Introduction
1.1 Background Of The Study:
Writing a business plan in a business world of the 21st century is a desirable undertaking that should be planned in terms task and timeline. If the venture as already been lunched, or an actual start-up based on the feasibility analysis of that venture. The writing of a business plan must now be sand-witched in all the day to day activities associating with an operating business.
Acceding to Abasiekama (2012), He said that “once an opportunity is identify, the entrepreneur must be determine to ensure that the resources needed to exploit such opportunity are available.
That simply means that the (entrepreneur) must spend time to plan, there is a saying that those who fail to plan, plan to fail. A new business results from prospective owners having both a good idea for producing and selling products and the ability to carry out this idea. Yet others think such as building and machines, human resources, materials and supplies and finances are also needed . These needs are developed from the strategic operation and financial planning and all that planning needs to formulize in a business plan.
According to Ntekop (2016), a business plan is that machinery that enables a company to develop strategic for coping with unforeseen circumstances and changes in the business environments. Even if the new venture as no yet been lunched, an action plan for completing a business plan in a relatively short period of time will help accelerates then process. Most small business owners and features enterprises know the roles of business plan. A business plan explains how the business will function in the markets place.
In whatever you do planning must be the top priority because it directs the flows of your endeavor. If you want to have your own business that will entail your interest and still, you need to plan for it well.
According to Albert (2010), a business plan is a formed plan prepared to serve as a tool for attracting the other components of the business formation package, including people and money.
One of the main roles of a business plan is to be able for a business owners to generates and track all hiss profits. You need to define your business core well so that your focus will be given to other important matters such as efficiency, improvement even financial management as well.
According to Bentley (2011), the business plan itself is a combination of a usual lengthy, arduous, creative and interactive process that can transform the caterpillar of raw ideas in to the magnificent butterfly of opportunity. Effective planning helps a lots in providing core competencies because it aids in the identification of the next steps that the company needs to take, it also helps in systems building to prepare the goods or products that the company offers in other to make it compete efficiently in the markets.
One of the most inevitable factors in any kind of business is competitive, to make sure that this will not have any negative effects to the way how you operate, you also leave to make use of great planning strategy in otter to know more about your possible competitive. By knowing more about how your competition function in the industries. You will now be able to know your SWOT that will help you grow in the markets.
The business plan according to Davidson (2012), becomes the point of departure for prospective investors to begin their due diligence to ascertain potential and various risk of the venture to emerge as a successful company, the basic wail be the entrepreneurs profitability, to achieve this, the entrepreneur needs to create excellence planning and barnstorming to set the right price on the products and services. Working on business plan can help organization focus on its resources, build towards sustainability and supports successful fundraising. A business plan requires an organization to engage in the important task of assessing its capacity to deliver services as well as assessing the environment in which it works and the extent to which the service of offers are needed.
Tomkins (2012), says that “the business plan for high potential venture reveals the business ability to solve a significant problem, or meet a significant want or need for which someone will pay a premium. Over the years, we have noticed that many strategic plans do not take into consideration where the money for the work will come from, often times we are brought in to help secure funds for priorities that have not been vetted by the appropriate individuals, foundation of granting agencies, if you ever jotted down a business idea on a Napkin with a few task you need to accomplish that means you have written a business plan, or at least a very basic component of one.
The business plan according to Onwuriri (2013) is known as the tool pool which the entrepreneur uses to solicit opinions and advice from people including those in the intended field of study. At its core, a business plan is just a plan of how your business is going to work, and how you are going to make it succeed. Unfortunately, many people think of a business plan only for starting a new business or applying for business loans. But business plans are also vital for running a business whether it needs new loan or new investment. Existing business should have the business plan that they maintain and update as market condit4ions change and as new opportunity arises.
According to Bellamy (2013), the basic value of a business plan will be to create a written outline that evaluates all aspects of the economic viability of the business including a description and analysis of the business product for a period of time.
The business sometimes depends on a feasible concept that has been market tested, because the business plan is all about building a company and executing that feasible concept. The new environment for business planning actually make the case for the importance of the feasibility study to prove the concept and enable the founding team to launch the venture and test it before completing the formal business plan and seeking outside investment capital.
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