Business Planning and Proposal

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STARTING AND GROWING YOUR ENTERPRISES.
One of the greatest moment of diculty in business as anentrepreneur is not the middle stage, or the peak, but the starting point. Somany have nice and bright ideas but never started. You must decide to start,striking the iron when it’s hot.Starting is not easy, but once started, in as much as you keep trackconsistently, success is inevitable.
FIRST THINGS FIRSTGenerating Business Ideas.
 The rst step in establishing an enterprise that will succeed and thrive,even in the face of adverse condition is generating bright ideas; having a clearunderstanding of what type of business to start up.Business ideas and opportunities abound almost everywhere, but it takesvision, (seeing and not just looking) with evaluative judgment to uncover suchopportunities. There are various indices that reveal opportunity for businessinvestments.1.When service and products are poorly delivered.2.When products and services are over priced by suppliers and thestart-up entrepreneur can supply then at a lower rate. 3.When new technology or trends emerges.4.When consumer needs are not adequately satised.
HOW TO GENERATE BUSINESS IDEAS
Generating business ideas is not dicult, but requires commitment. Ideasare thoughts which can be transferred from one mind to another.Firstly, ideas could be copied or duplicated within the connes of the law. The idea here is to discover a successful entrepreneur who could be a modeland re-model him or her, provided you have interest in such business. Find outwhat works and do the same.Secondly, you can generate ideas by Brain storming, working as a groupand creatively thinking. Thirdly, ideas could come through inspiration. Someone could be inspiredby another who has been into such business and you may wish to copy him.Fourthly, ideas can come by modifying existing ideas. All enterprisestoday have room for improvement. Discover a better way to do some thingseither service delivery or product delivery, then you have a wonderful businessidea. There are sacrices to be made, to achieve this, you need time to thinkand write. Plan and evaluate your ideas. Bill gates thought for three days.Remember all products, and service oriented companies today are products of good thinking. So Think! Think!! Think!
 
SOURCE OF BUSINESS IDEAS
Beside, the ways listed above on how to generate business ideas, there are sources of business ideas that can be taken advantage. They include: I. Consumer II. Existing Companies III. Wholesalers IV. Research V. The Federal Government.
CONSUMERS:
 These are basic source of business ideas, since all business as it were arecustomers or peoples oriented. Once the needs of people unsatised are discovered, that forms a fulcrum for a good business idea.Again companies continuously improve on their products either by re-branding or re-packaging. This can be owned by:a.Discovering the needs that have not been satised or adequately satised.b.Looking out for problems- any where problem resides, then solution is available. (Business ideas)c.Watching out for trends-both in the society or industry.d.Reading books, Journals, magazines & newspapers.f.Listening to informal discussion that includes business ideas.
Note:
It’s one thing to generate ideas, its another to decide on which business ideas to jump-start with. Not all ideas are viable to all entrepreneur. So many factors must be considered.1.There must be evaluation- evaluate the business and evaluatedyourself. What do you known about the business? Are you a complete novice,then you need expertise information. Get to attend seminars, meetconsultants, contact the ministry of commerce and industry. These all canhelp.In the same vein, evaluate yourself. What are your passions? Are youdeeply interested in the business? What is your nancial strength like and allthat.
HOW TO IDENTIFY BUSINESS OPPORTUNITIES
All successful entrepreneurs have microscopic eyes and telescopic earswith which they identify opportunities. Opportunities are everywhere, but somany don’t see them because they are dressed in overall like work.Creativity and innovation is the hall mark to identify opportunities.Anywhere there is need, or problems, there lies opportunities. A man was sentto survey a land and sell clothes to the inhabitants, he returned anddiscovered they were bare foot, and decided to go back. But another personsaw opportunity to sale shoes and makes more money.Annual Statutory or other meetings.
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As mentioned earlier, other documents needs to complete theregistration requirements, include:(a)An authorized share capital statement that must be duely signed byall direction.(b)A prospective in lieu of the share capital(c)A legal practitioner’s statutory declaration, claiming the company tohave met with all requirements. These are basic information about business forms and how to go aboutthem, so you decide which form is best for you either now or in the nearestfuture.Once you have decided on this, you need a business plan to establishyour business. This will be discussed in the next chapter.
HOW TO WRITE A BUSINESS PLAN FOR SME’S
Having a business plan is very essential for the success of any businessenterprise, whether big or small. The business plan shows the direction of theentrepreneurs business. Without a business plan the possibility of confusionand possible business failure is not far fetched. But you will not fail. Investorsor every nancial house who wish to invest into your business may nd itdicult to do so without conviction about your business’s future protabilityand viability as revealed by your business plan. Business plan is a document showing the pre-determined goals andobjectives of a business, showing the strategies needed t utilizing availableresource in achieving organization goals.
Efective Planning has at least six stages: They include:
1.Establishing the mission statement of the company.2.Establish organizational goals & objectives.3.Get strategies and methods to achieve these goals.4.Delegate human resources with responsibilities.5.Allocate resources (nancial).6.Get the plan monitored and evaluated, periodically.7.The plan could be corrected to fall into original plans, in case of deviation.
THE BENEFITS OF HAVING A BUSINESS PLAN
1.A business plan helps the entrepreneur to consolidate and focushis business ideas.2.Setting goals and objectives, by which the performances of theenterprise can be measured, would not be feasible without the business plan.3.To obtain and receive bank funds and other investors nance.4.Business plans helps the entrepreneur attract contracts.5.It can help achieve the merger and acquisition aims and manyothers.
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 The enterprises business plan clearly shows the purpose, action plan,challenges or anticipated problems, and the channel to future growth anddevelopment. The business plan must be written in clear teams as it’saccuracy and credibility is much needed, and readers could develop variousimpression about the company.
COMPONENTS OF BUSINESS PLANNING
1.
Setting orth objectives:
 These objectives helps you obtainfocus and direction. It could be in form of a mission statement.2.
Developing Strategies:
 This deals with methods and schemesyou need to achieve the set forth, objectives.3.Rules and Regulations or what is usually called policies. Thisaects all areas of work, sales, personnel, etc.4.Control measures or standards. You need them to evaluate theperformances of the business system.5.Financial and other related budgets.6.Methods:
 
Showing course of action on achieving, organizationalgoals.  The problem of not having a business plan for your enterprise especiallyfor an up-coming entrepreneur are quite enormous.1.The entrepreneur may deviate from the set goals and objectives.2.The possibility of loosing a sense of direction is quite high.3.Time and resources would be wasted or may be underutilized.4.Retardation and backwardness could set in; with time.
STEPS TO CONSIDER IN BUILDING A BUSINESS PLAN
1.The rst step to take in developing a business plan is to be clearand decide to be a successful entrepreneur. Clear of all doubts.2.Make a self-evaluation discover your strength and weakness, likesand dislikes.3.Choice of product to develop or service to deliver is the next step. The product or service chosen match your strength and desires.4.Market survey is needed: Find out your target customers, locationand their income, buying habit; price to be sold, quantity consumed, yourcompetitors and all that 5.Make a market share forecast. How much of the market can youcomfortably dominate? Then make a sales revenue forecast or over 2-5 yearsperiod.6.Locate a business or oce site: make sure your site or business isrelevant to your product or service.7.You need a production plan: Your intended product or service howwould our product them?
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