Entrepreneurship is the practice
of starting new organizations,
particularly a new business in a
given opportunities. In putting up
a business, a comprehensive and
complete understanding of the
plans and actions to be taken is
vital to have a successful
business.
A step by step guide in the
thorough operation of the
business enterprise is called
business plan. Remember, we
cannot build a successful
business without its plans
because it is the foundation of
the business.
To operate a small enterprise, make sure
it has the legality to run. It must be
registered and followed all the
necessary steps in legalizing an
enterprise.
Duties and functions of an enterprise
owner also play an important role to
succeed in business. They play different
but equally important roles in managing
the enterprise.
1. Executive summary. Briefly
tells your reader or customer
FINALIZING about your company and why it
EVALUATED will be successful. It includes the
BUSINESS business’ mission statement, the
products or services and the
PLAN
business or company’s leadership
team, employees and location.
2. Company description.
Provides detailed information of
the business and includes
information about the customers
or organization that the business
plans to serve. This also explains
the competitive advantages that
will make your business success.
3. Market analysis. This
pertains to your target market
and the industry of your
business. In putting up a
business, you have to think of
what does your business cater?
Or to whom your business is?
4. Organization and management.
This informs the readers or
customers on how the business will
be structured and who will run it.
You have to also describe the legal
structure of the business whether it
is a corporation, a partnership or a
sole proprietor (or privately owned).
5. Service or product line.
Describes what your
company or enterprise sells or
what services the business
offers. This explains how it
benefits your customers and
what the products look like.
6. Marketing and sales.
There’s no single way to
approach or use a marketing
strategy. Your strategy should
evolve and change to fit your
business’ needs. This describes
how your business will attract
and retain customers.
7. Funding request. If your business
needs funding, this is where you will
outline your requirements. Clearly
state how much funding you will
need over the next five years and
what or you will use it for. Tell
whether you need funds for the
needs of the business, like
equipment or materials, pay salaries,
or cover specific bills.
8. Financial projections. This
supports your funding request. This
will convince the reader or your clients
that your business is stable and will be
a financial success. If the business is
already established, include income
statements, balance sheets and cash
flow statements for the last three to
five years.
9. Appendix. This provides
supporting documents or materials
were specially requested. Common
items to include in this section are
credit histories, resumes, product
pictures, letters of reference,
licenses, permits, or patents, legal
documents and other contracts.