Btec First Diploma Unit 16

Businesses exist to produce goods and services. If someone is thinking of starting up their own business or becoming part of an existing business, they would have to have the knowledge of what makes business work successfully and know how to how to apply that knowledge in the particular area of business. For this unit I will be entering and exploring the world of business. For this unit I will encounter and evaluate information provided by certain businesses and actually gather my own information from at least one business. The business I have chosen to study is J Sainsbury’s.

Starting a new/ successful business can be one of the hardest things that a person can do in their life. The business can come second to nothing in life , not even your family. This is often where people make the mistake and get in to deep. Planning is just the beginning but is the most important

The business plan is an ideal place to clarify who is responsible for what. Every important task should have one person in charge. Your plan keeps track.

After doing an analysis of your skills, you can then determine which business is right for you. If you like working with people, you would not be happy with a job working on a machine in an area where there is no contact with the public. If you want more control in your life, then you probably would not be happy in a partnership. Do you consider yourself a morning or night person? If you like working at nights, then a 24-hour copying business would be appropriate for you.

1. “Audience & Funding Type: When writing a business plan, you must determine who will be reading it. This decision will shape the business plan. Do you plan to go for debt or equity financing? Each form of funding for your business has pros and cons. For instance, the venture capital market can be very time consuming and competitive. Do you have the time to write the business plan for investor funding and to network within the community? Writing a business plan for investors is 15-30

Business plan - The ability to develop and execute a business plan. Manage finances well - Ability to manage finances including a thorough understanding of business financial statements.

Business plans are necessary for growth and success of companies. As cited in Scott (n.d.), "a strategic business plan is a written document that pairs the objectives of a company with the needs of the marketplace. The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective.” The plan helps businesses evaluate its strengths and weaknesses and provide better service to its clients.

A strategic plan is not a business plan. A strategic plan focuses on long-term goals and outlines the basic actions for achieving them

The business world as grown intensely competitive and increasing diverse in the options provided to consumers. As an entrepreneur seek to embark on a new endeavor, it is exceedingly important to have a business plan in place. A well written business plan can serve many purposes; guidance for the entrepreneur by establishing a plan of action for the big picture as well as day-to-day operations, insight into the market and how to capture the right consumer mix through targeted marketing, and potential viability to other parties interested in backing or funding the business.

The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert &

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many

When you started your own business, the startup need organizational structures that combat the extremely uncertainly that is a startup chief enemy. If you know exactly what you will do, and what you will lose, you will have a chance to decide your destiny. A good business plan will make you survive in the early business.

First I would like to talk about the meaning of a business plan, and the importance of it. Turban defined a business plan as “a written document that identifies a company’s goals and outlines how the company intends to achieve the goals and at what cost.” I business plan is obviously a formal statement of the business goals, explanations of why they are adaptable, and plans for accomplishing them. It may also contain background information about the organization or team attempting to reach those goals. A business plan is important for an any type of business and any size, it provides the steps the business would take, gives a future look on is will happen, encourage financers, and team members, and eventually it helps in managing the company.

First I would like to talk about the meaning of a business plan, and the importance of it. Turban defined a business plan as “a written document that identifies a company’s goals and outlines how the company intends to achieve the goals and at what cost.” (Turban & King, 2011) I business plan is obviously a formal statement of the business goals, explanations of why they are adaptable, and plans for accomplishing them. It may also contain background information about the organization or team attempting to reach those goals. A business plan is important for an any type of business and any size, it provides the steps the business would take, gives a future look on is will happen, encourage financers, and team members, and eventually it helps in managing the company.

The other crucial part of turning a business into reality is creating the business plan and knowing the legalities of starting and managing a business. To start a business, there are guidelines and regulations by the government that need to be considered. A business needs to be properly registered before launching a business. A person needs to register their business as a sole-proprietorship, partner, limited liability company, or a corporation. This step should be not taken lightly, and guidance is needed to set up the business correctly.