As stated earlier see Figure 72 this process can be visualized as an upside

As stated earlier see figure 72 this process can be

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As stated earlier (see Figure 7.2), this process can be visualized as an upside-down pyramid leading to a specific market strategy and objectives. Once an assessment of the environment is complete, the entrepreneur should conduct an industry analysis that will focus on specific industry trends. Some examples of these factors are: 1. Industry demand. Demand as it relates to the industry is often available from published sources. Knowledge of whether the market is growing or declining, the number of new competitors and possible changes in consumer needs are all important issues in trying to ascertain the potential business that might be achieved by the new venture. The demand for the entrepreneur’s product or service will require some additional marketing research. 2. Competition. Most entrepreneurs generally face potential threats from larger corporations. The entrepreneur must be prepared for these threats and should be aware of who the competitors are and what their strengths and weaknesses are so that an effective marketing plan can be implemented. Most competitors can be easily identified from experience, trade journal articles, advertisements, websites, or even the yellow pages. The last part of this section should focus on the specific market, which would include such information as who the customer is and what the business environment is like in the specific market and geographic area where the venture will compete. Thus, any differences in any of the above variables that reflect the specific market area in which the new venture will operate must be considered. This information is particularly significant to the preparation of the marketing plan section of the business plan, A list of some key questions the entrepreneur should consider for this section of the business plan is described in Figure 7.5. Description of Venture The description of the 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. This section should begin with the mission statement or company mission of the new venture. This statement basically describes the nature of the business and what the entrepreneur hopes to accomplish with that business. This mission statement or business definition will guide the firm through long-term decision making. After the mission statement a number of
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F0092 The Business Plan *Property of STI Page 13 of 19 Technopreneurship The Business Plan * Property of STI Page 10 of 13 Writing the Business Plan Figure 7.6 Describing the Venture important factors that provide a clear description and understanding of the business venture should be discussed. Key elements are the product(s) or service(s), the location and size of the business, the personnel and office equipment that will be needed, the background of the entrepreneur(s), and the history of the venture. Figure 7.6 summarizes some of the important questions the entrepreneur needs to answer when preparing this section of the business plan.
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