The successful business plan: secrets & strategies - Assignment Example

Download file to see previous pages With proper business planning, an entrepreneur is able to identify different risks and factors that could influence the performance and profitability of the business and thus by taking necessary steps, risks of the business can be mitigated and chances of achieving success can be enhanced. ELEMENTS There are different elements which are included in a business plan though there is no exact requirement or format to be followed but some elements are so important that they must be included in a formal business plan (Pinson, 2008). The most important elements of a business plan are: Idea generation Idea generation section of the business plan basically explains the general concept or idea of the project or business. It explains what the organisation would do and what would be its basic purpose. The idea generation helps in identifying what the company should aim and how they should operate. The basic idea generation section is very important in explaining and giving the basic background of the business and its operations to the investors or readers of the business plan (McKeever, 2008). ...
It is important to have a time frame for achieving these objectives because by having a target in mind to achieve the goals, entrepreneur would be able to motivate himself and his team otherwise he would become lethargic (McKeever, 2008).. This section also includes the mission and vision of the company which are important in not only giving directions to the entrepreneur but to everyone in the origination as well. Mission and vision defines what the organisation should be able to achieve in the years to come and about the basic purpose for the existence of the company (Walker, 2000). A good mission statement should not only define the objectives of the company but it should reflect concerns regarding employees, customers, environment, public, and other stakeholders of the organisation. Market analysis and research Market analysis is one of the important elements included in every business plan and without this section the business plan would be incomplete (Deshpande, & Zaltman, 1982). Market analysis section includes the definition of the industry in which the industry in which the company is operating along with the trends of the industry (Lehmann, 1985). A growing trend would forecast better future for company and it would also mean that more competitors would be attracted in the industry and thus a positive future for the company can be reflected. In addition to this, this section of the business plan defines the behaviour of the consumers. Therefore this element of the business plan helps in analysing the behaviour and preferences of the potential customers to the entrepreneur and investors. A good industry analysis and market research can be helpful in preparing an effective business plan that could help the investors and the entrepreneur to ...Download file to see next pages Read More