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Business Plan

Decent Essays

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 …show more content…

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

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