Entrepreneurship 7: Writing a business plan is crucial for all businesses, new & current. It is the intermediary document between entrepreneurs and all external and internal stakeholders. It is the last task within the 2nd step of the entrepreneurial process “Developing Successful Business Ideas” as per the 2nd book “Entrepreneurship 2016” in your channel Management with Merits – Manage to Prosper. We have already introduced this book before and finished the first step “Part 1” and the all other tasks “chapters” of the 2nd step “Part 2” of the entrepreneurial process. Today’s session concludes this 2nd step because it presents the business idea in a systematic and viable written plan. To download the associated PDF presentation, which contains the business plan outline as per our book, as well as access our previous related sessions, kindly go below:
Associated Presentation:
https://drive.google.com/file/d/19j1klfRYnSjdFVAuRMtUbyN_gR-RDMDO/view?usp=sharing
Book’s Sessions’ Playlist:
The book defines business plan as a document of about 25-35 pages that explains what the business is and how it will be done. It has both external and internal importance. Externally, it is the best way to present the business to all stakeholders, including investors for financing concerns. Internally, it encourages the founders to think deeply and seriously of all aspects & details of their business & avoid any possible pitfalls by writing the description and details of their business systematically & properly.
Regarding the plan’s contents, the book provides a generic outline (the presentation above) that can be applied, with any required contextual modifications, to any business. It states that business plans should start with the cover page then the table of contents, and end with the appendices. In between, there are 11 sections with their sub-headings; the most important of which is the first one – the executive summary – that summarizes the key and crucial aspects of the business in maximum two pages. The rest of the sections are mostly related to the previous tasks and sessions that we discussed in the book, especially opportunities & ideas, feasibility analysis, business model, industry and competitor analysis, with more details and arrangement. Besides, the sections cover all the managerial, marketing, operations and other aspects of the business.
In relation to the above, the book states that the 9th section – management team and company structure – is the 2nd most important one after the executive summary because all investors and stakeholders are extremely interested in the people who run the business and their managerial skills & abilities to turn the plan to a successful project. Thus, our first book in the channel (Management 2015) helps in getting that required expertise & skills. Besides, all the channel’s coming books, such as Marketing 2016 (Kotler & Armstrong), Managerial Finance 2012 (Gitman & Zutter) & Operations Management 2011 (Reid & Sanders), help in understanding and writing the relevant aspects of the business plan. As a result, all our videos and services are well-integrated in a strongly coherent manner to fulfill our utmost goal which is: Manage to Prosper.
Playlist of Management 2015 Book:
Thank you so much for watching and following us. This is the last session in the 2nd part (step) of entrepreneurship. Next session, we start with the next third step (part) which is Moving from an Idea to an Entrepreneurial Firm. In specific, we will start with the first chapter in that step (part), which is preparing the proper ethical and legal foundation. Watch and follow us each Thursday on your channel Management with Merits – Manage to Prosper. Please support your channel strongly so that it can continue its glorious mission and services. Subscribe to the channel in YouTube and activate the notifications bell there. Follow us, participate with us and share the channel and all its electronic platforms:
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Note: Source of the picture in the thumbnail:
https://www.business.com/images/content/5ba/a5d2d1039eb612b8b457a/1500-0-
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