" (Entrepreneur, 2009)
There are seven components to a business plan as follows:
(1) Executive summary;
(2) Business description;
(3) Market strategies;
(4) Competitive analysis;
(5) Design and development plan;
(6) Operations and management plan; and (7) Financial factors. (Entrepreneur, 2009)
It is important that the individual who starts their own business determine their objectives for the business and toward this end a goals and objectives checklist should be formulated asking questions such as: (1) How determined am I to see this succeed? (2) Am I willing to invest my own money and work long hours for no pay, sacrificing personal time and lifestyle, maybe for years? (3) What's going to happen to me if this venture doesn't work out? (4) if it does succeed, how many employees will this company eventually have? (5) What will be its annual revenues in a year? Five years? (6) What will be its market share in that time frame? (7) Will it be a niche marketer, or will it sell a broad spectrum of good and services? (8) What are my plans for geographic expansion? Local? National? Global? (9) Am I going to be a hands-on manager, or will I delegate a large proportion of tasks to others? (10) if I delegate, what sorts of tasks will I share? Sales? Technical? Others? (11) How comfortable am I taking direction from others? Could I work with partners or investors...
The business plan serves as a guide to the individual when starting their own business in which steps to take and in what order these steps should be taken.
MINDMAP -- STARING a NEW Business
References
Tozzi, John (2009) a Guide to Self-Employment. Business Week Magazine. 23 Jan 2009. Online available at: http://www.businessweek.com/smallbiz/content/jan2009/sb20090123_156963.htm
10 Steps to Starting a Business (2009) Business.GOV website online available at: http://www.business.gov/start/start-a-business.html
An Introduction to Business Plans (2009) Entrepreneur Connect. Online available at: http://www.entrepreneur.com/startingabusiness/businessplans/article38290.html
Plan Your Plan (2009) Entrepreneur Connect. Online available at: http://www.entrepreneur.com/startingabusiness/businessplans/article38292.html
Starting a New Business -- Google Search Engine
Self-employment
Business Owner Considerations
How to Start a Business
