What is the business’ “why” for its venture? What is your “why” for your choice of business? Clearly articulate what your business will do, including the following: Explain your production–distribution chain.
Business: why for its venture?
Provide 3 examples of businesses that do something similar to what you hope to do, and include a response to each of the following questions:
What is the business’ “why” for its venture?
What is your “why” for your choice of business?
Clearly articulate what your business will do, including the following:
Explain your production–distribution chain.
Identify your suppliers.
Describe your ideal location, and explain why it is ideal (this will help to create your mission and vision statement for your business plan).
Sinek, S. (2010). How great leaders inspire action [Video]. Retrieved from http://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action.html
4 reasons why a business plan is important
A business plan is a very important strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to focus on the specific steps necessary for their to make business ideas succeed, but it also helps them to achieve both their short-term and long-term objectives.
Venture capitalist and Silicon Valley pioneer Eugene Kleiner once stated that writing a business plan forces you into disciplined thinking. An idea may sound great, but when you put down all the details and numbers, it may fall apart.
While a business plan is absolutely essential in entrepreneurship, not every entrepreneur sees the need for it. Many are reluctant to have their plan written down. In fact, there are numerous articles online claiming that the business plan is dead or irrelevant. Of course not everyone agrees with that.
A large number of business funding experts, agree that having a good business idea is not enough. Even excellent business ideas can be totally useless if you cannot formulate, execute and implement a strategic plan to make your business idea work.
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