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SpinDistribute.com Article Directory

The following article was published in our article directory on October 23, 2015.
Learn more about SpinDistribute Article Distribution System.

Entrepreneurship 101: The Business Plan

Article Category: Advice

Author Name: Gideon Walcott

As an entrepreneur, you are expected to present an outline of your project summary. It will be your guide in making your business plan. Here is an example:

A.Name of the Business
B.Location of the Business
C.Brief Description of the Project
1.Project timetable and status
2.Nature of the product, service, or industry
3.Management aspects
a.Type of organization
b.Organizational chart
c.Positions and their job descriptions
D. Highlights of Major Assumptions
1.Market projects
2.Investment cost
3.Methods of financing
E. Summary of findings and conclusion on:
1.Market aspect
2.Technical aspect
3.Financial aspect
4.Profitability
5.Recommendations

The main body of the study should be extensive. All important aspects of the study should be covered to help members make a sound decision.

Plan the Project's Timetable and Status

The Gantt Chart is a tool used by an entrepreneur to monitor and schedule the activities before the start of the business. Here is an example of a list of activities you can include in the chart, especially if you are planning a restaurant with your partners:

Writing the Business Plan (June - August)
Contribution of Equity (September)
Registration, Licensing, and Permit (September)
Site Selection and Renovation of the Building (October - November)
Canvassing of Equipment and Supplies (November)
Purchasing and Installation of Equipment (December)
Purchasing of Supplies and Raw Materials (January - February)
Hiring and Training of Employees (March)
Start of Normal Operations (April)

First, an entrepreneur lists all the activities he needs to accomplish to start his business. Indicate the start and end date for each of them. Make sure that it can be done in the given amount of time. Take this as a guide to track your project schedules. The chart clearly shows how the tasks have progressed and relate to each other.

Creating a Social Media Strategy
Nowadays, social media has been a useful tool in the business world. An entrepreneur sells his products online because it is more effective and economical. You can reach customers even to the corners of the country. You can also cut off payments in rentals and some supplies. It is also the best in promoting and advertising your goods.
Here are the following social media sites you can use:
1. Facebook - you can start by making a fan page. Be creative in your layout because it is what catches the customers' attention.
2. Twitter - helps you announce important updates about your products.
3. YouTube - is a good place to make your product "go viral" and be a topic for other social media. You can also make your own commercials here.

Going to Market
A go-to market strategy refers to the direct approach made by the entrepreneur to its consumers to ask their own opinion of the goods to be sold. It can also refer to a new product launch. This strategy aims to get feedback from customers to develop their products and services more.
If you decide to use the go-to market strategy, the benefits are:
 You will have a chance to raise your price and revenue by a few percentage.
 Improvement of marketing and branding
 More efficient sales
 Build stronger seller-buyer relationships

Keywords: entrepreneur,how,to,advice

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