Identifying and assessing opportunity are two key
steps that a company must do to grow and retain their competitive advantages. Sometimes,
an entrepreneur stumbles upon an opportunity. While one record may play a role
in identifying an opportunity, more often it is a systematic analysis of the
business environment that is required.
Entrepreneurs look for changes in the political, economic,
social, and technological environment that disturb the balance in the market
place and, therefore, create new business opportunities. Similarly, customers'
dissatisfaction with the capacity of existing products and services to meet
their needs indicates an opportunity.
Two problems when exploring and assessing an
opportunity.* Selective Analysis. When we tend to observe winners and not the rest, we are not learning for others mistakes.
*Chaos. The affect of randomness and the effect it has on businesses.
The success of a business depends on the skill of its key employees, as well as, competitors actions, customer interactions and the hard work.
Feasiblity Plan Outline
The Business Feasibility study finding
will be assessed by potential investors and stakeholders regarding their reliability
and strength of argument. The study places the discovery of the dimensions of Business Viability Model assessment
intoa formal business report. The report aligns the finding with practical
processes of an enterprise which and viewers can easitly understand.
Because putting together a Business
Plan is a significant investment oftime and money, he entrepreneur should make
suree that thete are non major roadblocks on their course to business success.
The following represent a
structural outline for a Business Feasibility Study:
Executive
Summary This is the most concise form of the
business plan, covering all of the key points. Outside parties typically review
the Executive Summary first to determine if your company is a potential candidate
before deciding to read further.
Company
Description This first full section of the business
plan covers the company’s mission, history, current status, strategies, and
plans for the future.
Management
and Organization Many potential investors consider the
management team to be the most important
predictor of a successful business.
The
Market and Competitors This section must define the
company’s market, the industry, current and potential buyers, and competitors.
The
Product or Service In this section, the features,
components, and quality of the product(s) or service(s) are described in
detail.
Marketing
and Sales The business plan must describe the
company’s selling methods (such as direct sales or mail order).
Effective marketing, often through
advertising and public relations, must also be described.
Financial
Information The most important elements of this
section are the financial forecasts — the
balance sheets and the statements of cash flow and income.
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