Plan Window of opportunity is generally limited A good business plan helps: Exploit and develop the opportunity Determine the resources Obtain the resources Successfully manage the venture created
Phase 2: Developing a Business
Plan Written document describing all relevant internal and external elements and strategies for starting a new venture It is often an integration of functional plans marketing, finance, operations and human resources It addresses short-term and long-term decision making It is a game plan or a road map, and answers the questions: Where am I now? Where am I going? How will I get there?
Phase 2: Developing a Business
Plan The business plan is important to the entrepreneur, potential financers and associates because: It helps determine the viability of the venture in a designated market It provides guidance to the entrepreneur in organizing his or her planning activities It serves as an important tool in obtaining finance
Phase 2: Developing a Business
Plan Before getting down to preparing a business plan, it is important to do a feasibility study of the business concept The information of which should concentrate on: Marketing (markets and marketing impetus, demographics, psychographics, seasonality issues) Finance Operations (location and accessibility, material, equipment, skills required and sources, office space and mode of procurement, overheads)
Writing the Business Plan
A worthy ordeal of about 200-400 hours The plan must be comprehensive enough to give: Any potential investor a complete picture and understanding of the new venture Help the entrepreneur clarify his or her thinking about the venture