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    The Development of A Business Plan: Entrepreneurship

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    cayla mae carlos
    The document discusses the key components of a business plan, including an executive summary, environmental and industry analysis, target market description, marketing plan, strengths, and approach/methodology. A business plan provides an overview of the business concept and model, goals, product/service offering, target customer, and plans for production, operations, organization, and finance. It gives potential investors a comprehensive understanding of the new venture. An entrepreneur should consult experts when developing a plan but it is primarily their responsibility to write it.

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    The Development of A Business Plan: Entrepreneurship

    Uploaded by

    cayla mae carlos
    120 views4 pages
    The document discusses the key components of a business plan, including an executive summary, environmental and industry analysis, target market description, marketing plan, strengths, and approach/methodology. A business plan provides an overview of the business concept and model, goals, product/service offering, target customer, and plans for production, operations, organization, and finance. It gives potential investors a comprehensive understanding of the new venture. An entrepreneur should consult experts when developing a plan but it is primarily their responsibility to write it.

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    Handout.DEVELOPINGABUSINESSPLAN

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    The document discusses the key components of a business plan, including an executive summary, environmental and industry analysis, target market description, marketing plan, strengths, and approach/methodology. A business plan provides an overview of the business concept and model, goals, product/service offering, target customer, and plans for production, operations, organization, and finance. It gives potential investors a comprehensive understanding of the new venture. An entrepreneur should consult experts when developing a plan but it is primarily their responsibility to write it.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    120 views4 pages

    The Development of A Business Plan: Entrepreneurship

    Uploaded by

    cayla mae carlos
    The document discusses the key components of a business plan, including an executive summary, environmental and industry analysis, target market description, marketing plan, strengths, and approach/methodology. A business plan provides an overview of the business concept and model, goals, product/service offering, target customer, and plans for production, operations, organization, and finance. It gives potential investors a comprehensive understanding of the new venture. An entrepreneur should consult experts when developing a plan but it is primarily their responsibility to write it.

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    © All Rights Reserved
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    of 4

    Entrepreneurship

    THE DEVELOPMENT OF A BUSINESS PLAN

    WHAT IS A BUSINESS PLAN?

    -The business plan is a written document prepared by the entrepreneur that describes
    all the relevant external and internal elements involved in starting a new venture. It is often an
    integration of functional plans such as marketing, finance, manufacturing, and human
    resources.

    - It should be comprehensive enough to give any potential investor a complete picture


    and understanding of the new venture, and it should help the entrepreneur clarify his or her
    thinking about the business.

    WHO SHOULD WRITE THE BUSINESS PLAN?

    The business plan should be prepared by the entrepreneur; however, he or she may
    consult with many other sources in its preparation. Lawyers, accountants, marketing
    consultants, and engineers are useful in the preparation of the plan

    THREE PERSPECTIVES THAT SHOULD BE CONSIDERED IN PREPARING A BUSINESS PLAN?

     Perspective of an Entrepreneur
     Marketing perspective
     Perspective of an Investor

    OUTLINE OF A BUSINESS PLAN


    I. Introductory Page
    II. Executive Summary
    III. Environmental and Industry Analysis (Background)
    IV. The Target Market
    V. Description of Ventures (Objectives)
    VI. Marketing
    VII. Strengths
    VIII. Approach and Methodology
    DETAILED OUTLINE OF THE BUSINESS PLAN

    I. Introductory Page
    - The contents of the Introduction of your Business Plan should consist of the
    following:

    A. The Business Concept and the Business Model


    - it contains the essence of the business in a concise but powerful manner. It
    stresses the value of the product offering to the target market who would most
    likely buy it. The product concept must then be translated into a business model.
    A business model is a formula on how the business exactly plans to make money
    out of the business.

    B. The Business Goals: Vision, Mission, Objectives, and Performance Targets


    - it show the future and long-term prospects of the enterprise. It is composed of
    the vision, mission, objectives, key results, and performance indicators of the
    business.

    C. The Business Offering and Justification


    - it indicates what your business needs to offer and what is the product that you
    are going to promote to the market.

    II. Executive Summary


    - contains everything that is relevant and important to the business audience.
    It is the synthesis of the entire plan. It must contain the major
    argumentations of the business proponent on why the business will work
    and succeed.

    Executive Summary should answer the following questions:

    1. What is the Business concept or model?


    2. How is this Business concept or model unique
    3. Who are the individuals starting this business?
    4. How they will make money and how much?

    III. Environmental and Industry Analysis


    - it contains the different factors that you need to consider when you are
    creating the Business plan.
    - Examples of this factors are:
    1. Economy. The entrepreneur should consider trends in the GNP,
    unemployment by geographic area, disposable income, and so on.
    2. Culture. An evaluation of cultural changes may consider shifts in the
    population by demographics
    3. Technology. Technological development will require the entrepreneur to
    make careful short term marketing decisions.
    4. Legal Concerns. The entrepreneur should be prepared for any future
    legislation that may affect the product or service, channel of distribution,
    price, or promotion strategy.

    IV. The Target Market


    - It describes who will be the buyer and customer of your products. The things
    that you should ask yourself when you are considering and identifying the
    target market are:
    Target Market must be: (1) of sufficient size, (2) sufficient paying capacity,
    and (3) have sufficient interest to purchase the products being offered.

    V. Description of Ventures (Objectives)


    - The description of venture should be detailed in this section of the business
    plan. This will enable the investor to ascertain the size and scope of the
    business. Describing the venture should answers the following questions:
    - 1. What is the mission of the new venture?
    2. Why will you be successful in this venture?

    VI. MARKETING
    - The marketing plan is an important part of the business plan since it
    describes how the product and/or service will be distributed, priced, and
    promoted. Marketing research evidence to support any of the critical
    marketing decision strategies as well as for forecasting sales should be
    described in this section. Specific forecasts for a product and/or service are
    indicated to project profitability of the venture.

    VII. STRENGHTS
    - What would be the edge of your business compare to other existing business
    in the market. How is your product or service unique to the product or
    service of your competitors.

    VIII. APPROACH AND METHODOLOGY


    - It consist of the different plans that you are going to make to execute your
    plan for your product and service such as the Production Plan, Operation
    Plan and Organizational Plan

    1. Production Plan
    - describes the complete manufacturing process such as the physical plant
    layout, machinery and equipment needed to perform the manufacturing
    operations, raw materials and supplies, cost of manufacturing and any future
    capital equipment needs.
    -
    2. Operation Plan
    - This section goes beyond the manufacturing process (when the new venture
    involved manufacturing) and describes the flow of goods and services from
    production to the customer. A non-manufacturer such as a retailer or service
    provider would also need this section in the business plan to explain the
    chronological steps in completing a business transaction.

    3. Organizational Plan
    - The organizational plan is the part of the business plan that describes the
    venture’s form of ownership, that is, proprietorship, partnership, or
    corporation. If the venture is a partnership, the terms of the partnership
    should be included. If the venture is a corporation, it is important to deal the
    shares of stock authorized and share options, as well as the names,
    addresses, and resumes of the directors and officers of the corporation.

    4. Financial Plan
    - Financial analysis is the process of evaluating businesses, projects, budgets
    and other finance-related entities to determine their suitability for investment.

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