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An essay on the importance of a business plan
An essay on the importance of a business plan
The importance of a business plan
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Sattar Buksh
Sattar Buksh (Sat-tar Bux-sch) is a Pakistani restaurant/café and merchandize seller based on indigenous Pakistani art and “the common, wise man on the street who has a strong entitled opinion on every subject” named Sattar Buksh.
1. Did you have a business plan when you started your business?
Initially we only joked about starting such a business, but then we realized that our idea was actually viable and so we started planning out our business starting from the personality sketch of our fictional brand ambassador “Sattar Buksh”. We started brainstorming answers to questions such as: SB’s (Sattar Buksh’s) tone of voice over Social Media, his stance on certain social issues, whether we were an outspoken or a safe brand, whether
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We were just four guys who wanted to form a band and make some Pop Punk music. We did not have a long term goal and definitely not a business plan. We were relying on making it up as we went. We did eventually develop some structure, but it has changed several times over the formation of The Happy Alright.
2. Do you think business plans are necessary for entrepreneurship?
I definitely think business plans are important as they provide structure and having a detailed plan shows a road map for the business. But I think it 's more important to be organized and to know how to handle your money. If you can to do both of these and still be able to create your art without restriction, then you can manage without a business plan. Business plans are never carried out how they’re initially intended to be. Eventually when we did define the short term and long term goals for THA but we ended up changing them multiple times.
3. What three pieces of advice can you offer developing arts
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Sattar Bush unknowingly used a few of the building blocks of “The Business model Canvas”. For instance, they emphasized on their team and finding the right people for the right jobs as you can’t do everything yourself. Which is essentially the building block “key partners”.
Sattar Buksh and Chaiwala both defined their persona which was the westernized population of Pakistan. Defining a persona gave them a direction to go in. We covered the concept of a defining a persona in our course book Disciplined Entrepreneurship and so it’s interesting to find that the principals of establishing a business are pretty much the same in America and Pakistan despite their cultural differences.
The Happy Alright also mentioned some principals that sound similar to Disciplined Entrepreneurship, such as analysis paralysis. In their three pieces of advice question they emphasized on how we need to not over think things and just do them because otherwise our idea will remain just an
The disciplined thought means the need to confront facts that are brutal and continuously refine the path which lead to greatness. But one should not lose the faith and must prevail in the business. One mu...
But despite Baba's successes, people were always doubting him. They told Baba that running a business wasn't in his blood and that he should study law like his father. So Baba proved them all wrong by not only running his own business but becoming one of the richest merchents in Kabul. Baba and Rahim Khan built a widly successful carpet-exporting business, two pharmacies, and a resturant.
Entrepreneurship is defined as, “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Although this may seem to be a common business strategy, it is incredibly difficult for an individual to have the strength and perseverance to not only create; but support and foster their idea from scrutiny and destruction. That kind of personal resilience is something that I personally am awestruck by, and it is my hope one day to possess the same qualities when pursuing my own entrepreneurial venture. I can only dream of achieving the same level of achievement as Howard Schultz, but I aspire to be an even greater businessman and innovator during my career.
An entrepreneur does not always come in trying to meet an existing need, as well as Yankee Candle, E-bay, Starbucks, Staples, and many other business brought values where none existed before. Entrepreneurial thinking is exactly this, possibility to explore 'uncharted waters' and take most advantage of it.
Planning is the key to any successful business. There are many different models and variations of business plans, so it is extremely important to choose the right one specific to the type of business. Having a business and knowing what to do with it are very separate issues and creating a well-executed business plan for the right reasons will enhance the odds that your venture will be one of the ones to succeed.
By hiring a professional business plan service to write your business plan, you will be able to focus on the many other things that come with owning a business. Even if you could effectively write your own business plan, with everything else that is likely to be on your plate, you would probably not complete your business plan in a very timely manner. * Complexity: Okay, say you get though the actual writing of the business plan. You still have to deal with the financials.
When an individual decides to venture out on their own and become an entrepreneur they are taking a huge risk, one of the tools that can make the difference between being successful or failing is the Business Model Canvas (BMC). Osterwalder invented the BMC because he believed that a company’s first business plan always failed the minute it reached the customers, leaving the owners discouraged and deflated and feeling that they had wasted time, energy and money; so he wanted to create a more flexible business plan that owners can edit and make the changes needed to reach the customers needs "One Tool Startups Need to Brainstorm, Test and Win | First Round Review," n.d.). The canvas consists of nine elements or building blocks that create a visual template spelling out the business’s value proposition, infrastructure, customers and the finances (White, 2012). Breaking down the key elements that are vital to taking customers needs, wants or problems into a fruitful company
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Conclusion: In conclusion, as Steve said "I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance" that the secret of success. The person who wishes to success, he should recognize his weakness and formulates a plan to overcome them and he must have a clear goal for life. What's need is an idea put into action followed with proper planning and persistency.
Vision and mission statements play a vital role in the strategic planning of an organization. Aguinis (2013) states defining an organization’s current and future identity are a key component of the strategic planning process. Strategic planning creates a blueprint to chart an organization’s goals and to aid in the division of resources to properly achieve the established goals (Aguinis, 2013). Properly communicating the goals and identity of an organization are essential if employees are to completely understand their purpose and mission to the organization. A review of the vision and mission statements for Harley Davidson reflects certain insights into the identity of the organization but also reflects some areas of improvement in adequately including the eight characteristics of an ideal mission statement.
"Entrepreneurship is the ability to create and build something from practically nothing" (Timmons 1). Entrepreneurs should be admired more than anything for
List and discuss the 4 most important lessons that you have learned about entrepreneurial thinking this semester in this class. Describe why you find these lessons important and how this knowledge has impacted you. Use specific examples from our class – readings, videos, discussions, activities, etc. Don’t forget to elaborate on your thoughts as you fully discuss your ideas and opinions. (Long answer – multiple paragraphs
Business plans are documents used for planning out specific details about your business.Business plans have importance and purpose for the success of the business however.Here are a few of the importance and main purpose of why we need a business plan in order to start a business. Business plan will guide us as an entrepreneur in how to handle and manage our business and company. It very useful in clarify direction , future vision , attract financing , attract team members and last but not least is to manage company.Moreover , the information gathered regarding the project is used in the Business Plan to predict viability , forecast success and propose strategies for the project .
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Having an effective marketing plan is invaluable to all businesses. Even so it is amazing the number of companies that think they can operate and succeed without formal plans!