Entrepreneurship Business Plan Tips

Entrepreneurship Business Plan Tips

The Business Plan must be written in the third person (eg. no I, we, us) and future tense. You should make reference to the name of the business etc. However, in the Vision/Mission Statements you are not restricted to the third person.

You also need to organize the plan in the proper order, stating with a cover page, table of content, Executive Summary, then you may maintain the order.

Remember that your financial data requires more details like projected income statements for at least a 12months, an opening Balance Sheet and Projected Cash Flow/Cash Budget like the one in sample plan for at least a 12 months period.

You will need to do at least 2 sets of questionnaires, one for the target market to find out if your potential customers will support your business and if your product/service is really demanded on the market. The other questionnaire is really an interview with your competitors to obtain information about the survival of such a business or similar idea and the challenges that can be encountered while operating such as business. The questionnaire should start with simple questions first like gender, age group, income bracket, status, department/programme registered in. Then you ask direct questions about your product/service, their taste/preferences, how much they can afford to spend. The cost for the product/ service should be competitive with the market. Use closed ended questions where you supply the responses to be selected and

you could also include a open ended response like other. When interviewing your competitors talk with the employees that deal directly with costumers and ask them questions as well as the managers/supervisors. After you have collected the data required, then analyze your findings from both the questionnaires and the interviews conducted. Finally make your decision based on your findings whether or not it is feasible to operate such a business.

Make sure you do an extensive study of the particular business industry to obtain the pros and the cons of the industry; this will greatly assist you in your business decision making exercises.

The management team is the set of persons who will mobilise the group to achieve the organisation goals, vision and mission. Choose your team wisely.