Starting a New Business and Preparing a Business Plan - Research Paper Example

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This paper examines why it is necessary to write a business plan when starting a new venture. For entrepreneurs with the intention to start a new business, the question that they should ask themselves is how they can plan for their new venture. An entrepreneur decides to venture into a new business…
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Starting a New Business and Preparing a Business Plan
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Download file to see previous pages Writing a business plan ensures that an entrepreneur venturing into business overcomes the challenges experienced in the initial stage of a new venture. A business plan is essential because it provides the entrepreneur with the direction in terms of discussing how to set up the identified business venture. Further, writing a business plan also provides the entrepreneur with a structure that ensures everything regarding the intended business venture is covered. Writing a business plan also prompts the entrepreneur to contemplate the future, for example, a business plan provides the entrepreneur with an idea of what to do next when the new business becomes stable (Delmar & Shane, 2003).
Having a written business plan will enable the entrepreneur to generate ideas regarding how to deal with competition in an entrepreneur’s market niche. A written business plan also helps the entrepreneur to communicate his or her ideas, for instance, to financiers, suppliers and customers. On the same note, a well-written plan will help the entrepreneur generate feedback from his or her business contemporaries and other interested parties. The insight provided in this sense can help an entrepreneur to establish a successful business venture. Writing a business plan provides the entrepreneur with an impetus to participate in its implementation (Delmar & Shane, 2003). In addition, an entrepreneur can avoid unnecessary costs incurred in hiring a consultant to assist in writing the new business plan. As such, it is important for an entrepreneur to be involved in developing his or her business plan for purposes of enhancing accountability during the decision-making process based on the written plan. While an entrepreneur may need the services of an expert, the entrepreneur is still the originator of the new business. This is because; the business is an extension of an entrepreneur’s desires or abilities and as such, direct involvement makes the business plan more effective. ...Download file to see next pagesRead More
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