Introduction
- A business plan is a written formal document primarily about your proposed business. It can be also termed as a project report of your new venture.
- A business plans is also a decision-making tool.
- A business plan sets out
- business goals
- assessment of current business scenario vis-à-vis your proposed business (SWOT analysis)
- examination of feasibility of the business goals
- strategy and plan for reaching those goals.
- plan for funding the new venture and repayment of loans
- information about the team and the organization - Thus, a good business plan includes:
- an overview of the business
- a marketing analysis
- a financial plan
- a management plan - Preparation of a good business plan may not necessarily guarantee success, but it definitely helps in reducing the probability of failure.
- Preparing a good business plan is one of the first steps an entrepreneur has to take. Therefore it is an important step towards entrepreneurship.
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