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Entrepreneurship Centre 2008 Business Plan Competition
Why write a business plan?
A business plan presents many challenges and opportunities for an entrepreneur. This is
your chance to test your idea on paper.
The following outlines the key reasons why a plan plays an integral part in the success
and future of your business.
A business plan acts as a detailed feasibility study
If you want to assess whether your ideas could turn into your dream business, a business
plan is a good start. It provides a detailed checklist of the internal evaluation of your
business. If you believe that your idea would make a successful business, the business
plan will provide an organized way to conduct your investigation.
A business plan helps you to become a better decision-maker
The information you gather will turn you into an expert on your business idea and will
lead to more informed decisions.
A business plan prepares you
Researching your plan helps you to anticipate problems so you can develop possible
solutions before a crisis actually occurs.
A business plan provides an organized implementation plan
The business plan provides a timetable for accomplishing your stated objectives. It helps
keep you focused and on track to set up your business by your chosen start date.
A business plan expands business options
Knowledge is power. The more you find out about your industry, competition, and
opportunity, the more choices you have to solve problems.
A business plan can determine contingency plans
If you need to secure financing from friends or family, you should show them a business
plan so they understand what you are doing and that you are serious about doing it. If you
intend to approach investors or the bank for financing, you will be required to submit a
detailed business plan for consideration