I learned about designing and formulating of different elements of business plans like financial plan, setting of a budget, identifying funding sources, and creation of a business plan. I also learned about the usefulness of franchises. I will apply this knowledge to my career plans by trying to open a new business in future. I can prepare budgets and business plans for my future business in my career. I can also create backup plans for ensuring that there can be my business plans safeguarded for maximum level of effectiveness.