Definition Of A Business Plan

Definition Of A Business Plan-10
The business plan allows the entrepreneur entrance into the investment process.Although, it should be used as working document once the venture is established, the major thrust of the business plan is to encapsulate the strategic development of the project in a comprehensive document of outside investors to read and understand.It must illustrate current status, expected needs and projected result of the new business.

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It is vital the assumptions on which the plan is based are explicitly stated.

For example, increase/decrease in the market or upswings/downswings in the economy during the start-up period of the new venture should be stated.

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All other parts of the business plan stem from the model.

Definition Of A Business Plan

Business plans usually look forward in time for a period of one to three years to a "planning horizon," which moves forward periodically with reviews and updates.A description of all of these facets of the proposed venture is necessary to demonstrate a clear picture of what that venture is, where it is projected to go and how the entrepreneur proposes it will get there.The business plan is the entrepreneur's road map for a successful enterprise.The business plan serves a multiplicity of purposes for the entrepreneur who is planning to start a business.It will help you allocate resources and set realistic goals for yourself.In some professional areas the business plan is referred to as a venture plan, a loan proposal or an investment prospectus.Whatever the name, the business plan is the minimum document required by any financial source.For an existing business, this process involves first coming to term with the personal objectives of the owner/manager, and second, coming to terms with the strength and weakness of the existing business and the opportunity and threats that if faces.A business plan is the written document that details the proposed venture.It includes the goals a business wants to achieve, the plan to reach those specific goals, and other pertinent information. In a marketing focused organization the marketing plan is the business plan and considers all aspects of successfully bringing a product or service to market.However if you're in a business context such as pitching your business ideas your business plan will be more focused around projected earnings and a timing plan.

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