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Business plan
Formulation of the business plan
Formulation of the business plan
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Introduction
Since I was a child the idea of being a business owner has been a dream of mine. I never knew the requirements of starting, running or growing a business; however, I knew I needed to design a product to sell. In the 6th grade I approached my parents and told them when I grow up I want to own a business. I vividly remember my Father laughing while my Mother smiled and told me that it took a lot of work, time and experience to own and run a business. I decided to do some research, getting on the family computer I found out that a popular way to develop a business was to learn computer programming and write software. Years later, I worked in the Information Technology field after high school and saved up money to continue my education at State University. Majoring in Business with the Information Technology Concentration, I will gain the skills to work in a business environment but will still need to educate myself in order to found my own startup business.
Taking Care of the Basics
There are many markets, ideas and problems that have to be considered while brainstorming startup ideas. In fact there is such an abundance of aspects; one will undoubtedly feel overwhelmed from time to time. To avoid excessive frustration, it is a great idea to break up the development process into many different sections and complete each task in order. This paper will follow the path in which one should take in the development of their startup.
The first task of a business is to decide on a product or service to develop. As stated above, there are many markets that can be considered in developing said product or service; however, I have chosen to stick to the market that is constantly growing and evolving on a day to d...
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Works Cited
Ready, K. (2011). Startup: An insider's Guide to Launching and Running a Business. New York: Apress.
Louise. (2012, April 11). Different Types of Apps for Business. Retrieved November 14, 2013, from http://newmediaangels.com/2012/04/different-types-of-apps-for-business/
Whiteling, I., & Welstead, S. (2010). Start Your Own Business 2010: The Ultimate Step-By-Step Guide / edited by Ian Whiteling & Steph Welstead. 3rd ed. Richmond: Crimson.
Lee, M. (2012) Business Plans Handbook (Vol. 22) : Michigan: Cengage Learning.
McKeever, M. (2007). How to Write a Business Plan. 8th ed. Berkeley: Nolo, 2002
Governor's Office of Business and Economic Development (2012). Start a Business. Retrieved from http://business.ca.gov/StartaBusiness.aspx
Dooley, J. (2011). Software Development and Professional Practice. New York: Apress.
One of the challenges to start up a new business is choosing the kind of business to start.
Katz, J. A., & Green, R. P. (2014). Entrepreneurial small business (4th ed.). New York, NY: McGraw-Hill/Irwin.
In particular, startups conform to a set of formalized, ritualistic practices in order to obtain venture capital (VC) funding during the “seed” phase. Almost paradoxically, new companies are regarded as a kernel of innovation and invention in the economy and yet they seem to emulate each others’ routines in the pursuit of early investment, decoupled from the actual products or services they plan to sell to the
Buying and selling businesses is appealing but given the high costs of making the purchase it is quite difficult to start, especially as a young entrepreneur. If you go wrong you may end up loosing a lot of money (just as you can with the stock market and real estate), so you really want to be sure of your skills and ability before investing.
The objective of this research is to help a company or an entrepreneur understand the business environment better as well as customers’ needs and, therefore, make better business decisions.
A key part of an organizational strategy is to identify market opportunities by finding a niche or a gap in the marketplace that they can pursue to take their company ahead of all their competitors. An organiz...
The first steps as an entrepreneur, it is not always easy. Securex your coach, your accelerator of success .
Globalization and economic slowdown has made businesses subject to a great deal of uncertainty. In this time of rapid change, economies worldwide change rapidly, new markets open up and old ones change, and demand for products is often uncertain. As such, businesses must be flexible and adaptable in the types of methods that they use...
Start up Businesses website n.d., EStartup business blog and contributors, accessed 19 August 2011, .
Having a plan in place can lift weight off of an individual shoulders and guide them through the process. The four steps of the entrepreneurial process encompass all the tasks, actions associated with creating a business strategy. The four steps of the entrepreneurial process is first identification and evaluation of the opportunity, development of the business plan, determination of the required resources and finally management of the resulting enterprise. The first step of the entrepreneurial process is to Identify and Evaluate the Opportunity. The first step is the most difficult step, but the most important one. This step is rated as number one in being the most important process. This is because you have to take time to seek out an opportunity. Most opportunities don’t come over night, it takes time to seek and recognize a business opportunity. The opportunity has to meet the goals of the entrepreneur. The entrepreneur needs to put fort the effort to grasp the opportunity to succeed in developing his or her business. The second step is developing a business plan. With this step, the entrepreneur has to be very careful when getting ideas and responses from other people such as
When it comes to business, especially when it comes to starting one, I tend to think I know it all. Yet in reality, I don't really even know how to get started, enough to make a business efficient, or even get the doors open enough to make the first dollar. When I first think of working/operating a business, I think of no boss but myself, the rules are made by me and no one else, and that seems like a great plan in my eyes. As well as having all company profit coming directly to me, and I get to decide what happens with it. Although I know there is more to it than that, there is forming a budget, working with customers, knowing when to expand, and when to coast through. I also know that in the world of business, that if you aren't moving ahead, you are moving backwards.
Walters, D. (2011, July 25). The Advantages of Mobile Apps. Retrieved February 25, 2014, from http://blog.infomedia.com/business-strategies/the-advantages-of-mobile-apps/
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how