Business%20Plans - Copyright Atomic Dog Publishing, 2006...

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Unformatted text preview: Copyright Atomic Dog Publishing, 2006 The Business Plan Copyright Atomic Dog Publishing, 2006 Business Plan Lays out the direction and competitive terrain for the growing business. Helps entrepreneurs stay on track toward their business goals. More likely to remain focused and likely to succeed than those that without a business plan Serves as a road map and helps acquire a bank loan A good plan requires the entrepreneur to develop: -Research skills: investigate the industry, market, and competitors strategies-Analysis skills: To project, assess the risks, and overcome obstacles -Anticipates different scenarios and helps prepare in advance for them Copyright Atomic Dog Publishing, 2006 Business Plan Creating and building a successful enterprise requires effective planning . provides a well thought-out blueprint of action for the critical first months of the new business. reduces the chances of major mistakes. forces the entrepreneur to examine the external environment of the business, competition, potential customers, strengths, and limitations. Writing a business plan- the most difficult and most essential task for new entrepreneurs. Copyright Atomic Dog Publishing, 2006 Business Plan (cont.) 7 reasons why entrepreneurs need a business plan: To sell oneself on the business To obtain bank financing To obtain investment funds To arrange strategic alliances To obtain large contracts To attract key employees To motivate and focus the management team Research has demonstrated that solid business planning helps entrepreneurs to avoid unnecessary mistakes. Copyright Atomic Dog Publishing, 2006 Outline for a Business Plan Executive summary Company information Product or service description...
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This note was uploaded on 02/13/2011 for the course STAT 3331 taught by Professor Smith during the Fall '08 term at University of Houston.

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Business%20Plans - Copyright Atomic Dog Publishing, 2006...

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