Entrepreneurship Unit 5 - Global Entrepreneurship - Research Paper Example

In the case under consideration, for a business looking for a capital investment from third parties to expand the business into a full time entity it is necessary to develop a coherent and practical business plan. This section provides details of the product or service that a business provides and market that it intends to target. It must point out exactly the reason why the business will have a competitive advantage over the competitors (Finch, 2006). This part includes successful endeavors that the business has gone through so far.

This might include contracts (if any) placed for development of products and services, marketing campaigns, office and production plant location (Betkoski & Lynne, 2000). The decision taken in the course of business implementation is what leads to the success of the business. A business plan entails all the resources applied in the business and further gauges the consequences of this resource utilization. This helps the entrepreneur make practical and real decisions and goals. If planning lacks, it will certainly leave no room for success (Betkoski & Lynne, 2000).

It will rather leave a business in a state where proper decision making and actions plan will not be possible and thus, may cause the business to become unsuccessful. The business plan when prepared with the elements listed above, will give the entire organization the required workforce, goals and direction. It will serve as a roadmap to follow in helping the business strive through the thick and thin (Griffin, Ronald, & Frederick, 2005). A business plan is a compulsory and a well laid, multi faceted picture of the business, with multiple purposes as follows: A business plan as discussed above is a well maintained document which helps entrepreneurs develop practical and achievable goals in order for the company to operate effectively.

A well prepared business plan can also give insight to the future performance of