Business plan reflective essay
According to Antoine et al. , creating a business plan is one of the most basic principles of successful entrepreneurs (7). It provides a blueprint of what is expected in the day to day running of the business. Moreover, it gives an estimate of the total costs the firm expected to be incurred as well as the projected revenues. In other words, a business plan is running of business on paper by creating a step by step basis. , this is one of the fundamental elements of running any business (11). Furthermore, a solid business is anchored on a team of owners who fathom the dynamics of the business. In this light, I managed to highlight some of the key competencies of the owners and how these qualities will affect the day to day of the running of the business.
Notably, the owners have what it takes to create a run a successful business. However, more dedication and commitment will be required from the owners to ensure that they run the firm competently and successfully. In this light, the market analysis provides insights regarding the target customers. In particular, the section focused on who are the customers, the number, and the willingness to purchase a particular product or service. Moreover, the section also highlights the essence of market research. Indeed, market research provides useful insights regarding the target market and composition of the customer. It’s prudent to conduct market research before starting any form of business in order to capture the needs of the consumers. Additionally, I have learned that competition has helped to improve on the quality of products and services offered to consumers.
According to Makadok et al. , competition is one of the aspects of the business that ensure that consumers get value for money (1535). Arguably, when business entities are competing, consumers get the best product and services since most firm use quality as a marketing gimmick. Therefore, this section was essential since it formed a critical of the business. Notably, the element of globalization has changed the dynamics of most business entities. For instance, the use of social media such as Instagram and Facebook has increased the sale of most business entities. Pricing and costing marked the culmination of all the other stages. Indeed, the stage captured all the aspect of business with regards to cost. For instance, the cost of our products was dependent on other factors such as the cost of advertisement, cost of transport, cost of inputs, and the company’s overheads.
In this regards, this section enabled me to come up with some of the control which will ensure the company fulfills its objectives. For instance, a proper financial records increase transparently of the firm and allow the owner and managers to access whether the enterprise is making loses of profits. Moreover, the section also indicated the amount of capital needed to start up the business. Notably, I also managed to project a loss statement and a balance sheet for the enterprise. However, I encountered a huge challenge in preparing the cash flow for the first financial year. Kotler, Philip. Principle of Marketing : An Asain Perspective. Pearson Education Limited, 2011. Makadok, Richard, et al. "A practical guide for making theory contributions in strategic management.
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