Introduction to Business Plan

(Refer our High Quality Management Encyclopedia “Management Universe” at: http://management-universe.blogspot.com/)

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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