An Entrepreneur's Business Plan
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How may an entrepreneur determine a business venture's success? Explain components of conducting a feasibility analysis. What element do you feel is most important? Provide examples to support your rationale.
Why is it important for an entrepreneur to develop a business plan? What key components must be included in a well-written business plan? Identify components you would include in a business plan for a start-up business. Do differences exist between business plans for start-up and existing businesses? If there are, what may be reasons for those differences?
Access stages of managing organizations at this link: http://www.sba.gov/smallbusinessplanner/index.html. Describe each stage as it relates to a new small business's launch. Which stage do you feel is most important to a small business's success? Why?
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This solution explains a feasibility analysis, the importance of a business plan, and stages of managing organizations.
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How may an entrepreneur determine a business venture's success? Explain components of conducting a feasibility analysis. What element do you feel is most important? Provide examples to support your rationale.
Feasibility analysis is the method of deciding whether a business idea/venture is practical. It is the initial assessment of a business idea/venture, performed for the intention of deciding whether the idea/venture is worth following. It takes some of the "guesswork" out of a business start-up, and provides the entrepreneur a more confident perception that a business idea/venture is practical. A feasibility analysis must be completed early in the game (during the consideration of projections for a new business). Ideas need to be examined before a great deal of resources are spent and potentially wasted on them. A correctly handled feasibility analysis includes four separate components: product/service feasibility analysis; industry/market feasibility analysis; organizational feasibility analysis; and financial feasibility analysis. In my opinion, the product/service analysis is the most important. It's an evaluation of the general attractiveness of the product or service being projected. Before we hop on the wagon and rush into it, we should be certain that the product or service is what its forthcoming customers want. I run an assisted living system for adults with mental illnesses. It was important to complete a service feasibility analysis because we needed to know which disability was in need of the most assisted living facilities. Because the majority of assisted living ...
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