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THE BUSINESS PLAN Definition of 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 (Histrich, Peters, Shepherd 2013). It addresses the integration and coordination of effective business
The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.
First, a business plan helps provide direction by making you discuss where you want to take the venture and define what you want out of it. Second, a business plan provides structure to your thinking and helps you make sure you’ve covered all of the important areas.
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The business plan refers to the written report prepared before a business starts its activities, which outlines its plans and objectives. Before starting a business, it is useful to prepare a business plan to make sure that the business idea and implementation plan are logical.
HOW TO WRITE A BUSINESS PLAN . The purpose of this note is three-fold: To provide a set of guidelines on how to write a business plan. To highlight what a prospective investor or banker is, and is not, looking for in such a plan. To provide a summary check list of the attributes of good business plans.
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Contents — The Entrepreneur’s Guide to Building a Successful Business 92 Trademarks 92 Patents 92 Three Do’s and Don’ts Regarding Patents 93 Playing It Safe 93 Obtaining a UPC Number and Bar Code for a Product 94 Advice from the Pros 95 17. Re-Energizing 95 Feeling Overwhelmed and Its Relation to Time Management
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Definitions of Entrepreneurship. Nexus of enterprising individuals and valuable opportunities which constitute the process of existence, discovery, and exploitation of entrepreneurial opportunities (Shane & Venkataraman, 2000).