A business plan is a written document that sets out the basic idea underlying a business and related startup considerations. For the entrepreneur starting a new venture, a business plan has four basic objectives. First, it identifies the nature and the context of the business opportunity—why does such an opportunity exist? Second, it
presents the approach the entrepreneur plans to take to exploit the opportunity.
Third, it identifies the factors that will most likely determine whether the venture
will be successful. Finally, it serves as a tool for raising financial capital.
A business plan can be viewed as an entrepreneur's game plan; it crystallizes the
dreams and hopes that motivated the entrepreneur to attempt to start the business.
The business plan should lay out your basic idea for the venture, describe where you
are now, indicate where you want to go, and outline how you propose to get there. Above all, your business plan should explain the key variables for success or failure, thereby helping you prepare for different situations that may occur by thinking about what could go right and what could go wrong. In fact, this is a business plan's most important function. While your business plan will represent your vision and goals for the firm, it will rarely reflect what actually happens. Within the context of a startup, there are just too many unexpected factors that can affect the final outcome. Thus, a business plan is in large part an opportunity for an entrepreneur and a management team to think about the key drivers of a venture's success or failure.
As the entrepreneur's blueprint for creating a new venture, the business plan is, in essence, a bridge between an idea and reality. Without first mentally visualizing the desired end result, the entrepreneur is not likely to see the venture become a physical reality. For anything that is built—a house or a business—there is always a need for a written plan. The role of the business plan is to provide a clear visualization of what the entrepreneur intends to do.
The focus in this book is on business plans that propose the launching of a new business. In such plans, the entrepreneur makes projections about the marketing, operational, and financial aspects of the proposed business for the first three to five years. However, a business plan may also address a major expansion of an existing firm. For. example, an entrepreneur who has started a small local business may propose opening additional branches or extending the business's success in other ways. Or, a business plan may be a response to some change in the external environment (such as the government, demographics, or industry) that presents new opportunities. Therefore, writing a business plan should be thought of as an ongoing process and not as the means to an end product. This last point is very important and do serves to be repeated: Writing a business plan is primarily an ongoing process and only secondarily' the means to an end product or outcome.
A business plan is a written document that sets out the basic idea underlying a business and related startup considerations. For the entrepreneur starting a new venture, a business plan has four basic objectives. First, it identifies the nature and the context of the business opportunity—why does such an opportunity exist? Second, it
presents the approach the entrepreneur plans to take to exploit the opportunity.
Third, it identifies the factors that will most likely determine whether the venture
will be successful. Finally, it serves as a tool for raising financial capital.
A business plan can be viewed as an entrepreneur's game plan; it crystallizes the
dreams and hopes that motivated the entrepreneur to attempt to start the business.
The business plan should lay out your basic idea for the venture, describe where you
are now, indicate where you want to go, and outline how you propose to get there. Above all, your business plan should explain the key variables for success or failure, thereby helping you prepare for different situations that may occur by thinking about what could go right and what could go wrong. In fact, this is a business plan's most important function. While your business plan will represent your vision and goals for the firm, it will rarely reflect what actually happens. Within the context of a startup, there are just too many unexpected factors that can affect the final outcome. Thus, a business plan is in large part an opportunity for an entrepreneur and a management team to think about the key drivers of a venture's success or failure.
As the entrepreneur's blueprint for creating a new venture, the business plan is, in essence, a bridge between an idea and reality. Without first mentally visualizing the desired end result, the entrepreneur is not likely to see the venture become a physical reality. For anything that is built—a house or a business—there is always a need for a written plan. The role of the business plan is to provide a clear visualization of what the entrepreneur intends to do.
The focus in this book is on business plans that propose the launching of a new business. In such plans, the entrepreneur makes projections about the marketing, operational, and financial aspects of the proposed business for the first three to five years. However, a business plan may also address a major expansion of an existing firm. For. example, an entrepreneur who has started a small local business may propose opening additional branches or extending the business's success in other ways. Or, a business plan may be a response to some change in the external environment (such as the government, demographics, or industry) that presents new opportunities. Therefore, writing a business plan should be thought of as an ongoing process and not as the means to an end product. This last point is very important and do serves to be repeated: Writing a business plan is primarily an ongoing process and only secondarily' the means to an end product or outcome.
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