COLLEGE OF BUSINESS
UNIVERSITI UTARA MALAYSIA
SEMESTER ONE SESSION 2011/ 2012
BPME 2043
BUSINESS PLAN
Group A
INDIVIDUAL ASSIGNMENT
CHAPTER ONE: WHY PLAN?
PREPARE FOR: Dr. Azizi Bin Hj Halipah
PREPARE BY:
ANG SHYAN HONG 197396
28 SEPTEMBER 2011
PART 1
1. What is a business plan? What are the advantages to preparing a business plan for a new venture?
Business plan is a written document that carefully explains every aspect of a new business venture. For internal, the business plan is refer of top management to developing. For external, the business plan is intro to who are interests of the business like investors or stakeholders to the business.
2. What are the two most common reasons that entrepreneurs write
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Some more the consultants may copy the idea from founder to create a better business plan and run it.
7. Describe the general rules of thumb for the length and appearance of a business plan.
Business plan should be in conventional structure which 25 to 35 pages in length and always look sharp but not too expensive or flashy and while developing an elevator speech, it should be in a brief, carefully constructed statement, usually 45 seconds to 2 minutes long that outlines the merits of a business venture or business plan insight feature.
8. Why is it important for a firm to test the feasibility of its business idea prior to writing a business plan? It is important for a firm to test the feasibility of its business idea prior to writing a business plan so that they could conduct a full feasibility analysis to determine if proceeding with a business plan is warranted and further writing the business plan.
9. What is the corridor principle and how does an understanding of the principle help entrepreneurs remain open to change as their business plans are being written and after their businesses are launched? Corridor principle is an academic principle that states once an entrepreneur starts a business, he or she begins a journey down a path where corridors leading to new venture opportunities become apparent. In preparing a business plan, entrepreneurs must know that the business plan is a
Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.
After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including
Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.
A good business plan is the foundation of your entrepreneurial journey. You may have certain liberty in the form and the content of your business plan but you would definitely use the required material.
A sound business plan creates the foundation for the future of your business. However, the management is mostly too busy with various responsibilities - focusing on the product/service, pursuing customers, team management, and administration – to prepare a stalwart business plan. Also a business plan is not a one-size-fits-all document. We at understand this and have over 200 man-years of collective experience to provide you a compelling solution package. As business plan consultants we advise you in polishing your ideas and strategies to make your business beneficial. There is no “exact” method to design a business plan. Bizwin is a business plan consulting firm, and our priority is to cover the important questions pertaining to every aspect
Bob Hope once said: “A bank is a place that will lend you money if you can prove that you don't need it.” This may sound amusing, but in reality, banks give to those that have a business plan. A business plan that has a vision and can prove to the bank that the money that they will loan you will be given back. This essay will address concepts in business that have been proven to be effective. Do not overexpand, have capital reserves, and connections matter.
The business plan of any organization occurs once a successful strategic plan is securely in place. The strategic plan details where the organization seeks or desires to be in the future. "The strategic plan is a foreseen view of where the organization is going" (Hillestad & Berkowitz, 20034, p. 32). In a nutshell, a strategic plan tells of things to come and how to attain the business or how to view the vision, mission, and goals of a specific organization. A strategic plan also discovers what other organizations might be in your business area. Once a business is established and the business plan has poured in enough money to
As part of my A level Applied Business coursework I have discovered what makes an effective business plan, examining the struggles new businesses face and considering ways in which to overcome them. Developing these analytical and problem solving skills is
The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &
For a unique business concept to come to fruition it needs to start with a plan. The United States Small Business Administration, also known as SBA for short, can help prospective small business owners take their concepts and turn them into reality. “SBA was created in 1953 as an independent agency of the federal government … that helps Americans start, build and grow businesses (Mission Statement 2013).” To do this, the SBA has simplified a six section business plan that can be completed on their website and saved for future use. The six sections of the SBA business plan are: an executive summary, company overview, marketing research, product(s) and/or service(s), marking and sales, and, lastly, financial projections. Even though there are
If you are planning to get funding from an investor or financial institution, a traditional business plan is required. The traditional business plan is long and very detailed, with several sections that investors and banks look for when they are weighting on your idea to decide whether to give you funding. Generally, the sections included in a traditional business plan are the executive summary, market analysis, organization management, service or product line, marketing and sales, funding request and financial projections.
A business plan is a road map for a team or business and it can be used, as an eternal tool for potential customers and partners. The business plan should describe in details the entire business venture, technology behind it, the size of the target market, customers, competition, business model, team, financial needs and exit strategy. The business plan gives a company insight and allows them to think things through early enough in the process to ensure they have a well defined venture goals and objectives. It also gives the business direction to a clear path for the team to follow and implement on their venture.
The operations of the business is critical in a business plan because it describes the main components of your business. Management duties and responsibilities can be addressed in terms of the day-to-day operations. This includes what each day of the week will entail for the schedule of the business. Likewise, many topics should cover the nuts and bolts of the business such as production and manufacturing, inventory, and distribution. Topics such as the location, employees, and equipment should be considered to provide the most competitive advantage and success for the business. Lastly, every business requires a structured form of legal registration for licensing, insurance liability and tax purposes.
An important part of a viable business plan is to develop a strategic marketing plan in an effort to identify customer expectations. Research and planning also helps design and devise means by which you can meet these expectations. Provides a road map. Is a working document. To be effective the plan must be maintained, reviewed and revised. Should have an annual marketing plan, with a component that mentions long-term goals as well.
Furthermore, the basic start of a business begins with a business plan. “A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume”