Entrepreneurship And Small Business Management & Marketing (Essay Sample)

Entrepreneurship and small business management
Second Semester 2015 – 2016
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Purpose of Business Plan and its elements
A business plan is generally a plan that is developed to provide details of the organization. A business plan is something which leads to the establishment and success of the company. Many examples from all around the world can be taken of successful organizations whose reason of success was its business plan. An entrepreneur mostly look for the business plan before starting up any business. A good business plan leads the organization to the peak of the market, whereas a weak business plan not only occurs as an extra expenditure for the company but also plays its role in breakdown of the company.
A good business plan is considered as the one which includes all the core elements of a business plan and keep their focus on each element, individually. The elements of the business plan decides whether the company is going to be a hit or is going to be dropped out of the market. Each component of a business plan, thus is much important and demands full attention. The components of the business plan involves the summary of the business, financial analysis, market analysis, overview of company, structure of company, investment and funding and the management of the company (Blackwell, 2008).
The important thing here is that the business plan can be made on the basis of a business concept. The concept of business plan includes minute details about the business such as the purpose of the business, its need, scope, target audience, goals and objectives, marketing strategies, business strategies, financial details about the business and every other information regarding the business. The summary of the business is the first task of a business plan which provides quick analysis of overall business within few lines (McKeever, 2002). The other person gets the idea of the business without much wasting his time in going for the full analysis of the business plan. The summary of business plan is always preferred by the business owners and investors. The market analysis and financial analysis also carries much importance in the business plan. The market analysis enables the entrepreneur to know about the situation of the market and the choice of the people. It also ensures a competitive advantage of the market. The entrepreneurs hunt for the market where the product which is their business plan does not exist. The financial analysis shows that how much company can be successful or can progress or is it small or large scale organization (Bragon, 2016).
The purpose of business plan is to present the full picture of the business in a concise way that can attract the investors and can show the information of the business. It is also used in the expansion of the business. The company also utilizes the business plan for knowing their financial details and also for making improvements in the business.
Nelson preferred Business plan and Industry Analysis
The industry analysis keeps a track of the industry and its changing trends. Moreover, it shows the necessary information which an entrepreneur can utilize in his business such as the product which is not available in the market, strategies that can be made for the success of the business. The industry analysis gives the complete details about the particular industry and enables a path that can be followed to gain a good position in the market. The business plan on the other hand is developed for the purpose of analyzing the strengths, weaknesses, opportunities and threats of the organizations. The business plan helps the organization in achieving the aims and in making their place in the industry. The business plan also suggest the changes and the policies and procedures that organization can follow in enhancing their business. The business plan and industry analysis work side by side and adds up to the success of the business.
Nelson made the same changes and adopted different strategies after joining Kazoo. The company was facing difficulties previously and they were not having sufficient plans which can turn the position of the company. Nelson was having background in marketing in the other industry but she was a good observe and a great strategist. She acknowledged the need of a business plan in Kazoo which they were missing. The company was not having clear goals for the working and operating its functions. Nelson found the need of the business plan in the company. She was new in this industry and did not know about the factors of this industry. Hence, the industry analysis gave her a complete view of the toy market and she came to know about the want of the market.
Nelson found that the innovation f...