Factors to Consider in Making Micro Business Plan

First, let me briefly summarize what we have learned so far in our course. We have discussed the
definition of management, the importance of management, and management functions (planning,
organizing, staffing, directing, and controlling). We learned about the different types of business
organizations and their advantages and disadvantages in the world of marketing. And lastly, we learned
about different factors that affect customer behavior.

Those topics are an important part of our study as students that want of having a successful business
plan and an actual business in the future. These will help us identify, evaluate, and recommend modern
technological solutions for contemporary business problems. We learned how to analyze and evaluate
the selling approaches for small and medium size companies. We are able to recognize a business
problem, gather data needed to analyze it, select the appropriate analytical tool, perform the analysis
and use the results to recommend action on a solution. We learned how to apply the principled
negotiation process to reach a win-win solution when dealing with conflict. Our group is able to
understand the goals of our organization, acquire and analyze useful data, and determine the most
competitive strategy to meet those goals

Choosing the factors that we can consider in our Micro Business Plan is a must. This will be the idea
that will guide us to develop a successful business plan and the factors that will contribute to the
success of a business.

 First is the most important factor, the actual business plan. Before starting a business, it’s
essential that you have a plan in place to help ensure your idea gets off the ground and it
turns into a successful venture.
 Then we should identify our target market If we have a firm idea in place, we will need to
think about how it can benefit our target market and why they will be drawn to us for their
products and services.
 We should also have objectives and goals. Having clear objectives and goals from the get-go is
a must when starting your own small business. You should always strive for perfection in
business, which can help keep you on track.
 Funding. Without funding, your business will likely go nowhere. Your start-up costs should be
included in your business plan, enabling you to work out exactly what you will need to
request from investors or other means. It’s a vital part of getting your business started, as
well as helping possible venture capitalists or shareholders understand what sort of funding
you need to begin your business. 

These factors, for us, are what we will consider in our Micro Business Plan. With these, you can see what
your business lacks, what your target consumers needs, and how you can satisfy them, and this will help
you in having a solid marketing plan in place and make a huge difference and give you the right tools you
need to succeed.