This essay tries to find out whether the business plan made is actually viable. While planning, most managers may come across certain constraints and obstacles which may hinder the planning process. Business planning may pose to be risky as planners are exposed to an element of risk…
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It is very important that linkages between strategic planning and performance are addressed. The business planning process should take into account the organizational performance. Also planning should not be rigid and formal. The business planning process should not be idealistically rational, rigid, bureaucratic and a dysfunctional exercise. The planning process should be drawn in such a way that management are actively involved in the actual decision making process. The strategic plans and objectives formulated should be flexible. Hence, there is an element of intuition in the business planning process. In order to attain strategic competence, it is very necessary that the intuitive judgment taken in the plan is successful (Hodgkinson et al. 2009). They may change in the course of time in order to meet the final goal. An ideal business plan consists of long term and short term goals which needs to be attained. These strategic objectives should be flexible and accordingly the strategic plans may change to meet requirements (Shrader et al. 1984). Market analysis and research – Most organizations draw up a marketing plan in order to attain the formal goal. Unfortunately, only few strive to develop a comprehensive plan which entails to research and analyze the product and service market before implementing it. Most organizations shy away from developing a comprehensive marketing plan as they may face a lot of hurdles which may be in the form of procedural, cognitive, research, cultural, informational, environmental and organizational aspects (Wilson & McDonald 1994). One of the procedural benefits of planning is that it helps in attaining realistic and attainable goals. However, in...
From this paper, it is clear that modern researchers assert that sole emphasis on entrepreneurial characteristics does not completely attribute to entrepreneurial success. Researchers are more interested in evaluating and researching on the thinking doing nexus of entrepreneurial behavior. Managers interact with the environment and make decisions with reference to success factors. Most of the times, entrepreneurs have to make decisions with limited or ambiguous data. Hence they have to possess the knowledge to assess, judge and decide depending on the creation of ventures, opportunities, and growth. Hence, action and thought are important components of the behavior of an entrepreneur and play an important role in determining successful decision making.All in all, a successful entrepreneur have a diverse set of qualities which includes personality traits.According to me, an entrepreneur needs to manage certain important areas like risk management, planning for new ventures, networking, learning, financial management and human resource management. In order to handle all these aspects in a successful manager, the entrepreneur must take the right decision at the right time. Hence, in order to be a successful manager, an individual needs to have the skills, experience and personality traits to manage a venture successfully. This includes problem-solving and decision-making skills, strategic thinking, capacity to close deals successfully, time and project management, selling, negotiation, persuasion, and motivation.
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The business plan is needed as it helps top executives working in the organization to think about the way the business should be run and accordingly develop objectives. Moreover, formulating a business plan helps the management to convey the objectives to the employees and accordingly operate to fulfill goals.
A business plan is a formal written statement clearly documenting the objectives and goals of an organization, the steps to attain goals and the reason why the goals are achievable. This document contains details about the type of business conducted, the strategies adopted for marketing and sales, the financial background of the organization and a projection of the profit and loss statement.
In fact, the act of planning in itself is an exercise of foresight and exemplifies the planner’s recognition of the uncertain future and inevitable change. In business, this procedure with its significant incorporation of time is referred to as the business planning process.
It consists in formulating future goals and plans, resource allocation, prepare for opportunities and problems and emphasize on key aspects. To put it together, business planning is a process which is set out systematically and logically by the management of an organization, clearly directing the path which the firm must follow, identifies the ways to attain goals and coherently emphasizes in operating tasks which are of pivotal importance (Gibb & Scott 1985).
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