WRITING A BUSINESS PLAN

TABLE OF CONTENTS

1.   Learning Objectives

2.   Introduction

3.   Sources of Business Ideas

4.   Testing the Feasibility of Business Ideas

5.   Business Plan/Project Proposals

5.1  Significance of Writing the Business Plan/Project Proposals

5.2  Contents of a Business Plan

6.   Defining Business Processes

6.1  Location

6.2  Layout

6.3  Operation

6.4  Planning and Control

7.   Preparation of Project Report

8.   Project Finalisation

8.1  Submission 

8.2  Presentation of Report

8.3  Project Appraisal

Summary     

Exercises

Glossary

References

1. Learning Objectives:

This chapter will help the students to develop a good sense of business plan preparation and report/project writing. Broadly, the chapter will give students an understanding of:

•       How to develop a business ideas and how to test its feasibility?

•       How to write a business plan/project plan and what is its importance?

•       How to design various business processes?

•       How to write, submit and present a final project report and   How to develop a new product and test it marketability?

2. Introduction:

Most of the successful businesses in the world are started with an idea that is restlessly promoted by a dogged entrepreneur. Thus, idea generation is an indispensable ability that every entrepreneur must possess as success or failure of any new business hinges on the worth of ideas. Despite the fact that idea generation is decisive, many aspiring entrepreneurs consider this as a big problem. In many entrepreneurship forum/meeting/discussion, aspiring entrepreneurs hopefully asks a common question: how did everybody else get inspiration to strike-and how can we work the same magic? Indeed, absence of compelling ideas can frustrate and discourage aspiring entrepreneur to opt entrepreneurship as a career or may compel to start a usual or ordinary business, yet another food court/restaurant or retail store that faces tough competition, often leading to a quick failure. In this way aspiring entrepreneur loses its interest, motivation as well as money. Thus, the real issue faced by many aspiring entrepreneurs is how to generate business ideas. To help with this issue, we have put together some good sources, out of which an entrepreneur can seize ideas for initiating new business enterprises.

3. Sources of Business Ideas:

Business ideas could instigate from various sources or due to various reasons like success stories of successful or flourishing businesses, market opportunities (e.g. demand for certain products, chance of product substitution etc.) extent of motivation, educational and intellectual skills of an entrepreneur. Some of the most accepted and useful sources/ways/techniques to generate business ideas are outlined below:

1. Market Research: 

Market research is a popular and reliable method/technique of generating ideas for starting a new business. Market research can give a picture of demand-supply position of prospective product, degree of competition in the market, nature and trends of demand etc. On the basis of market research, entrepreneur can identify the gaps do exist in the market regarding demand and supply and plan to fill up through his/her efforts. In short, market research gives an aspiring entrepreneur an idea about what kind of product/services or process/activities may bring profits. However, research done poorly can push business in wrong direction. Market research can be conducted in two forms: primary research and secondary research. 

•       Primary research is basically based on primary data/information aims to analyse customers perceptions, current sales and practices. 

•       Secondary research is based on secondary data and information aims to identify competitions, identify target markets and establish benchmarks.  

2.   Contact with prospective customers:   

This process is basically a part of market research. This process helps the entrepreneur to understand customers’ taste, habits, preferences, likes, dislikes, paying capacity, income etc. Thus, contact with prospective customers can give aspiring entrepreneur an idea about the features or attributes that should be fabricated into a product/service. This method is also helpful in identifying common weakness in existing products, and look for areas where improvement can be made in a new product. These days, market test of prototype product before introducing it into the market is very popular.   

3.   Contract with suppliers and other business partners:  

Supplier, retailers, marketing executives, sales representatives etc. have good understanding about the market and market conditions as they operate in the market and have direct or indirect interaction with customers. So, having contact with them can help entrepreneur in generating a new business idea or improving/modifying the existing ones in the light of prevalent market conditions. This is how they are very helpful in generating a viable idea.  

4.   Observing Trends: 

Observing trends closely can also help the entrepreneur to develop the ability to understand or recognise the market opportunities. Apart from market trends i.e. change in demand, change in customers’ perception, income, level of competition etc. understanding of societal trends, economic trends, government trends and technological trends are equally important. Following are some example of such trends which needs to be considered in the process of idea generation.

•       Societal Trends: Demographic profile, health, education, living standard etc.

•       Economic Trends: Income, savings, employment, interest rate, exchange rate, financial conditions etc. 

•       Government Trends: Law and regulation, government stability, government initiatives, governance structure etc.

•       Technological Trends:  Life span of new technology cost of technology, ecommerce, Internet and its enabled technologies. 

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