Business Plan: Process Discussion Assignment.
Business Plan: . Inexperienced entrepreneurs often believe the misconception that a business plan is solely designed as a brochure for investors. The financial benefits of using a business plan to raise capital are well known. cWhat are some additional benefits?
The business plan enables the entrepreneur to communicate their principal visions and goals to the required people the investors. Also, it is an assurance for the employees that of their job security if they resign from the previous jobs. It enables the entrepreneur to become proactive and deal with issues as they emerge.
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2. Generally speaking, what is the greatest benefit of the business planning process?
It allows the entrepreneur to forecast, to be informed and most of all get a glimpse of what is required when conducting the business
3. What factors should be kept in mind when we are preparing the cover of the business plan?
Personal information of the entrepreneur is essential as the investor may require clarification or get back to the business person. The number of copies also should be stated. It is prudent to provide a warning against people who may want to publicize information within the document.Business Plan: Process Discussion Assignment.
4. What kind of information in a business plan do entrepreneurs need to provide?
They need to explain what the business will offer regarding countering the already existing competition. Also, the entrepreneur needs to tell the opportunities they will provide and even the market niche that they are tapping.
5. What are the key issues in the Industry Section?
Identifying the significant market segments and determining which is the most elaborate to work with or tap. Also, recognizing the significant trends especially that are to emerge that is being proactive concerning deciding how current trends will shape the future
6. What are the critical risks entrepreneurs need to identify in the business plan?
Competition-As much as the new ventures strive to provide new products, the risk they take is that some customers will remain loyal to a company brand and the competition may face them out.Business Plan: Process Discussion Assignment.
Also, the cost of coming up with a new business may be too much and hence become too costly even to further the project.
7. Why should entrepreneurs go out and interview potential customers, especially in the early conceptualization stages?
Customers are the key drivers of any business; interviews are a way of getting to know more about the customer. That is what are their likes what is the current product or serving not offering what exactly they want. With this information, the entrepreneur can maneuver his way around and provide a satisfactory commodity to the customers.
8. What are the primary components of marketing plan section in a business plan? Describe them.
The marketing section consists of some strategies such as the pricing strategy, product or service strategy and the target market strategy. Pricing strategy -price determination is essential and therefore business owners should be very prudent when pricing their product or service. It is advisable to ensure that one identifies the cost accurately as it will help them determine what price they will offer to the customers. Product strategy often relies on the ability of the entrepreneur to sway the customer into liking your product. Target market aims at discovering a gap and exploiting the potential and looking for ways to fill in the gap by coming up with business ideas.Business Plan: Process Discussion Assignment.
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9. Discuss the criticality of the financing portion and its connection to the offering section of the business plan.
Finances are essential as they facilitate the running of the business, however, staring a business requires adequate capital, and thus that means offering shares to the public. An entrepreneur must be prudent enough to know how much shares they will give as too much may dilute ownership and too little will end up straining the resources before completion of the business.Business Plan: Process Discussion Assignment.
10. What are some of the critical outcomes of competitive profile and product attribute analysis regarding your initial business plan?
Some of them would be that the product would be difficult to transport or reach some locations because the venture is just starting and transportation may be costly and also the people there may not be enthusiasts of such a product.
References
“Entrepreneurship, 3Rd Edition.” O’Reilly | Safari. N.p., 2018. Web. 7 May 2018.Business Plan: Process Discussion Assignment.