How to Create a Successful Business plan ?
Step 1 to be a successful entrepreneur
Take up one idea. Make that one idea your life — think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body be full of that idea, and just leave every other idea alone. This is the way to success.” – Swami Vivekananda
Running a successful business requires comprehensive business planning and developing solutions to business problems.
What you imagine is what you transpire.
What you believe is what you will achieve
A well-crafted business plan defines the entrepreneur’s vision and can help an entrepreneur to allocate resources appropriately and make good business decisions.
Whether you’re proposing a new initiative within your organization or starting an entirely new company, a good business plan generates enthusiasm for your idea and also boosts your odds of success.
To succeed in life and achieve results, you must understand and master three mighty forces- desire, belief and expectations.The primary purpose of a business plan is to help entrepreneurs gain a deeper understanding of the opportunity they envision.
A business plan includes the following basic elements-
Executive Summary, Company description, Product/Service, Market and Competition, Marketing and Selling strategy, Operating Plan, Management/ Organization, Financing and Supporting documents.
Writing a business plan assists in goal setting and long-term planning. It is important to attract investors as well as employees.
It is an essential part of any loan application.
Every Beginner possesses a great potential to be an expert in his or her chosen field.
To begin with, the executive summary of any business plan is its cornerstone and is very important. It defines what your business does and why. A summary should concisely summarize the technical, marketing, financial, and managerial details of the business. It should convince the reader that the new venture is a worthy investment.
The company description highlights the entrepreneur’s dream, strategy, and goals ranging from the present outlook to future perspective.
How the company will address the needs of the customers as well as employees.The product/service section should stress the characteristics and benefits of the new venture, including its price, innovative, competition and the market the product/ service will target.
The marketing and selling strategies are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the target market and provide a competitive edge to the company.
Success is a moving target. Achievement is a single event.
The Operation Plan is designed to describe how the business functions on a continuous basics. It highlights the responsibilities of the management team, tasks assigned to each division within the company and the capital and expense requirements related to the operations of the business.
Organization section will describe the company’s legal structure and biographies of the key members.The financial components of a business plan typically include three projections: a balance sheet, an income statement, and a cash-flow analysis.
A balance sheet is a snapshot of the company’s value. An income statement helps to estimate profit or loss over a period of time.
Cash-flow statement indicates revenues, expenses and available cash.There is more than one way to win in life. The key is figuring out your way.
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