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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
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.
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...
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.
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
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!
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
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.
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
This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.
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.
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.
An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. According to Martin (2010) an entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. To have self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way. For example, When an almost bankrupt security company was offered to her, Datuk Maznah Hamid and her husband, who were eager to change their ordinary life, took the plunge and sacrificed RM5,000 of their saving. Only then she realized that apart from managing the operation, she also had to be a manager, a clerk, an accountant and a receptionist. To grow their business, they had to sell their house and moved to a slum that came without electricity. But she persevered. Today, it’s difficult to find someone who has never heard of Securiforce.
"Entrepreneurship is the ability to create and build something from practically nothing" (Timmons 1). Entrepreneurs should be admired more than anything for
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 .