This entire program is designed to propel us into becoming, if not already, entrepreneurs. From the beginning with Research Methodologies to now, putting together our final business plan it has provided with tools for success, negotiation, managing a product and artist, and knowing how to effectively generate and manage finances.
You may be asking, why is a business plan so important? Why do I have to create one? Why does it matter? It does not matter the industry, but in order to reach your long-term goals, a business plan is the way to show investors, banks, etc how you plan to execute, why, where, and what. It is the glue that holds the success of the business together. According to Nic Brisbourne, “writing a business plan typically helps to clarify and enhance thoughts and plans about the business.” There are many things that I want to include in my plan, but I have to be really careful when it comes to non-profits. Unlike for profit companies, who petition investors or venture capitalists for finances, non-profits have to go through a series of trial and error when it comes to finances. I intend to focus mainly on my Executive Summary, strengthening it to reflect who I am and why I want to do what I plan to do. The financials are another important focal area. I plan to map out every detail possible to show what we will need to start-up, maintain, and keep the organization thriving.
In our textbook, The Successful Business Plan: Secrets and Strategies it provides us with a roadmap to creating a successful business plan. “Creating a business plan as a response to an external request makes the process seem like a burden instead of an opportunity” (Abrams, p. 1). You may still be asking what can a business plan do for you? Well write one with the proper components and see. Paul Heyworth makes an excellent point; he says, “A plan will help you to put your ambitions for the business down on paper so that you can have a clear vision. Then you can monitor your progress.”
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.
Brisbourne, Nic. (September 17, 2010). Understanding how a business plan is read. Retrieved on June 12, 2011 from http://www.theequitykicker.com/2010/09/17/understanding-how-a-business-plan-is-read/
Heyworth, Paul. (n.d.). Expert view: Do I need a business plan? Retrieved on June 26, 2011 from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212
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