What is the purpose of a 'business plan' in LCVP?

The purpose of a business plan in the context of the Leaving Certificate Vocational Programme (LCVP) is primarily to develop a proposal for a new business venture. A well-structured business plan serves as a comprehensive roadmap that outlines the objectives, strategies, and operational details of a proposed business. It includes crucial components like market analysis, financial projections, marketing strategies, and resource management, all essential for convincing stakeholders, such as investors or financial institutions, of the viability and potential success of the new business idea.

Creating a business plan enables students to apply theoretical knowledge in practical scenarios, enhancing their understanding of entrepreneurship and business operations. This exercise helps to cultivate skills like critical thinking, strategic planning, and communication, which are vital for any future business endeavors.