BUSI 1600 Lecture Notes - Lecture 10: Marketing Mix, Cash Flow Statement, Cash Flow
Document Summary
Business planning involves a number of key activities. Essentially planning is an exercise that involves thinking about the future, deciding where the firm wants and needs to go, and determining how to get there. Planning includes setting goals and determining how those goals will be attained. Since the future involves uncertainty, good planning also requires entrepreneurs and the team to anticipate risks and determine in advance how best to manage and mitigate those risks. A business plan is a written document that clearly articulates why a business opportunity exists and describes the strategy the entrepreneur and his/her team plans to execute in order to exploit the opportunity. The plan is therefore a proposal to launch a new venture with supporting rationale and sufficient detail to serve as a guide or blueprint to establish and successfully operate the proposed new venture.
