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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...
Starting with a business plan which is critical when describing your business’s future. A clear description of what you do and how you plan on doing it (Entrepreneur, 2016). Used as a blueprint for planning finance and marketing, a business plan also helps in securing financing to determine
A business plan is a firm's management to summarize its operational and financial objectives for the near future (usually one to three years) and to show how they will be achieved. It serves as a blueprint to guide the f...
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.
Any project needs an business plan. And anyone who needs a plan to arrange his or her career.business plan will undoubtedly help you to learn several things. The business plan helps to know what opportunities are available and what are the obstacles and what are the advantages and what are the negatives and help in knowing the real capabilities of the company, for example, and the opportunity to reach the goal and the time they need.
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
As demonstrated in this report and by the course material covered in class, being an entrepreneur is an approach that though commonly associated with business, can also be applied to all aspects of our lives. To achieve success in all our endeavors we should approach all we do with the entrepreneurial ethos of vision, passion and planning.
All of the sudden entrepreneurship is in the ride. The perception goes common that if the nation’s businesses, irrespective of the size can become more entrepreneurial then it will yield better productivity and compete more effectively and efficiently in today’s fastest growing world marketplace, Howard H. Stevenson and David E. Gumpert.
Entrepreneurship is a powerful combination of imagination, enthusiasm, vigour, passion, excitement, insight, assertiveness, and hard work which enables great ideas to become more than just a dream but a reality (Bessant and Tidd 2011, p. 10). Bessant and Tidd (2011, p. 11) suggests entrepreneurship is a human characteristic which combines structure with passion, planning with vision, tools with the wisdom to use them, strategy with the energy to execute it and judgement with the propensity to take risks, and the new start up venture in which the lone entrepreneur takes a calculated risk to bring something new into the world.
When was the last time you laid in bed staring at the ceiling? Many nights I have laid in bed considering how best to convey my passions and plans. Being an entrepreneur is more than owning and running a business, it is sparked from the soul and manifests every time I push forward. Often, I feel like a rubber band. I stretch myself farther and farther until I adjust to the new tension; then, I do it again. Change is not an option; it is an absolute. To me, entrepreneurship is synonymous with the need to improve.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
When embarking on a new venture, managing and existing business or trying to increase the success of a company, it is important to be aware that entrepreneurships not just about being innovative and taking chances.
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.
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.
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 .