Each individual will prepare a business plan. The plan can be thought of in two parts.
The first part will examine the basic business idea in terms of its innovativeness, potential, and viability. Here, research on the product or service would be central in developing this part. In short, the first part will concentrate on the feasibility of the business idea/opportunity. It will ask and answer the “what” question. What is an appropriate business idea? What are the opportunities? What is the potential?
The second part of the business plan is the implementation of the business idea. This part will address the “how” question. How do you go about getting the idea off the ground and how do we make a success of it. This part will look into the issues of implementation in terms of entrepreneurial abilities, managerial capabilities, expertise, accessing and organizing resources, financial projections, and coordinating the entire project.
The business plan should be 15 pages in length (excluding tables, annexures, references, etc.). The quality of the business plan will be such as to pass the critical evaluation of a venture capitalist or a bank loan officer. Make sure the final business plan is complete in all respects especially with respect to financial figures, projections, cash flows, assumptions, etc.
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