As you are solidifying ideas for your final business plan it is important that you consider important questions Bhide (1996) suggests are “questions every entrepreneur must answer.”
Take a moment to reflect on what it is you want to gain from the business plan project experience.
Perhaps you want to (1) develop a plan to start or expand a new venture for your employer, (2) develop a plan to launch a new product for a client you are consulting, or (3) develop a plan that will formalize efforts to start your own business.
Regardless, think of what you want to do and answer ALL of the following questions:
(1) Are my goals well defined?
a. What are my aspirations?
b. How big do I want this business to grow? How big should I expect it to grow?
c. Is it sustainable?
d. What is my risk tolerance? What are my risks? What do I need to do to further identify and manage risks?
e. Are my goals realistic?
(2) Do I have the right strategy?
a. Is my strategy well defined?
b. Does my strategy have high potential for profit and growth?
c. What is the projected growth rate and how will I measure growth?
d. Is my strategy feasible and realistic?
(3) Can I execute the strategy?
a. What resources will I need?
b. What organizational infrastructure will I need to have in place?
c. What role will the founder assume?
Discussion Posts: There is no length requirement to each post answer. The only requirement is that each post must fully answer/address the question or provide the information that is being requested. Each post must be written using complete sentences and proper grammar. All answers must be supported; no partial credit will be given for questions that are not completely answered. Points will be deducted for grammatical errors and incomplete sentences.