Written document describing all relevant internal and external elements and strategies for starting a new venture. The Business Plan is important to those people because. It helps determine the viability of the venture in a designated market; It provides guidance to the entrepreneur in organizing his or her planning activities; It serves as an important tool in helping to obtain financing. Entrepreneur may need information of the following.
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Creating a new business is a process. A process that goes well beyond the insightful flash that hits you during your morning shower. However, there is no magic step program that will guarantee you a new successful business. The process is highly stochastic not all business ideas make it and iterative based on what you learn as you proceed, you will likely have to modify your thinking and repeat parts of earlier steps. Lurie for Entrepreneurial Studies at the University of Michigan, we believe it is valuable to think about the development of a new venture and its growth as a series of phases, which can be described as:. While no two companies are exactly alike nor will they likely follow the exact development path, these generic phases describe most new ventures' evolution. In some cases, a phase may be passed through so quickly that one hardly recognizes it as a distinct phase.