The basic value of a business plan is to create a physical written outlines contains deep analysis of each element, to find out the economic feasibility of the business venture. The business plan is vital for any entrepreneur, regardless of the size or the nature of the business. In addition, the business plan is most important thing that required by the financial support, it gives deep details about each element of the business and let them decides to accept the business plan or refuse it. This report will go through a critical appraisal of the contribution each element makes to the creation of a successful entrepreneurial venture.
“A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.”
The benefits of creating business plan:
• Sort ideas gradually
• Assessing the economic feasibility
• Identify the market and take a close look on it
• Discus the possible probability of financial support for the project
• Reduce the possibility of failure or loss
• Explore the expected difficulties
• Identify requirements in more accurate and realistic
Business plan has to cover many areas that affect the business to make it realistic by convert it from papers to real business.
Most of the business plans have between five to nine sections. Just to keep in mind there is no wrong or right way to develop a business plan; it depends on what kind of business the entrepreneur will go through.
• Executive summary
• Business description
• Market strategies
• Competitive analysis
• Strategic objectives
• Design and development plan
• Operation and management plan
• Financial component
This report will go through the above points in more deep details by explaining the reason for writing about each point and show how each point make the business possible.... [continues]
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