Summary: Bizwin

Barringer, B. R. (2009). Preparing Effective Business Plans: An Entrepreneurial Approach. Harlow: Pearson Education Limited.

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

•Business plan completion. This will be done as a roadmap for the organization. This will be an indispensable tool for the ongoing performance and improvement of the company.

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.

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.

If the company wants to solve its problems and become attractive for the potential investor, it should solve all its problems. The most important, company has to develop a business plan. In this plan, all the problems will be solved through stating company’s vision, mission, objectives, marketing, production and financial plan.

The real value of doing a business plan is not having the finished product in hand; rather, the value lies in the process of research and

Business plan - The ability to develop and execute a business plan. Manage finances well - Ability to manage finances including a thorough understanding of business financial statements.

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

An implementation plan consist of a broad list of items, such as incidentals, goals, organizational issues and agendas required to complete a company’s key objectives. This type of plan demands a large amount of planning and examining before it can be implemented. However, when developing an implementation plan business do not have to “re-invent the wheel when creating a business plan” (Ashe-Edmunds, 2016).

The two Business Plan Software types reviewed for this comparison were Bizplan.com and Business PlanMaker™ Professional 12 by individual software.com. As an overall comparison the conclusion I’ve made results that both pieces of software along with others available stand highly subjective to the user and the type of business. Although each plan has advantages and disadvantages, those differences would need to be considered by each business as to its compatibility for its’ business’ needs.

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”

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 &

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.