suppliers and even customers will request or require a business plan See The

Suppliers and even customers will request or require

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suppliers, and even customers will request or require a business plan. [See The Business Plan, Page 1 of 13] Scope and Value of the Business Plan The business plan may be read by employees, investors, bankers, venture capitalists, suppliers, customers, advisors, and consultants. Who is expected to read the plan can often affect its actual content and focus. Since each of these groups reads the plan for different purposes, the entrepreneur must be prepared to address all their issues and concerns. In some ways, the business plan must try to satisfy the needs of everyone; whereas in the actual marketplace the entrepreneur's product will be trying to meet the needs of selected groups of customers. However, there are probably three perspectives that should be considered in preparing the plan: 1. The perspective of the entrepreneur, who understands better
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F0092 The Business Plan *Property of STI Page 4 of 19 Technopreneurship The Business Plan * Property of STI Page 2 of 13 Scope and Value of the Business Plan o The Perspective of the Entrepreneur o Marketing perspective. o The entrepreneur should try to view his or her business through the eyes of the investor. There are probably three perspectives that should be considered in preparing the plan: than anyone else the creativity and technology involved in the new venture. The entrepreneur must be able to clearly articulate what the venture is all about. 2. Marketing perspective. Too often, an entrepreneur will consider only the product or technology and not whether someone would buy it. Entrepreneurs must try to view their business through the eyes of their customer. 3. The entrepreneur should try to view his or her business through the eyes of the investor. Sound financial projections are required; if the entrepreneur does not have the skills to prepare this information, then outside sources can be of assistance. The depth and detail in the business plan depend on the size and scope of the proposed new venture. An entrepreneur planning to market a new portable computer will need a comprehensive business plan, largely because of the nature of the product and market. An entrepreneur who plans to open a retail video store will not need the comprehensive coverage required by a new computer manufacturer- A new e-commerce business, however, may require a very different focus, particularly on how to market the website that will offer the goods and services. Thus, differences in the scope of the business plan may depend on whether the new venture is a service, involves manufacturing, or is a consumer good or industrial product. The size of the market, competition, and potential growth may also affect the scope of the business plan. The business plan is valuable to the entrepreneur, potential investors, or even new personnel, who are trying to familiarize themselves with the venture, its goals, and objectives. The business plan is important to these people because: 1. It helps determine the viability of the venture in a designated market.
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