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Business Enterpreneourship

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Business Plan: Business plan is a document that is the outcome of an integrated process of making future plans for different organizational functions. More specifically, business plan is (1) A written document that details the proposed venture. (2) A description of all the facts, like the project, marketing, research and development, manufacturing, management, critical risks, financing and milestone of proposed venture. (3) A document written to raise money for a growing company from the banks of financial investors. (4) Future guide for successful operation of the venture.
Why business plan is so essential?
1.The preparation process of a business plan forces the entrepreneur to take an objective , critical, and unemotional look at the business in its entirely. 2. It is a tool to managing the business better. 3. It is a way of communicating the firm’s ideas to others and the basis for the financial proposal. 4. It improves the firm’s chances of success. 5. It sells the entrepreneur and others on the business.6. It communicates the strategy and business approach within the firm.
Business plan checklist: A personal step by step evaluation
1. Business description segment 2. Marketing segment 3. Research design & development segment 4. Manufacturing segment 5. Management segment 6. Critical risk segment 7. Financial segment 8.Milestone schedule segment 9. Appendix segment
Joint venture: A joint venture is a separate entity involving two or active participants as partners. Sometimes called strategic alliances, they involve a wide variety of partners, including universities, not-for-profit organizations, business and public sector. For examples, Boeing/Mitsubishi/Fuji/Kawasaki entered into a joint venture for the production of aircraft in order to share technology and cut costs.
Acquisition: Purchasing all or part of a company. One entrepreneur

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