Discuss the importance of the probability of running a successful business and how it is significantly increased with use of a formal business plan.
Discussion Instructions (Initial Post is Require before “Viewing” Peer Posts): You are required to submit a substantial response. A substantial response is one that stays on topic and fully addresses the assignment in a clear, concise, and meaningful manner. Substantial Content refers to providing relevant content toward the actual topic of the discussions. This includes quality input, questions and information in your discussion posts and responses to peers.
The deliverable length of initial posting must be at least 150 words. After the initial posting, students are required to respond to at least two (2) peers responses. Peer responses must be at least 50 words for each response, in order to receive full credit. Discussions must be the students original thoughts based on the topics from the “Open Educational Resource” (OER) Course Textbook and/or other referenced sources. Direct quotes from references must be less than 10 words. Please review postings for sentence structure, grammar and punctuation errors.
Plagiarized discussions will result in a “0” for the submission of this assignment.
Late submissions are not accepted for discussions.
All assignment(s) derive from the OER Textbook. For academic purposes, at least 1 APA formatted reference is required pertaining to the topic(s).
Peer responses
1) A formal business plan can be the difference between running a successful or unsuccessful business. Having a business plan does not guarantee the success of your company. However, studies have shown that an entrepreneur who takes the time to develop a business plan, is more likely to produce a successful business (Lueder, 2012). Not having a formal business plan does not mean that you are unable to run a successful business. However, a business plan can be very useful in ensuring the successful operation of your company (Lueder, 2012). In addition, if you would like to gain investors to help grow your company, they will want to see your business plan so they can have a better understanding on how they will get a return. Creating the initial business plan can reveal some things that you may not have considered which allows you to adjust or replan. Having your plan written out will also open up the opportunity for an outside source to review. This can be a huge benefit to provide you with an unbiased evaluation (Lueder, 2012). It is important to not only have an initial start-up plan, but to also maintain the planning process annually.
2)When running a successful business, there are many components that have to plan to execute efficiently. Planning according to the textbook “ is a critical and important component of ensuring the success of a small business (2012).” Often times small business owners only focus on a business plan when starting up with the company, but fail to realize that if they had a business plan it could ensure them “day to day success (2012).” Writing a formal business plan significantly increases the success of your business. It allows you to be able to reach investors and catch their attention to your small business. An external source is a huge benefit to having a successful business. A business plan gives a potential investor a picture of how your business is doing, if its the right fit for them, and if they are ready to become partners. “Each type of investor will be more or less interested in different parts of the plan (2012).” As a small business owner it is important to be aware of what each investor is interested in. If you did not have a business plan, external sources like “bankers, venture capitalists, or angel investors (2012”, wouldn’t even look your way.
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Oct 28th, 2022
