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Business Planning Process and Its Requisite Characteristics: A Critique and Self-Evaluation Part I: Process Critique Planning is one of those preliminary tasks done in preparation of actually doing something or putting an idea into action. This task involves foresight and a myriad of estimates or assumptions…
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Enterprise and Entrepreneurial Management
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"Enterprise and Entrepreneurial Management"

Download file to see previous pages The business planning process consists of different interdependent elements; each element geared for the ‘creation of a successful entrepreneurial venture.’ Since precious time is allocated for the completion of each element, it is necessary to evaluate their value in terms of successfully creating a business venture. Thus, the first part of this paper will provide a critique of each of the business planning process’ elements to determine and validate its inherent value. Elements: The Introduction Idea Generation. The first step of every business venture spawns from two personal views: the perceived market needs or wants and the manner by which these two can be met. The latter is commonly characterized by the prime planner’s personal capability, hobby, or any activity that has the potential economic value as a product or service commodity. These two views are the product of the prime planner’s idea generation and serve as the supporting backbone of the whole business plan. The next set of ideas will then root from these two views. This being the case, it is essential to keep the main ideas valid, consistent and applicable to all other components to assure a sturdy framework for the whole business plan. Strategic Objectives. These are the types of objectives that are safeguarded by a unifying strategy (Robert, 1998). These objectives, which were set by the planner to secure both market and post its position as a reputable provider of services or products, have to be realistically realized; thus, the use of strategies. However, objectives are ever-changing and are periodically divided by the short-term and long-term goals. Objectives may come in the form of profit, equipment or service upgrades, advancement in market position against competitors, and other visions of business progress. Market Analysis and Research. Apart from building the foundations of the business plan through ideas and objectives, it is essential that relevant information about the market environment is incorporated. This element, amongst all the other, has the most potential of adding realistic facts and procures necessary strategies. The result of this research and analysis may specifically point the current and the target position of the business in terms of its industry. By realizing this position, the planner will have an inclination of what destination the business should take and importantly, how to get there. Understanding the Competition. Knowledge of the market environment introduces the presence of the business competitors. This element focuses on acknowledging the threats and opportunities these competitors present and serve to be part of the factors in designing the marketing strategies (Harvard Business School Press, 2010). In business, ignorance of the business’ competitors can be one of the most costly errors. Competition can be in several forms such as a strategic location (upon close proximity with clients), industry position, product or service bundle, et cetera. Financial Projections. Most helpful in delegating potential business investments are the financial information which consisted of cash flow, profit and loss forecast, and balance sheet projections. These proforma of figures immediately relate to potential financial returns - the investors’ gain (or loss) in joining a business venture (Parker, 2006). The investors also eye on the financial forecasts of cash flow as well as the profit and loss since these two ...Download file to see next pagesRead More
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