This paper will discuss the essential elements that are included in a business plan and the required characteristics for successful entrepreneurship. Lastly, a personal reflection will be demonstrated in this research paper. …
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The paper tells that the creation of a business plan will not be acted upon unless the business concept is created. Concepts are based on the ideas of the group members who are planning to put up a business. This process is called idea generation. Idea generation puts emphasis on creativity, and on the discovery of new ideas. Not all ideas are turned into a business concept; it has to be weighed based on its appeal and substance, and the best idea that is chosen is the one used for commercialisation. It is the method used to stimulate and pick up internal, as well as the external ideas. In idea generation, the obtained ideas are being converted into an instrument that helps organisations reach their objectives. Since the process of creating a business plan takes a long time, it is crucial to choose the most appropriate idea to be used for commercialisation, to save time and effort. The success of an entrepreneurial venture depends on the accuracy of the business plan, and the accuracy and effectiveness of a business plan depend upon the ideas that were generated through the process of idea generation. Strategic objectives are extensive, long-term goals, which identify the basic nature and direction of an entrepreneurial venture. It serves as the basis for the decisions made by the members of the group or organisation that are planning a business. It takes into account the necessary information required in the making of a new product or business such as the product or service used as the main attraction, the primary target market, and the designated location. (Crosson and Needles, 2011, p.6). When the members of an organisation have already chosen the strategy to be implemented for the proposed business, strategic objectives have to be designated. It will help them recognise the probable outcome of the strategy and identify the targeted results of the business plan. However, one must ensure that the objectives are definite and assessable, and this can be done through including the targeted dates, the values to be attained and the milestones that are aimed by the firm (Stutely, 2002, p.113). Market Analysis and Research Information with regard to the target market, competitors, and marketing trends are seen in the market analysis section of the business plan. The target market is the group of people to whom the organisation wishes to sell or offer its product or service. This group of people is classified and identified through the process of market segmentation. Market trends can be classified into two, and these are industry trends and target market trends. Market research involves the methods used to obtain relevant information that are useful in making accurate and preventing inappropriate business decisions. The giving of questionnaires, polls, and surveys are some of the techniques used in market research. Competition Business competition is fundamentally a contest of product or service salability. Competitors are rival
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“A Portfolio in Entrepreneurship and Entrepreneurial Characteristics Essay”, n.d. https://studentshare.org/business/1393124-enterprise-and-entrepreneurial-management.
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