- Created by: hanfa
- Created on: 15-09-20 19:10
- a business must plan its activities to reduce the risk or failure and be as successful as possible.
- steps involved in developing a business idea:
- the idea: identifying what the business will produce and sell and what resources are needed. identifying aims and objectives of the business and how these will be met.
- the people: identifying who will be involved, identifying the human resource requirements the business needs to operate etc.
- market research: identifying; markets business will target, market activities to make the business successful and the marketing resources needed.
- finance: identifying how much fiance is needed and what for, how much money will be raised, a plan is needed for investors to know.
- competitors: identify them and how will the product or service be different from competitors
- a good business plan has objectives that are; Smart, Measurable, Achievable, Realistic, Timely
- a business plan would acheive its objectives by;
- identifying the market eg. age, gender, income of TM.
- identifying the resources needed to operate the business eg. workers, equipment
- identify the finance needed to start up and grow the business and how it'll be achieved eg. selling shares, obtaining a loan/overdraft
- achieve the business' aims and objectives eg. making a profit, expected sales
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