What must an entrepreneur do after creating a business plan?
Introduction:
Entrepreneurs are creative people whose activities affect the economy positively and create employment for the teeming young people who are stranded in the unemployment circle with the aim of getting out of the terrible situation.
When an entrepreneur creates a business plan the next line of action is to execute the business and bring it into reality, it could be a physical business or an online business which have to do with the internet space the business may range from fashion, automobile, agriculture, technology, arts, and other small and medium enterprises.
But sometimes entrepreneurs are faced with the issue on how to execute this wonderful business plans and end up abandoning the business plan because they lack some factors of production that will enhance and make the plan come to reality. As you read this research you will discover the major steps an entrepreneur can take to kick start the business plan that was formulated and make the business grow to the desired level.
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| entrepreneur creating a business plan |
What do you do after a business plan?
1. Source for capital and funding
2. Take a step on starting the business
3. Start with a sample
4. Go on promotion
5. Brand the business
Source for capital and funding
The first step to take after the entrepreneur have written a business plan is to source for capital to fund the business, this is usually difficult for most entrepreneur because to source for capital is usually not easy. This funds can be acquire from financial institution suck as banks and other cooperative society for give loans to their members and they later pay back with interest.
Take a step on starting the business
Be ready to take a step to start the business by bringing goods and products that will be needed by the general public, this step can be motivated by the willingness to succeed, in any business one must have a clear vision and mission on what they are planning to achieve.
Start with a sample
When an entrepreneur is to implement a business plan he or she should start with the sample of the product to see the reaction of the potential customers, so as to know and have the idea of how to adjust to meet the expectation of the customers and the general public.
Go on promotion
The entrepreneur next move is to embark on a promo to showcase his products and services to the potential customers who may demand for such production, promotion may include advertisement through the radio or television stations and other social media pages who have large followers.
Brand the business
Branding the business is one of the important thing factors that can guarantee success of any start up business. After the entrepreneur is done with the business plan and has the picture of how he or she want to grow the business, at this point the business should be branded by having a logo that will represent the image of the business to the general market.
What are the steps an entrepreneur should take to start a new business?
a. Go on a market research
b. Write a business plan
c. Finance the business
d. Find a lucrative location
e. No your business structure
f. Name your business
g. Register the business with government authorities
h. Pay your tax
5 key steps an entrepreneur should take after creating business plan
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| how entrepreneurs create business plans |
1. Embark on fund raising
2. Be ready for business
3. Employ the best management team
4. Develop a brand
5. Market your products and services
Embark on fundraising
The first step an entrepreneur should take after creating a business plan is to embark on fund raising and capital formation, this could be done through personal money saved in the bank or at any financial institution that has the responsibility of saving money for people. If the entrepreneur does not have a source of income he then go ahead and borrow from banks or family members and friends who can loan him the money to start the process of the business which he or she has already plan to execute.
Be ready for business
The next line of action is to get ready for business because the labor market is not that funny the entrepreneur must have to sit up tight for him to succeed. Getting ready means acquiring a physical office or location where customers can be able to locate easily when they need services or wants to buy a certain products which can be found in your store.
Employ the best management team
There is a popular saying “that a tree cannot make a Forrest” as an entrepreneur you may not be able to take care of all the functions in the business, for example you may need a financial expert that will be able to manage your funds so that the desired outcome will be achieved and also other physical laborers that will assist in functions that may require strength and other physical activities.
Develop the brand
The fourth step is to develop a brand that can stand the test of time which include having a business name which can be branded easily, registration of the business with government authorities so that your business can be recognize by the general public, and also packaging that products or services for better presentation that can convince your customers to purchase your product and services.
Market your products and services
The final step to be embarked by the entrepreneur after creating a business plan is to start marketing the business, it could be inform of products or services. It can be promoted and marketed through the radio, television and other conventional media such as face book, twitter, LinkedIn, etc. when the entrepreneur has taken this key steps then we can say that the business plan that was formulated has been successfully executed and the entrepreneur should be rest assured that with good implementation of this steps the business will grow and profit will be generated.
Why an entrepreneur must write a business plan
As the first step in starting a new business, every entrepreneur must write a business plan. This document serves as a roadmap for the business, outlining the company's goals, strategies, and how it plans to achieve them.
A business plan is essential for a new business for several reasons. First, it forces the entrepreneur to think through all aspects of the business, from the initial idea to the target market to the competition. This process helps to clarify the business's goals and ensure that they are achievable.
Second, a business plan is a necessary step in securing funding from investors or lenders. They will want to see a well-thought-out plan that includes financial projections and a clear explanation of how the business will make money.
Finally, a business plan forces the entrepreneur to stay organized and on track. As the business grows and changes, the plan can be used as a reference point to make sure that the company is still on track to achieve its goals.
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