...Toyota, Tata & Maruti which will be situated at kakrail. The budget is needed to start the business is ৳200,000,000.The ownership nature will be mix of partnership & bank loan. Moreover there will be moderate promotional cost for our business. We will be following differentiated marketing strategy to target our customer. Usually customers don’t find a good after sales service, however we will provide a better after sales service which will give our business a competitive advantages over our competitors. Name & Address of the Business The name of the business will be “Bahon” car store. The store will be situated at Karkrail. The address of the car store is 86/1, Inner Circular VIP Road, Naya Paltan, Dhaka 1000, Bangladesh. This business aims to serve a huge number of customer. Hats why it’s situated in Kakrail. Nature of business This is a car buying and selling store. The low ended cars like Toyota, Tata and Maruti Suzuki will be sold through the shop. Moreover people can also sell their used car though our shop. So the people who are intending to buy a new car with a limited budget the will come to our shop, on the other hand the people those cannot buy a new car due to their budget shortage they can also buy from those used cars. So in this way this will be a profitable business in this growing automobile market. Statement of Financing Needed For this business the...
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...Do entrepreneurs need a business plan to be successful? No, as a person can successfully run a business without one. However a business needs a set direction and the person running it has to know what they are doing 100% of the time, if a person is capable of keeping a whole business under control and on the right track then they do not need a business plan. When starting a business there are countless things that can go wrong and lots of different directions your business could take. Without a plan people don’t know where they are going, what they want to do or what they want their business to be. Doing a business plan allows someone to find out who their target market is and how popular their product or service will be with that group. It will also allow people to see what their competition is and how well they are doing. For example someone who wanted to open up a butchers could rent a shop buy their product and open their doors to find out the majority of the town they opened up shop in is vegetarian. The butcher who made a business plan already knew that that was a vegetarian town and located a town just a couple of miles away that has an annual meat lovers fair. A business plan will not allow you to be prepared for every mishap that will happen along the way but it will enable you to plan for problems that you know will or are very likely to happen. For example a cafe that has just opened on the seafront plans to buy extra ice cream for the hot summer days but when...
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...Business Case Research Paper IST 7020 Analysis, Modeling and Design Wilmington University Business Case Research Paper Business Case A business case is a document which is used to help in starting a task or a project. It can be in any format of text, presentation or a discussion. A basic justification to implement the given task can also be called as a Business Case. Typically, a Business Case would be documented for future reference or sometimes stated orally for better understanding. It usually depends on the business ideology and its practical implementation(TechTarget, n.d.). Before thinking of building a business case, an individual should understand thoroughly the core of the project. It may take huge efforts in achieving this goal but a rough estimate of the same would be beneficiary(TechTarget, n.d.). Example: If the manager of a sunglasses store notices that the business is very slow in the winter, he can tell the owner by preparing a business case for store renovation in winter with winter stuff along with the sunglasses. It might create some good business(TechTarget, n.d.). Method in developing business case: * Complete Overview and Thorough Analysis: While submitting a business case, the analysis done should be covered all around in order to achieve a better result of the Project and a feasible Solution to overcome the same(TechTarget, n.d.). * Validating if the business case built is actually stating the exact problem and thereby resolving...
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...PART II Select the correct answer (You can high light) 1. A business plan is best described as a a. | crystal ball picture. | b. | money plan. | c. | contingency plan. | d. | game plan. | 2. The primary outside users of business plans are a. | employees. | b. | investors and lenders. | c. | customers. | d. | government agencies. | 3. Which group would be the most interested in a business plan for a new venture? a. | Customers | b. | Lenders | c. | Supervisors | d. | The Internal Revenue Service | 4. Jill is writing a business plan for a small home based operation. If well written, the business plan will assist her in determining if a. | the business aligns with personal goals. | b. | an investor would be a perfect fit for the proposed company. | c. | suppliers can be found for the operation. | d. | outsiders can be made into insiders. | 5. The document that assists an entrepreneur and the management team focus on important issues and activities is a. | the organization chart. | b. | the budget. | c. | the sales analysis. | d. | the business plan. | 6. A business plan a. | is best for telling insiders about the company. | b. | is more important than the final outcome. | c. | is not the business. | d. | will ensure success. | 7. A good business plan leads to a successful company when the entrepreneur and management team a. | identify all unexpected events. | b. |...
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...Class Discussion: Students will respond to the following: · How have entrepreneurs been impacted by the global economic crisis? · What excites you about being an entrepreneur? · What concerns you about being an entrepreneur? How have entrepreneurs been impacted by the global economic crisis? Entrepreneurs have been hit since the downward slope of the economy. The banks have stopped and/or made the loan process more stringent to receive funds and to continue business. Some entrepreneurs found investors to receive funding where they were able to get around receiving loans from banks. · What excites you about being an entrepreneur? The exciting attributes of being an entrepreneur is setting your own standards. Creating jobs for the community and putting resources back in the community served. Leaving a legacy for the next generation and giving young people an opportunity to learn a new skill and concepts. · What concerns you about being an entrepreneur? The concerns revolve around not having the resources to continue running the business. The product or service rendered is no longer needed and not having the technology to advance. The business failing because of bad decisions that were made. 1. The global economic crisis has negatively impacted many entrepreneurs. Those who began their businesses during better times have found themselves in severe financial trouble. However, the downfall in the global economy has also presented a...
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...Business plan models Name: Institution: Class: Instructor: Date: Question 1 Business plan models are very crucial in any business organization. This is because they help the entrepreneur to outline what it is required to have a successful business. Here we discuss four different business plan models in the food industry. Each business plan model is different and designed to suit the type of business that one needs to start. The four business plan models that I am going to review are catering and ballroom rental business plan, catering business plan, non- profit food bank business plan and bakery business plan. These four business plan models are similar but they differ in different ways to suite the targeted market. One of the things that is evident in the four models is that they are all aimed at making profit. This is because the main aim to start any business is for the profits. The other thing that is similar in the four plans is that they all aim at acquiring the largest market share in the industry. This is done by implementing ways and means of attracting and retaining customers that will enable them to achieve the largest market share. The other thing that is similar in the four business models is the cultures and the policies adopted i.e. to offer the best customer service. The other thing that is similar is the business strengths, weaknesses, opportunities and threats (Osterwalder & Pigneur, 2013). One of the strengths is that the four models that are in the food...
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...Business Planning I. Introduction A business plan is a formal document indicating a set of company goals, the plan for achieving those set goals and a description why the management believe that those goals are attainable and etc. Its primary value is to evaluate the viability of the potential projects and to analyze the business prospects. It may also contain background information about the company such as mission, vision and how suitable and feasible the project is, to the company. Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community. A business plan will be useful to a company in many ways. Firstly it will clearly identify and focus the company objectives using suitable information and analysis. Also it can be used as a selling tool when dealing with lenders, investors and banks. A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is an investment that pays big dividends in the long term. Business planning is very significant because it is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward. ...
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...ENTREPRENEURSHIP DEVELOPMENT BBM 210/05 TMA 2 STUDENT NAME : SIEW SEE HOW STUDENT ID : 051140021 H/P NUMBER : 016-5455959 EMAIL : webbiesiew@gmail.com CLASS CODE : 5ENT1 TUTOR NAME : MR. PUVANABALAN VEERASAMY Question 1 a) Discuss the ways an entrepreneur can improve communication and hold effective meetings. In general, communication is a process which means of connecting people. Communication happens anywhere for various reasons such as exchange information, ideas, express feelings and emotions. As for entrepreneurs, communication is important to them to communicate with their stakeholders or employee as well as their customers so a good communication skill is important for them. Thus, entrepreneurs need to improve their communication skill in order to communicate effectively with others. One of the many ways to improve communication skill is by having confidence when communicate with others. Confidence comes from feelings of well-being, skills and experience as well as from a positive mind. It’s a key component of being an effective communicator. For instance, John had just invented a new vacuum cleaner technology and he is looking for investor to invest to mass produce his creation. In order to gain his potential investor confidence over his product, John needs to prepare himself well with all possible questions from them. A good preparation will help John increase his confidence level when communicating with them. Beside self-confidence...
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...originally was going to write about Leading as my subject matter for the Research Paper. I had been reading articles about Leading for a while and had the two I wanted picked out. Then I was online and read an article about Business Planning. The article was so interesting to me that I switched my topic and found another article on Planning and chose to compare and write about the two. The first article is by Francesca Di Meglio, a reporter for Businessweek.com in Fort Lee, N.J. The article is titled “Real Entrepreneurs Don’t Write Business Plans.” She references a Business School professor, Steve Blank, and talks about his class and what the students are learning about real Entrepreneurship. Professor Blank teaches a class called Lean LaunchPad at UC Berkeley’s Haas School of Business, Columbia Business School and Stanford’s engineering school. He says that Entrepreneurship is about getting out into the world and doing, not simply researching and writing. The premise of the course is that aspiring entrepreneurs need to know their customer and must test their hypotheses to have any chance at success. The teams build a product or service at the beginning of class and immediately go out and talk to 10 to 15 people per week to test their theories about business challenges, such as pricing. I find this to be very interesting because I know the importance of hands on experience. My entire career up to this point has been self taught and hands on working experience. If you are...
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...Summary: Why Write It? Investors, lenders, executives, managers and CEOs are busy. Always. That means that the executive summary is an essential gateway for your business plan to get read. Think about it this way: if you had an endless list of things to do, and someone handed you an 80-page document and said "read this! you'd probably first want to know why. "The most important reason to include an executive summary is that in many cases, it is the only thing the reader will read," says Pablo Bonjour, founder & CEO of Katy, Texas-based SMG Business Plans, a company that offers entrepreneurs assistance in writing business plans. According to Bonjour, investors will read the executive summary to decide if they will even bother reading the rest of the business plan. It's rare for an investor or lender to read an entire business plan, at least in the initial stages of analysis and consideration for funding, so having a strong executive summary is key. When you're writing your business plan, your goal is to get your foot in the door and face-time with the investor. "Assuming that your business is a good fit for the investor, a strong executive summary will get you invited in for a meeting," Hirai says. "A poor executive summary will leave you standing in the cold." Dig Deeper: How to Write a Great Business Plan How to Write an Executive Summary: The First Paragraph Just like a movie might begin with a fight scene or a magazine article opens with a funny anecdote, you'll...
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...(10%) due to poor harvest pushed up the variable costs increasing the level of output required to break even. 2. To what extent might drawing up of a detailed business plan guarantee success of Just Juice Ltd? It encouraged Bill and Anne to conduct primary market research to identify whether a market existed for smoothies business planning allowed them to identify potential problems such as times of cash flow shortage Bill and Anne were inexperienced entrepreneurs so the business plan helped them to think through their idea in detail and to be more objective about it Drawing up a business plan was essential to gain the £50 000 loan from the bank he plan did not identify the likelihood of a new competitor entering the market as actually happened The business plan made assumptions about the future prices of fruit and vegetables which proved incorrect following the 10% price rise The quality of research will determine the value of business plans was Bill and Anne sufficiently thorough? Businesses, and especially this one, operate in dynamic and changing markets making it impossible for any planning to guarantee 3. State two non-financial items that the Bank Manager would have expected to see in the business plan for Just Juice Ltd before agreeing to the loan. The business idea The entrepreneurs, qualifications and experience Resources required Staffing requirements Market research results (primary and secondary) 4. Explain one reason why Bill and...
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...Running head: DEVELOPING A STRATEGIC BUSINESS PLAN DEVELOPING A STRATEGIC BUSINESS PLAN Student Name: Tutor’s Name: Submission date: Developing a Strategic Business Plan A strategic business plan is a tool developed in preparation for establishment of a new business ventures and additionally, in improving business operations. Kolter (2009) stresses the importance of this tool as a prerequisite to business modeling. However, it is likewise important to understand what constitutes a strategic business plan before attempting to develop one. A strategic business plan takes into consideration all the variables that affect business performance. This includes internal and external variables. Kaye (2007) states that a strategic business plan must incorporate all the likely variables regardless of the magnitude of effect associated with them. An effective strategic business plan can be defined as one which identifies, analyzes, and draws conclusions with respect to variables that dictate business equilibrium shift. Such a plan is constituted of three important elements, namely: resources available, market scope and business operations (Kolter, 2009). Resources determine how successfully a business operates. This includes financial resources, human resource, and material requirements. Strategic business plans help an entity in determination of staff requirements, financial obligations, and raw materials required in advance making it possible for easy budgeting...
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...Business Plan Background Jane and John had a good idea, a good sense of their market, and a good location. They were great salespeople, and yet they were not making a profit. The reason was that they did not plan their business all the way through. When you are serious about your business or when a lot of money of your own or someone else's is at stake, creating a business plan is perhaps the most critical activity you can undertake. The plan is important, but what is even more important is the understanding you get from the planning process. The following pages will help you understand the thinking behind business plans and how to make and present your own. A business plan is a document designed to detail the major characteristics of a firm--its product or service, its industry, its market, its manner of operating (production, marketing, management), and its financial outcomes with an emphasis on the firm's present and future. There are two circumstances under which creating a business plan is absolutely necessary. One is when outsiders expect it. This is called external legitimacy. Creating a business plan is the acknowledged best way to build external legitimacy for your firm. When you are seeking outside support--whether financial or expert--you do a business plan to signal your professionalism and how serious you are about the business. Investors, whether they are venture capitalists, informal investors (called angels), bankers, or your two great aunts, are going to expect...
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...become a “business plan.” The business plan is a document that evolves from the initial idea into a business concept proposal (BCP) and from there into an opportunity assessment. At each stage of this evolution, the entrepreneur can decide to proceed or move on to a more promising venture. The exercise of putting a business plan together is a helpful one, and by the end of the process you will have a document that helps you and potential investors think about how promising the venture truly is. This chapter covers the whys and how-tos of a business plan in depth, looking at the main parts and why they are important, as well as what to do with your business plan. In addition, we will look at other common themes characteristic of the early phase of technology startups such as product development and marketing and communications strategy, as well as issues of intellectual property. 2.1 What Is a Business Plan? A business plan is a document describing a venture’s opportunity, its product or service, context, strategy, team, required resources, and potential financial returns [1]. It is guided by three basic questions [2]: • Where are we now? • Where do we want to be? • How are we going to get there? There is ample material available on how to structure and write a successful business plan. We could even go so far as to say that the art of writing business plans has been commoditized over the years. Therefore, the mechanism behind the document should not present the entrepreneur with...
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...“Entrepreneurship and Starting a Small Business” Brian Thompson Everest College Phoenix Online MAN 1030 Introduction to Business Professor Mary Ritter 12/08/2012 Abstract In this paper I will be discussing what contributes it takes to become a successful business owner. I will be going over the characteristics of being a small business owner. I will also be discussing how to go about creating a business plan. In discussing the business plan, I will be giving the purpose of each component. “Entrepreneurship and Starting a Small Business” Eric has already created two successful businesses and is looking to start another. He already has the characteristics of a successful entrepreneur. He is self-directed, committed and willing to work hard. He already has experience in owning a small business and knows what it takes to make a small business successful. Eric seems to have beaten the odds already. What do you think Eric would tell you about success (or failure) and how to learn to be a successful small business owner? There are several characteristics to become an entrepreneur and start a small business and the one is being self-directed. You have to be comfortable being your own boss because you alone will be responsible for its success. Second, you have to believe in yourself when nobody else does, which is being self-nurturing. You also have to be committed and highly energetic by being able to emotionally, mentally and physically work hard, but mostly long...
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