The Entrepreneurial Team in Business Plan Process

Topics: Management, Entrepreneurship, Strategic management Pages: 4 (1412 words) Published: September 11, 2008
Business Link, describes Business Plan as a “roadmap for future development” and has an essential role for every enterprises. The document narrates “a business, its objectives, its strategies, the market it is in and its financial forecasts” and it serves several functions to business unit from securing external funding to measuring success within the business (2008). As a statement of intent, business plan displays “where you are now and where you want to go” (Cracknell, 2006) and a growth strategy has to be incorporated to turn the business plan from a static document into a dynamic template that promote significant growth instead of survival, and more importantly, driven by people.

2Identification of the entrepreneurial team
The section of Management Team in the business plan contains description of the roles and explicit functions of the members represented by an organizational chart that include the present force, or otherwise numbered order of people who are anticipated to join or hire with realistic allocated budget (Timmons and Spinelli, p.243). Prudent entrepreneurs will examine during the business plan process to diagnose current and potential skills’ gaps to execute the plan. The team is not only confined to management level, but also employees who are empowered to run the daily activities of the venture (Vecchio, 2007). The manpower budgets are guiding tool of the team structure comprising of estimates and total force needed. Identification process involves matching against the job description of each placement with induction before, during and after implementation to avoid the risk of “overtrading” during startup (Ogilvie, 2006).

2.1The Team members
Managing team dynamic is ever a complex issue between plan and “realworld”. To VC, “ideas are a dime a dozen” and it is the execution skills that counts. A venture should begin with resumes of all people involved consisting of the past and track records of the team to...
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