The Entrepreneurial Journey
Why a Business Plan is important
Are you considering an entrepreneurial journey?
Are you reshaping your entrepreneurial quest?
You may consider one of these options:
-To find out a latent demand,an expressed need,so to create a satisfying proposal or solution to the market.
-To do an auto evaluation of your talents,skills,experience,resources (financial and human) and in the process transform this evaluation into a value proposition to potential customers.
Regardless of which process you initiated to launch your startup,having a Business Plan is a necessity.
Why is a Business Plan so important?
Let's switch for a moment the term Business Plan to Action Plan.If your organization was a movie or a play,then the Business Plan would be your script.A vivid and detail document of your idea,your dream and your strategy.It determines all the daily activities and the game plan for the success of your organization.
Moreover an Action Plan is not a static document,which the entrepreneur neglects once the document is written.On the contrary the Business Plan is a dynamic blueprint of all the operations of the organization.
The Business Plan is a Plan of plans.It is made up of many components like the Description of the Venture, a Production Plan, an Organizational Plan and a Marketing Plan.
Let's take for example the Marketing Plan,which is made up of the Product Planning, Price Planning, Place Planning, Promotion Planning:
Product planning has to do with quality,features,warranties,etc
Price planning includes pricing objectives,estimation of the demand,estimation of costs,evaluation of pricing environment,pricing strategy and pricing tactics.
Place planning has to do with where the product will be available to the customers,by direct sales or reseller.Place planning at its core addresses the distribution of the product either through intensive distribution,selective distribution or exclusive distribution.
Promotion planning has to do with advertising and getting the product available to all customers that may be interested in the use of the product.Some methods to promote a product:the radio,the television,print,electronic and word of mouth.
At LeadingNote,we focus on Organizational Behavior and Innovation.We make it our goal to serve you,your team and your organization with excellence.We offer a variety of services on:
-Future human resource needs
-Transformational -Transnational leadership
-And much more
As an Entrepreneur you are an agent of change, a community builder
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