific DECA chapter that has purchased the subscription.  Any chapter(s) which violates the DECA+ distribution and use policy will not be allowed to participate in the current school year’s chartered association conference or the International Career Development Conference. If any exams or scenarios are posted on a chapter or chartered association website in way outside of the distribution and use policy, the chartered association will not be eligible to purchase exams or receive scenarios from DECA Inc. for a period of one year for the first offense. Furthermore, further access to DECA+ by the chapter(s) in violation will be prohibited effective immediately for a period of no less than three years.

• Project Managment

How to Develop a Winning Deca Independent Business Plan

Introduction.

Deca Independent Business Plan is an innovative program designed to help aspiring entrepreneurs develop and launch their own businesses. It provides a comprehensive framework for creating a business plan, from researching the market and developing a business model to creating a financial plan and launching the business. The program also provides resources and guidance to help entrepreneurs succeed in their venture. With Deca Independent Business Plan, entrepreneurs can gain the knowledge and skills needed to create a successful business.

1. Begin by researching the DECA Independent Business Plan competition. Understand the requirements and expectations of the competition. Familiarize yourself with the judging criteria and the scoring rubric.

2. Brainstorm ideas for your business plan. Consider the type of business you would like to create, the target market, the products or services you will offer, and the competitive advantages you can offer.

3. Develop a business plan outline. This should include an executive summary, a description of the business, a market analysis, a competitive analysis, a marketing plan, an operations plan, a financial plan, and a management plan.

4. Research the industry and the market. Gather data on the size of the market, the trends, the competition, and the potential customers.

5. Write the executive summary. This should be a concise overview of the business plan that includes the purpose of the business, the products or services offered, the target market, the competitive advantages, and the financial projections.

6. Write the business description. This should include the mission statement, the vision statement, and the goals of the business.

7. Write the market analysis. This should include an analysis of the target market, the size of the market, the trends, and the potential customers.

8. Write the competitive analysis. This should include an analysis of the competition, their strengths and weaknesses, and how your business will differentiate itself from the competition.

9. Write the marketing plan. This should include a description of the products or services offered, the pricing strategy, the promotional strategy, and the distribution strategy.

10. Write the operations plan. This should include a description of the production process, the quality control process, and the customer service process.

11. Write the financial plan. This should include a budget, a cash flow statement, and a break-even analysis.

12. Write the management plan. This should include a description of the organizational structure, the roles and responsibilities of each team member, and the management strategies.

13. Proofread and edit the business plan. Make sure that all of the information is accurate and that the writing is clear and concise.

14. Submit the business plan to the DECA Independent Business Plan competition.

Tips for Crafting an Effective Deca Independent Business Plan

1. Start with an Executive Summary : Provide a brief overview of your business plan, including the purpose of the plan, the goals you hope to achieve, and the strategies you plan to use to reach those goals.

2. Describe Your Business : Provide a detailed description of your business, including the products or services you offer, the target market, and the competitive advantages you have.

3. Outline Your Financial Plan : Include a detailed financial plan that outlines your start-up costs, projected income, and expenses.

4. Develop a Marketing Plan : Create a comprehensive marketing plan that outlines how you plan to promote your business and reach your target market.

5. Create an Operations Plan : Develop an operations plan that outlines how you plan to manage your business, including staffing, inventory, and customer service.

6. Set Goals and Objectives : Establish clear goals and objectives for your business and outline how you plan to measure your progress.

7. Include a Risk Analysis : Identify potential risks and develop strategies to mitigate them.

8. Include a Timeline : Create a timeline that outlines when you plan to complete each step of your business plan.

9. Proofread and Edit : Carefully proofread and edit your business plan to ensure accuracy and clarity.

10. Seek Professional Advice : Consider seeking professional advice from a business consultant or mentor to ensure your business plan is effective.

The Benefits of Creating a Deca Independent Business Plan

Creating a Deca Independent Business Plan is an important step for any aspiring entrepreneur. A well-crafted business plan can provide a roadmap for success, helping to ensure that the business is well-positioned to achieve its goals. Here are some of the key benefits of creating a Deca Independent Business Plan:

1. Clarify Your Vision : A Deca Independent Business Plan helps to clarify your vision for the business. It provides a framework for setting goals and objectives, and helps to ensure that all stakeholders are on the same page.

2. Identify Opportunities : A Deca Independent Business Plan can help to identify potential opportunities for growth and expansion. It can also help to identify potential risks and challenges that may arise in the future.

3. Establish a Financial Plan : A Deca Independent Business Plan can help to establish a financial plan for the business. This includes setting a budget, forecasting cash flow, and determining the best sources of financing.

4. Develop a Marketing Strategy : A Deca Independent Business Plan can help to develop a comprehensive marketing strategy. This includes identifying target markets, developing a pricing strategy, and creating a promotional plan.

5. Create a Competitive Advantage : A Deca Independent Business Plan can help to create a competitive advantage for the business. This includes identifying the unique features and benefits of the business, and developing strategies to differentiate it from the competition.

Creating a Deca Independent Business Plan is an important step for any aspiring entrepreneur. It can provide a roadmap for success, helping to ensure that the business is well-positioned to achieve its goals. By clarifying the vision, identifying opportunities, establishing a financial plan, developing a marketing strategy, and creating a competitive advantage, a Deca Independent Business Plan can help to ensure that the business is well-positioned for success.

Common Mistakes to Avoid When Writing a Deca Independent Business Plan

1. Not doing enough research : Before you start writing your business plan, it is important to do thorough research on the industry, the market, and the competition. Without this knowledge, you may not be able to accurately assess the potential of your business and create a realistic plan.

2. Not setting realistic goals : When writing your business plan, it is important to set realistic goals that are achievable. Unrealistic goals can lead to disappointment and failure.

3. Not including a financial plan : A financial plan is an essential part of any business plan. It should include a budget, cash flow projections, and other financial information. Without this information, it will be difficult to assess the viability of your business.

4. Not including a marketing plan : A marketing plan is an important part of any business plan. It should include information about how you plan to reach your target market, how you plan to promote your business, and how you plan to measure success.

5. Not proofreading : Before submitting your business plan, it is important to proofread it for any errors. Poor grammar and spelling can make your business plan look unprofessional and can lead to a lower score.

Strategies for Financing Your Deca Independent Business Plan

1. Personal Savings : Utilizing personal savings is a great way to finance your Deca Independent Business Plan. This option allows you to maintain full control of your business and its finances.

2. Bank Loans : Bank loans are a popular option for financing a business. Banks typically offer competitive interest rates and repayment terms.

3. Crowdfunding : Crowdfunding is a great way to raise money for your business. Platforms such as Kickstarter and Indiegogo allow you to reach a wide audience and raise funds quickly.

4. Angel Investors : Angel investors are wealthy individuals who provide capital in exchange for equity in your business. This is a great option for businesses that need a large amount of capital.

5. Grants : Grants are a great way to finance your business without having to repay the money. There are many grants available for businesses in various industries.

6. Venture Capital : Venture capital is a form of financing provided by venture capitalists. This is a great option for businesses that need a large amount of capital and have a high potential for growth.

7. Small Business Administration (SBA) Loans : The SBA provides loans to small businesses. These loans typically have lower interest rates and more flexible repayment terms than traditional bank loans.

8. Business Credit Cards : Business credit cards are a great way to finance your business. They typically have lower interest rates than personal credit cards and can be used to purchase supplies and equipment.

9. Family and Friends : Borrowing money from family and friends is a great way to finance your business. This option allows you to maintain control of your business and its finances.

10. Leasing : Leasing is a great way to finance equipment and other assets. This option allows you to use the equipment without having to purchase it outright.

How to Use Technology to Enhance Your Deca Independent Business Plan

Technology can be a powerful tool to help enhance your Deca Independent Business Plan. Here are some tips to help you make the most of technology when creating your plan:

1. Utilize Online Resources : Take advantage of the wealth of online resources available to help you create your business plan. There are many websites that offer templates and other resources to help you get started. Additionally, there are many online forums and communities that can provide valuable advice and feedback on your plan.

2. Leverage Cloud Storage : Cloud storage can be a great way to store and share your business plan. This allows you to access your plan from any device, and makes it easy to collaborate with others.

3. Use Online Collaboration Tools : Online collaboration tools such as Google Docs and Slack can be invaluable when creating your business plan. These tools allow you to easily share documents and collaborate with others in real-time.

4. Utilize Social Media : Social media can be a great way to promote your business plan and get feedback from potential customers. Use social media to share your plan and engage with your target audience.

5. Invest in Business Software : Investing in business software can help streamline the process of creating your business plan. There are many software programs available that can help you create a professional-looking plan quickly and easily.

By leveraging the power of technology, you can create a comprehensive and effective Deca Independent Business Plan. Utilize the tips above to make the most of technology when creating your plan.

• Independent Business Plan | DECA Inc. Competitive Events
• DECA Guide – Independent Business Plan
• Competitive Events | High School | DECA Inc.

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DECA Announces Competitive Event Topics and Updates for 2024-2025

Introducing the 2024-2025 deca executive officer team, congratulations to the 2024 deca icdc competitive event champions, introducing the 2024-2025 collegiate deca executive officer team, become a deca insider.

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DECA Goes Lean in Entrepreneurship

Beginning with the 2015-2016 school year, DECA will begin using new terminology and outlines in many of its Entrepreneurship Events. Specifically, DECA has adopted terminology associated with the lean business model canvas. This article will explain why the changes are being made, explain the major components of the lean business model canvas, and provide a list of resources to help advisors and members learn more.

Why is DECA Changing Its Entrepreneurship Events?

Each year DECA’s Competitive Events Taskforce meets in the winter to review a select grouping of DECA’s competitive events. During the 2014-2015 school year this committee met and decided that DECA’s Business Management and Entrepreneurship Events were becoming dated and were in need of revision. Input was sought and received from members of DECA’s National Advisory Board (Kauffman Foundation, International Franchise Association Educational Institute) and instructors of entrepreneurship at the secondary and postsecondary levels.

This taskforce took the responsibility and challenge very seriously. Ultimately, the taskforce decided that DECA should adopt the lean business model canvas as the foundation for its Entrepreneurship Events.

Why the Lean Business Model Canvas?

Input received from industry experts suggested that DECA’s business plan outlines were becoming less and less commonly used by entrepreneurs. The business model canvas and lean start-up canvas are now more commonplace in practice. Further investigation determined that the lean business model canvas mentality was the future and where DECA should align itself.

DECA strives to be at the forefront of industry trends and by adopting the lean business model canvas, DECA is now in a better position to serve instructors and students of entrepreneurship.

What is the Lean Business Model Canvas?

During the Competitive Events Taskforce’s work, it was discovered that more and more entrepreneurs are framing their business models using a “canvas.” The canvas is a way to present the key components of a business model on one piece of paper. Once the key components have been identified, the details of the business plan and model can be filled in using more detail. The lean business model canvas has nine sections or components.

Below are brief explanations of the components:

• Problem – In this section, members should list the top three problems their product/service is addressing.
• Customer Segments – In this section, members should list who the primary customers will be for their product or service.
• Unique Value Proposition – In this section, members should identify the single, clear, compelling message that states why their product/service is different and worth buying.
• Solution – In this section, members should identify the top three features of their product/service.
• Channels – In this section, members should determine the possible pathways to customers.
• Revenue Streams – In this section, members must explain the revenue model, determine life time values, describe the revenue, and determine gross margins.
• Cost Structure – In this section, members should calculate the customer acquisition costs, the distribution costs, the human resources costs, and any other additional costs.
• Key Metrics – In this section, members should identify the key activities that must be measured.
• Competitive Advantage – In this section, members should describe what about their product/service means that it cannot be easily copied or bought.

Note: Download the canvas template here .

Which Events Use Which Components of the Lean Business Model Canvas?

Download this chart to see which components of the lean business model canvas are used in each of DECA’s Entrepreneurship Events.

There are many, many videos, books, podcasts, online courses, seminars, etc. related to the lean business model canvas.

Below is a list of suggested resources to begin learning more about this topic:

• Capture Your Business Model in 20 Minutes – Lean Canvas
• The Lean Canvas Business Model – Creating The Killer Business Plan
• Lean Startup Summary
• Running Lean: Iterate from Plan A to a Plan That Works (Lean Series) by Ash Maurya
• Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers by Alexander Osterwalder and Yves Pigneur
• Value Proposition Design: How to Create Products and Services Customers Want (Strategyzer) by Alexander Osterwalder and Yves Pigneur
• The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries

Online Courses

• Lean Canvas Course
• How to Build a Startup
• Business Model Canvas vs. Lean Canvas
• Lean Canvas Process and Examples
• Social Lean Canvas
• Lean Launch Lab

Discussion Questions

Classroom connection, career cluster:, instructional area(s):, performance indicators:.

DECA Announces Competitive Event Topics and Updates for 2024-2025

Get a head start on the 2024-2025 competition season with DECA's updates, topics and resources for next year's competitive events program.

Get Ready for Round Two of the DECA Virtual Business Challenge

The DECA Virtual Business Challenge (VBC) is an official competitive event free to high school members and hosted by Knowledge Matters. The event is based on the Virtual Business series of simulations and offers over $20,000 in scholarship money.

Test Your Skills with the Stukent Social Media Marketing Challenge

Do you have what it takes to be a successful social media marketing professional? The Stukent Social Media Marketing Challenge is your chance to compete using a social media marketing simulation.

Participate in the Knowledge Matters Digital Presentation Skills Challenge

The DECA/Knowledge Matters Digital Presentation Skills Challenge will test your skills at creating and delivering a digital presentation.

DECA prepares emerging leaders and entrepreneurs in marketing, finance, hospitality and management in high schools and colleges around the globe.

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A very well dressed community because suits are awesome. DECA prepares emerging leaders and entrepreneurs for careers in marketing, finance, hospitality and management in high schools and colleges around the globe.

Looking for a good paper to write next year

So I wrote the independent business plan paper this year. I ended up making it to state. Although my paper and presentation were good, there were over 100 other people in my event at state competition. Only 7 were chosen for ICDC. This got me wondering would I be better off writing a paper in a less competitive category? If I was to write a different paper, I’d definitely want to do something in the finance/entrepreneurship section.

How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

Colombian airline Avianca plans to confidentially file for US IPO

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Drugmakers' appeal to end Zantac cancer lawsuits rebuffed by judge

A Delaware judge rebuffed a request by GSK and other drugmakers to appeal a ruling allowing more than 70,000 lawsuits claiming that the heartburn drug Zantac caused cancer to go forward.

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U.S. Said to Seek Boeing Guilty Plea to Avoid Trial in 737 Max Crashes

The Justice Department told victims’ families that it would propose a nearly $244 million fine and three years of company oversight to settle a fraud charge.

By Niraj Chokshi

The Justice Department plans to allow Boeing to avoid a criminal trial if it agrees to plead guilty to a fraud charge stemming from two fatal crashes of its 737 Max more than five years ago, according to two lawyers for families of the crash victims.

Federal officials shared details of the offer on a call with the families on Sunday afternoon before bringing the deal to Boeing, according to the lawyers, Paul G. Cassell and Mark Lindquist.

The terms include a nearly $244 million fine, a new investment in safety improvements, three years of scrutiny from an external monitor, and a meeting between Boeing’s board and the victims’ families, said Mr. Cassell, a University of Utah law professor.

The Justice Department did not immediately respond to a request for comment, while Boeing declined to comment.

Mr. Cassell, who represents more than a dozen of the families, said that he and the families found the deal to be “outrageous” and that it fell far short of what they had sought. He described the offer as a “sweetheart plea deal” because it would not force Boeing to admit fault in the deaths of the 346 people who died in the crashes in Indonesia and Ethiopia in late 2018 and early 2019.

“The families will strenuously object to this plea deal,” Mr. Cassell said in a statement. “The memory of 346 innocents killed by Boeing demands more justice than this.”

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Trump's pledge to deport the most US workers in history could trigger recession and an inflation spike, economist says

• Trump's vows to carry out a major deportation campaign is a stagflationary threat, Adam Posen told Bloomberg TV.
• The think tank expert says this would lead to a manufacturing-centered recession.
• Adding to inflation risk are also Trump's trade proposals, as he pledges to lift tariffs.

Donald Trump's vow to initiate the country's biggest deportation campaign is a massive stagflationary hazard, risking an economic downturn amid even tighter monetary policy, one think-tank economist said.

Still, it's a proposal the Republican candidate would have the legal backing to pursue, Peterson Institute president Adam Posen said.

If committed, Trump would have to remove over 1.2 million immigrants to break through the previous deportation record. At the same time, he's also pledged to deport all undocumented workers from the US, which total 7.5 million people, Posen said.

In effect, that's a major depletion of labor supply, he noted, which would increase the price firms need to pay for to attract workers. While that would hike costs for consumers down the line, shrunken labor typically means slower economic growth.

"Leaving aside the human issues, the implementation issues, what this would mean for the economy is a manufacturing-centered recession," he told Bloomberg TV on Wednesday . "And inflation would go up so it would actually be stagflation, but the inflationary effects would then be outweighed by the recession."

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In past months, a handful of institutions have pointed out surging immigration as a net-positive for the economy, with foreign-born workers taking on cheap labor and pushing up US output.

To Posen, the immigration-inflation risk is made worse when combined with Trump's trade proposals, as the former president has touted higher tariffs across the board.

Given that taxing US imports will typically reduce the inflow of products entering the country, the reduced supply means higher prices on both domestic and foreign products, experts have warned .

If Trump follows up on his word, markets should expect the Federal Reserve to aggressively hike interest rates, as few other solutions exist in a stagflationary scenario . In Posen's view, policy will rise well over 100 basis points through the second half of 2025.

To be sure, a continued Biden presidency comes with its own inflation risks, he said, though they won't reach the extremes expected of a Trump administration.

The current president has also leaned into protectionism, recently amplifying trade tariffs on certain Chinese products. Similarly, Biden has modestly boosted restrictions on immigration . Under him, the Fed will likely have to raise rates once or twice.

That's also as both candidates are facing more broader inflationary factors in the near-term future, Posen noted.

For instance, federal spending is presumed to go up whoever wins the office, while the Fed's current interest rates have not been tight enough to put the brakes on inflation, he said.

Watch: Biden's new immigration policy will allow half a million people to stay in the US

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