Business plan and its importance

Unless you have a carefully crafted business strategy, you are essentially flying blind.

Business plan and its importance

What is Entrepreneurship and its importance and features? Article shared by Entrepreneurship is the tendency of a person to organize the business of his own and to run it profitably, using all the qualities of leadership, decisions making and managerial caliber etc.

But conceptually they are different. It is concerned with the development and co-ordination of entrepreneurial functions. Entrepreneurship is an abstraction and entrepreneurs are tangible persons. Well designed and controlled research studies on entrepreneurship are very few.

If we view entrepreneurship as opposed to management, it becomes still more difficult to define entrepreneurship. Entrepreneurship is a role played by or the task performed by the entrepreneur. The central task of the entrepreneur is to take moderate risk and invest money to earn profits by exploiting an opportunity.

For this he must posses far-sightedness to perceive an opportunity so that he can exploit it well in time. Although an entrepreneur has to perform diverse functions yet he must manifest many qualities in himself to be a good entrepreneur.

Entrepreneurship can be defined as the propensity of mind to take calculated risks with confidence to achieve a pre-determined business or industrial objective. That points out the risk taking ability coupled with decision making. It owes its origin to the western societies. But even in the west, it has undergone changes from time to time.

In the early 16th century, the term was used to denote army leaders. In the 18lh century, it was used to denote a dealer who buys and cells goods at uncertain prices. TowardsSchumpeter, used the term innovator, for an entrepreneur. Two centuries before, the concept of entrepreneurship was shady.

It is only in the recent years that entrepreneurship has been recognized widely all over the world like in USA, Germany, Japan and in the developing countries like ours.

business plan and its importance

Gunnar Myrdal rightly pointed out that Asian societies lack entrepreneurship not because they lack money or raw materials but because of their attitudes. Till recently, in the west, the entrepreneurship is mainly an attribute of an efficient manager.

But the success achieved by entrepreneurs in developing countries demolishes the contention that entrepreneur is a rare animal and an elusive character. Still there has been no consensus on the definition of entrepreneurship and qualities of entrepreneurship.

Entrepreneurship being an intangible factor is the moving force and development is the consequence. It has an important role in the context of a developing nation like India which is confronted with major socio-economic problems.

Entrepreneurship can play an important role not only in the industrial sector of a country but in the farm and service sectors also. India is being attacked by baffling problems of over population, unemployment, under-employment, poverty and the like. Entrepreneurship is consistently equated with the establishment and management of small business enterprises and setting up these units is the solution to these baffling problems.

Concentration of economic power, regional imbalances, exploitation by monopolists, and many other giant problems find their solutions in the development of small scale industry which is another name of entrepreneurship in the developing countries.

Mahatma Gandhi also asserted the same, entrepreneur ship has not grown much in India but it is gaining importance fast. The factors which retard the success of entrepreneurship in India are inadequate infrastructural facilities, shortage of capital, technical knowledge, and transport, absence of cheap and good quality raw material and shortage of power etc.

The government has been taking significant steps to encourage entrepreneurship as entrepreneurship is the only solution to various problems of developing countries.

Entrepreneurship caught strong waves during the last three decades and became a worldwide movement spreading across countries, regardless of their level of development.A business plan is in its most rudimentary sense the outline, preferably strategic, of what your business is, how you intend to run it and your projections of financial inflow and outflow.

Business plan and success in business are intertwined. Palms and Bonds business development business plan executive summary. Palms and Bonds is a Botswanan company providing high-level expertise in local business development, market identification and development, channel development, distribution strategies, and marketing.

The business plan inspires employees and management that the idea is sound and that the business is poised to achieve its strategic goals. To plot your course and focus your efforts.

By Steven D. Peterson, Peter E. Jaret, Barbara Findlay Schenck. Nearly all business experts agree on one thing: the importance of drafting a business plan. Yet plenty of companies plunge into the competitive arena without a formal plan.

business plan and its importance

Business-in-a-Box - Download Business Plan Templates & Forms Now. Writing your business plan. From Innovation, Science and Economic Development Canada. Although business plans vary in terms of length and scope, all successful business .

The Importance of the Business Plan |