Business plan

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.

Audience

Business plans may be internally or externally focused. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers. External stake-holders of non-profits include donors and the clients of the non-profit's services. For government agencies, external stakeholders include tax-payers, higher-level government agencies, and international lending bodies such as the International Monetary Fund, the World Bank, various economic agencies of the United Nations, and development banks.

Richard Branson

Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate, investor, and philanthropist. He is best known as the founder of Virgin Group, which comprises more than 400 companies.

Branson expressed his desire to become an entrepreneur at a young age. At the age of sixteen his first business venture was a magazine called Student. In 1970, he set up a mail-order record business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson's Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic and expanded the Virgin Records music label.

In March 2000, Branson was knighted at Buckingham Palace for "services to entrepreneurship". In July 2015, Forbes listed Branson's estimated net worth at US $5.2 billion.

Early life

Branson was born in Blackheath, London, the eldest of three children of Eve Branson (née Evette Huntley Flindt; born 1924), a former ballet dancer and air hostess, and Edward James Branson (1918–2011), a barrister. Branson has two younger sisters. His grandfather, the Right Honourable Sir George Arthur Harwin Branson, was a judge of the High Court of Justice and a Privy Councillor. Branson was educated at Scaitcliffe School, a prep school in Berkshire, before briefly attending Cliff View House School in Sussex. His third great-grandfather, John Edward Branson, left England for India in 1793. His father, Harry Wilkins Branson, later joined him in Madras. Through intermarriage, Branson is 3.9% Indian and 1.7% Turkish. Branson attended Stowe School, an independent school in Buckinghamshire until the age of sixteen. Branson has dyslexia and had poor academic performance as a student, and on his last day at school, his headmaster, Robert Drayson, told him he would either end up in prison or become a millionaire. Branson's parents were supportive of his endeavours from an early age.