Critical Appraisal of Business Planning Process Introduction An efficient business plan is the real foundation stone of any successful business venture. A business plan is important for an entrepreneur because of the various purposes that it serves. It gives an overall idea of the actual purpose of the venture…
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In most cases, the entrepreneur himself will not be capable of raising the required capital for the business. Sometime, even when the initial capital is brought in by the owner, further expansion or the need for additional working capital requirements will force him/her to approach a venture capitalist or financial institution. In any of these cases, the clarity of the business plan is what convinces the concerned institution for granting finance. A good business plan should be prepared based on an outside-in approach. An entrepreneur should have a good understanding of the external environment in which the business will operate. A vision and mission for the business forms the two main components of the business plan. Vision is the ultimate goal that the business wants to achieve and mission statement states in brief about how the vision will be achieved by the business. Thus a well charted out business plan is an inevitable component for a successful business venture. The following section will give a critical analysis of the various steps of the business planning process. ...
Identification of a problem that exists in the market is the first step that an entrepreneur should take. “If you keep up with your industry, talk to customers, study what is not working in your business, you should have a ton of problems you would like to solve.” (Starak, 2006) Identification of problem will lead to finding of various alternative solutions for the problem. All ideas should be screened well and the entrepreneur should select the one best solution that becomes the real business idea. Thus it can be said that the first thought that should come into the minds of an aspiring entrepreneur is a market problem. Strategic Objectives: Strategic objectives refer to the core business objectives of the venture. It mainly consists of the vision and mission of a business. Apart from that, it also consists of the other objectives of the business. Formulating good strategic decisions are extremely important for the success of a business. Most of these objectives are long term in nature. Therefore, an entrepreneur should have good foresight in order to formulate clear business objectives. Also, the entrepreneur should have a good understanding of the market and environment situation in order to make the objectives clear, focused, realistic and achievable. The objectives are the motive behind a business success. The various strategies that the business should take will depend mainly on the business objectives. Clear objectives imply that half the work of an entrepreneur is complete. He/she just have to manage the business to make sure that it is operating as per the objectives. Market Analysis and Research: It was mentioned that an understanding of the market is very much essential for idea generation
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Any business plan or model may be susceptible to market forces and pressure that need to be dealt with critically in order to guarantee success. The proposed business model is critically appraised in this text as per the various included aspects. The SWOT analysis for the business model delineates that the key strength my business would possess is the market knowhow that I possess.
174). The purpose of a business plan is flesh out the original business idea in substantial terms, that is, to concretely describe what the business aims to achieve and how it aims to achieve these goals. The business plan may be viewed as a blueprint of what the prospective business owner intends to do.
This shift has also coincided with a rapidly growing urban economy of India. The services sector, more specifically the food and services retailing sector has seen explosive growth in India over the last one decade. Major international food and beverages brands like KFC, McDonalds and Pizza Hut have a strong presence in India and are experiencing extremely high growth rates.
This is important as the need to reach out to diverse audiences is all the more necessary in the growing age of global businesses. It helps the business to grow as a whole, and makes the entire exercise of conducting the business a viable one. It is for this reason that the business improvement and strategic marketing ranks are being monitored closely now than ever before in the past.
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A business that is going to be able to adequately service customers, maintain profit expectations, mitigate risk, and ensure alignment between strategy and accounting must conduct extensive planning. The business plan provides the initial template by which the organisation will structure its cost systems, management structure and produce activities that contribute to successful competitive rivalry for improved market share in the industry where the business delivers products or services.
the Information Technology and Communications [ITC] sector. The reason for this scenario is not far-fetched - most industries are information technology driven, hence the high demand for graduates in this field. There is a scramble for IT oriented graduates in the IT labour market, to the extent that demand outstrips supply.
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This paper illustrates that a successful entrepreneurial venture starts with understanding all of the internally and externally driven forces that will impede or improve market position. A business that is going to be able to adequately service customers, maintain profit expectations, mitigate risk, and ensure alignment between strategy and accounting must conduct extensive planning.