Entrepreneurship: The Business Plan: Creating And Starting The Venture

A. Planning is a process that never ends. 1. In the first stages, the business owner should make a primary business plan. 2. The program will be finalized as the business evolves. B. Many different types of plans may be part of any business operation-financial, marketing, human reference, production, and sales plans. 1. Programs might be short-term or long-term, or they may be proper or functional.

2. Many of these plans have one purpose: to provide assistance and framework to management in a quickly changing market environment. II. WHAT’S THE BUSINESS PLAN? A. A business plan is a written record made by the business owner that explains all the relevant exterior and internal elements involved with starting a fresh venture.

1. It addresses both short- and long-term decision making for the first 3 years of procedure. 2. The business plan is like a road map for the business’ development. B. In developing the business plan the business owner can regulate how much money will be needed from new and existing sources. III. WHO SHOULD WRITE THE PLAN?

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A. The business plan should prepare yourself by the business owner; however, he or she may consult many sources. 1. Lawyers, accountants, marketing consultants, and designers are useful supplemental resources. 2. Other resources are the Small Business Administration, Service Core of Retired Executives, Small Business Development Centers, universities, friends, and family members.

3. THE WEB also provides outlines for business planning. 4. Business owners can also hire or offer equity to another person to provide expertise in planning the business plan. B. To help determine whether to employ a expert, the entrepreneur needs to make an objective assessment of his / her own skills.

C. Through this self-assessment, the business owner can identify what skills are needed and where to obtain them. IV. SCOPE AND VALUE OF THE BUSINESS PLANCWHO READS THE PLAN? A. The business plan must be extensive enough to handle the concerns of employees, investors, bankers, business capitalists, suppliers, customers, advisors, and consultants. 1. The perspective of the entrepreneur-the business owner knows the new business better than anyone. 2. The marketing perspective considers the business through the eye of the client.