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2.09 Describe entrepreneurial planning considerations

2.09 Describe entrepreneurial planning considerations. Entrepreneurship Basic Structure. Entrepreneurs discover a business opportunity when they find a solution to an unsolved problem or unmet need. The first step in an entrepreneurial venture is to identify a real opportunity.

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2.09 Describe entrepreneurial planning considerations

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  1. 2.09 Describe entrepreneurial planning considerations

  2. Entrepreneurship Basic Structure • Entrepreneurs discover a business opportunity when they find a solution to an unsolved problem or unmet need. • The first step in an entrepreneurial venture is to identify a real opportunity. • Second step is to create a plan to address that opportunity. • Third step is to executethat plan. http://www.dukeven.com/Home

  3. Business Planning • Business planning is the process of setting goals, explaining the objectives and then mapping out a document to achieve these goals and objectives. • Effective business planning is critical to long-term success and the ability to raise capital and grow successfully. • Effective business planning requires a considerable amount of time

  4. Types of Business Planning • Strategic planning • Setting and enforcement of goals • Road map of strategies on “what” the business intends to do to meet the goals and objectives • Effective entrepreneurial planning consists of: • Tactical planning • Contains the details of executing your strategies • Describe “how” you plan to meet the objectives

  5. Strategic Business Planning • Strategy is the thinking process required to plan a change, course of action, or organization. • Strategic planning defines, or outlines, the desired goals and why you should go about achieving them. • When doing strategic planning, you need to determine, specifically, what outcome you want to achieve (These are your Objectives) and how you will measure the results.

  6. Tactical Business Planning • Tactical planning requires understanding the strategic goals and identifying the courses of action needed to achieve those strategic objectives. • Tactical planning is developed by those who deal with getting the work done, day by day. • The main question for them is: “How can the strategic goals be accomplished within the designated limits of resources and authority?”

  7. Business Plan A proposal that describes a new business. It is presented to potential investors and lenders. • A well-written Business Plan lays out the best growth path & strategy, as well as the rationale for the selection of the strategy over other alternatives. • A Business Plan is the explanation of: • why the plan for building the company makes sense, • what resources it will need to implement the vision, • who the team will be that will have the skills and leadership to execute the vision, and what path they will follow to get there.

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