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Business Plan

Discuss the various issues that an entrepreneur must put into consideration while preparing a business plan for his organization.

Business plans are decision-making tools. The goals and audience determine the content and format of the business plan.
The following are the issues;
1) VISION; The entrepreneur should develop a realistic vision for the business.This should be presented as per the picture of the business in three or more years time in terms of its likely physical appearance, size or activities.
2) MISSION; the entrepreneur also considers the mission where by the nature of the business is often expressed in terms of its mission that drives and indicates the purpose of the business.
3) OBJECTIVES OF THE BUSINESS; this is the key element to explicitly state of the business. Objectives in terms of the results it needs or wants to achieve in medium or long term.
4) MARKETTING STRATEGIES; Considering the rules and guidelines by which the mission objectives they can cover the business a whole including matters ssuch as diversification , acquisition plan or they can release to primary matter in key functional areas.
5) TARGET AUDIENCE; Here, the entrepreneur checks on who intends to read the business plan. By knowing your audience well will give you a better idea of how your plan should e structured.
6) COMPANY TYPE; The business plan differ from company to company.For example, in the case where yo are providing consumers with a service,good or both.
7) CUSTOMERS; The entrepreneur should knoe how he or she reach their customers, and how he will offer the products to the customers. For instance, by whole sellers, distributors. Therefore, a business should indicate how you will win potential customers and preventing them from buying products from competitors.
8) RESOURCES; The entrepreneur should gather information about the business or industry. Also the financial statements should be included to run the business.
9) CREATING A TIME PLAN;The entrepreneur should prepare a timetable or create a five or three year plan and schedule frequent updates and revisions.
10) PROFFESIONAL CONSULTATION; Should not surrender all of the responsibility of preparing the business plan tosomeone else, but to seek expert advice especially when it comes to preparing the financial section of the document.

The Various Issues That an Entrepreneur Must Put Into Consideration:
a) Access to capital
For an entrepreneur to set up a business, he needs money. The capital available at hand is of importance before beginning of any business plan. Money determines the size of business, labour quality and quantity and future expansion motives. An entrepreneur has to be in a position to know his/her financial strength and capability such that the capital available has to meet entrepreneurial activities. An entrepreneur therefore needs capital to start a successful business.
b) Technology
An entrepreneur is supposed to understand the current technology in the business he want to start. He should know whether the business meets the technological qualities available at that moment surrounding the business. When technology of a given place is developed and is of higher standards, an entrepreneur cannot be tempted to commence a business of a lower technological ability since the market of the business in question would be at stake.
An entrepreneur hence has to move with technological advancement, reflected at that particular period.
c) Business size
An entrepreneur has to consider whether the business would be large scale or small scale.
The size of the organization in terms of the members should also be put into consideration, this enables members to determine on appropriate business idea to enable favorable competition.
Size also comes as basic plan in business consideration on how an organization would wish to expound on its market availability. When business less market in a region it would be less developed as compared to that which has more market.

d) Target population
An entrepreneur must understand his target population as it helps to determine target market i.e. one has to know population set up of a given market whether it goes hand in hand with the right population in question. Population numbers also greatly influence setting up of a business plan in terms of the numbers available and are willing to buy your desired products.
e) Market facts
An entrepreneur must study the target market and analyze all facts for better decision making. The size of produce and the organization depends on the size and availability of market .The demand level of a market increases the organization contribution to activities or trade. The size of the market dictates the concentration span of a business plan such that large market tend to get more attention as opposed to small markets that get less attention. In short, the entrepreneur must understand the components of the market and the level of demand
f) Competition level.
The biggest enemies of a business in any market are its competitors. The entrepreneur therefore needs to understand that competition level is an issue to consider when preparing a business plan. Competition can be stiff or can be less stiff. An entrepreneur therefore has to know the nature of the market, how many competitors compete for the same business and government policies associated with the business in mind. The entrepreneur must thus have strategies of dealing with the competition.
g) Government policies
When opening a business in any country, the entrepreneur must follow the law that govern business opening. The government defines the rules and framework in which business are able to compete against each other. From time to time the government will change these rules and frameworks forcing business to change the way they operate such as economic policy .The business must therefore adhere with the policies and regulations of the government.

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Category: Sample Questions