Sources of information and advices for the business plan

Entrepreneurship and new venture creation

2007

Entrepreneurship and new venture creation

Introduction

Last year , Entrepreneur Magazine list several brilliant entrepreneurs in the world that are able to generate revenue accounting for million of dollars in relatively short period . The successful of their business mostly due to the adoption of information technology that undoubtedly help their ventures to generate revenue , minimize costs , and retain customers effectively and efficiently

In other publications , Fortune lists 500 companies annually that generate extensive revenue worldwide . The annual events , named Fortune 500 , the magazine

shows that there is always a change in the list every year . Some companies are out of the lists and some of them become newcomers in the list

The annual events suggest that companies that are able to maintain and improve their position are those that have strategic plan that empower them to alter their business strategy if the market changes . In entrepreneurship and management study , the situation refers to the creation of winning business plans in which it composes of several factors that are important to perform business in the long term

Concerning the entrepreneurship , this will discuss the use of two sources when corporations develop a business plan . The two sources are primary and secondary sources . Since creating business plan requires thorough research , therefore it is somewhat similar to conducting a research . In to provide insight on how to create a business plan in each element there will be at least one example (Entrepreneur .com 2007a

Creating Business Plan

Finding Source of Information for Business Plan

In general , an organization who creates a business plan may take benefits of using primary and secondary sources . The use of both sources is somewhat similar in nature to conducting a research in which both sources provide the company with several benefits and drawbacks as following

Primary Sources

This becomes the most important sources for creating a business plan since the data is undoubtedly valid . The characteristics of primary sources include management 's remarks , annual reports , company official documents about strategic plan , and historical data of sales achievement . For example , the company 's primary sources compose important issues as following

Preface /Management Remarks : This source is a very important source since the creation of a business plan is the result of managements ' direction Therefore , the creation of a business plan should take into account things that managements suggest and directs . Managements ' remarks include the company 's achievement in the previous year and the next year 's target

History of product development . This source elaborates the nature of product or service that the business plan informs . Therefore , within the section there will be explanation regarding the product /service and the target market , and the underlying reasons explaining the factors why a business can obtain and retain a competitive advantage

In to develop products that are saleable in a particular market the company should take a look at the historical data about the company 's products . The concept that helps a company to...