“ENTREPRENEURSHIP: A Business plan is an Important”

A business plan is a detailed outline of every aspect of a business, usually necessary at its onset, a
business plan is more or less a super complicated futuristic bird’s eye view of a business, and it touches
on essential areas of the establishment; its goals, plans, budget, market and competitors.
Entrepreneurs stress the importance of business planning in the creation of their companies, many of them
tell stories of how creating their business plans explain their ideas and gave them the direction they lacked
so far. Creating a business plan makes any entrepreneur consider the prospective business thoroughly,
pondering to decide and fine tune the vision and objectives of a company has the effect of ‘bringing it
home’ to one mentally, it can cause a flush of ideas for the entrepreneur because the business has been
defined according to clearly stated realistic targets.
Strategy, tactics, planning…. no undertaking can be executed successfully without proper planning; this is
the corner stone purpose to any business plan. A business plan gives one the opportunity after clearly
defining a realistic target to map out the strategy and tactics that will get the venture there.
You can get ‘nowhere’ if you do not know where you are going, even when you know where you are
going you must decide how you will get from where you are to your destination. This feature of a
business plan is at the heart of every successful establishment.
Every business does not need a formal business plan, but everybody needs a plan for their business. Like
the Solopreneurs can often move forward with an informal business plan. A basic SWOT taking back in
my previous last school year (Strength, Weakness, Opportunity and Threats) Analysis could do the trick
in the beginning. But with growth and a need for investors, a more formal plan will be required.
If you are looking to solicit investors for your business, you will need a formal business plan. A business
plan explains what your business does, your background, how you will operate and make a profit. It will
also answer questions about why people should invest with you, how and when you will be able to pay
investors back.
Having a plan for business, whether formal or informal helps keep the business on task. It explains who
you are as a business and who you are not. Having a clear mission and a plan will help guide your
decisions. The plan is the business constitution for what is and is not allowed.
And I that when a sailor doesn’t go out to sea without a map. Same thing goes for a business plan.
But it’s important to remember your course of direction may change, but you are always headed towards
your desired destination.