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Chapter 5

Entrepreneurship Chapter 5.docx

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COMM 320
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THE BUSINESS PLAN CREATING AND STARTING THE VENTUREINTRODUCTION TO BUSINESS PLANNINGFor entrepreneurs writing a business plan is essential to raise money and to assist them in the daytoday management of their companyPLANNING AS PART OF THE BUSINESS OPERATIONTypes of plans than the business plan financial marketing human resources production sales etcPlans are shortterm or longterm strategic or operationalThe purpose of plans is to provide guidance and structure to management in a rapidly changing market environmentWHAT IS THE BUSINESS PLANBusiness plan a document describing all relevant internal and external elements and strategies for starting a new ventureAn integration of the functional plans mentioned earlierUsually addresses decision making for the first 3 years of operationAnswers Where am I now Where am I going How will I get thereWHO SHOULD WRITE THE BUSINESS PLANThe entrepreneur because he has to go through the writing and investigation process to under its businessSCOPE AND VALUE OF THE BUSINESS PLANWHO READS THE PLANThe plan is read by employees investors bankers venture capitalists suppliers customers advisers and consultantsThe entrepreneur must be prepared to address all the issues and concerns of each group of readers since each group will read it from a different perspectiveThe plan should address the following perspectivesoThe entrepreneur perspective must be able to clearly articulate what the venture is all aboutoThe marketing perspective must view the business through the eyes of the consumers
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