Enterprise, business growth and size
Who is an Entrepreneur?
An Entrepreneur is a risk-taking individual, who has either identified a creative need for a market or has innovated an existing one. This individual is self-employed and is confident in what they believe. They understand the risk of their initial investment or capital and put in hard work towards the growth of their initiative. They are also required to adapt to certain situations they will face along the way.
What are the characteristics of an Entrepreneur?
What is a business plan and what are its contents?
A business plan is a document for a new business containing objectives and important financial details about the business. The Entrepreneur should be preparing the business plan, as they are responsible for presenting it in front of banks if they require a loan.
Section 1: The Business Idea
In this section of the business plan, the entrepreneur should include a detailed description of the business structure and model. They have to include the aims of the business and other aspects which cover the basics of what the business is about.
Section 2: Resources Production
In this section of the business plan, the entrepreneur should explain how they plan on acquiring their resources in order to start production. To achieve this, they should include their suppliers and what resources they will need.
Section 3: Marketing
In this section of the business plan, the entrepreneur should explain how they plan on marketing their product or service to the public. They could advertise their product or service on social media, websites, or other platforms. In addition to this, the market audience should be included.
Section 4: Financials
In this section of the business plan, the entrepreneur has to go through the expected profits for the business and develop a cash flow statement too. They will need to explain their expenses and cover their revenue as well.