Individual Business Plan Contribution Presentation Assignment

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Introduction - Individual Business Plan Contribution Presentation Assignment

Business plan is an essential initial stage for new entrepreneurs who want to ensure the feasibility of a firm before putting in any money or effort. Creating a business plan is an essential part of launching their own company. It also outlines the actions that must be performed, the resources that are needed, and the expected outcomes (Le, 2018). A business plan must be revised yearly for existing small enterprises in order to steer growth and guide development into new areas. Objectives for employing new staff, market research and economic predictions must be included in the company's business plan. The goals must explain how they will benefit the company's growth and prosperity.

Purpose of the Business Plan

Generally, the group needs this business plan for introducing their organisational business in the market of India. Moreover, there are some other facts that make a big reason for making this business plan by the group. Fundamentally, in order to determine, characterise, and assess a potential business possibility, as well as an existing firm in progress, a Business Plan must take into consideration technological, financial, and administrative viability considerations (Dayakar Rao and Nune, 2021). When it comes time to seek collaboration or financial assistance of any type, it must also function as a business card for presenting the company to others, such as financial institutions, shareholders, governmental organisations, or any other agent engaged.

Objectives for the Business Plan

To be an entrepreneur.
To enhance and generate own income.

To develop credibility of the entrepreneurial approaches.

Demonstration of an Overview of Individual Contribution within the Business Plan

Within the group, each member has contributed a sufficient amount of efforts in order to proficiently and successfully generate and establish the business in the Indian market. Moreover, in order to successfully establish the business, the group needs to effectively consider all the rules and regulation in India for trading freely and fluently. In this aspect, whereas, in order to operate a business, different kinds of responsibilities need to be taken by the management directors (Sharma-Wallace, Velarde and Wreford, 2018). In this aspect, generally, each members of the group needs to take appropriate and sufficient responsibility. Moreover, a vast amount of financial contribution is also needed in order to successfully establish the business in the Indian market.

Therefore, the group members should also invest a large amount of financial resources for significantly fulfil the financial gap of their new venture. In addition to this an appropriate international entry mode strategy and marketing and operational plan for business, proficiently and potentially help the groups for successfully accomplishing the plan and establishing the business in the Indian market (Yigitcanlar et al., 2020). In this way, by efficiently doing the plan for business and proficiently gathering and utilising all the resources that is required for the organisational business, the group will be able to resiliently and effectively operate their organisational business in the market.

Identification and Explanation of Relevant Elements of Business Plan

Executive Summary: Business history, market potential, executive summaries, gain competitive advantage, and economic insights are all examples of possible included in the document. If possible, it's generally best to start with the more extensive portions and then work backwards from there to construct an executive summary (Kiel, Arnold and Voigt, 2017). It's best if they confine it to a maximum of two or three pages.
Business Description and Structure: This is where the groups tell the world why they are in business and what they will offer to the world. If the group in the business of selling things, make sure to include information about business production process, reasonable amounts, inventory management, and fulfilment procedures (Heath, 2018). Explain the services they offer and why they're valuable to the people who will use them. The company's legal and financial structure should be included as well as any strategic partnerships or intellectual property that company may hold.

Market Research and Strategies: Explain the market study, as well as overall marketing plan and how they rank up against their competitors in terms of sales predictions, milestones, promotion, and media affairs (Kiel, Arnold and Voigt, 2017). If business don't have a lot of facts to back up the claims, then may use consumer reviews.

Management and Personnel: Give profiles of the organisational leaders and managers and describe how their skills can assist them achieve the business objectives (Heath, 2018). Shareholders have to assess risk, and in many cases, a well-experienced management team can reduce potential risk.
Financial Documents: In this area, they will provide all of the data to back up the claims that made in the organisational and marketing parts. The profit and loss, income statement, and cash flow estimates for the following three years should be included (Kiel, Arnold and Voigt, 2017). These aren't the present financial results, but rather forward-looking forecasts.

Elaboration of Key Issues and Recommendations for Business Plan

Developing a company plan's financial portion is the most challenging aspect. It's tough to make projections about the financial health of a start-up with what may be a novel premise. There's no way to get there, and no one to guide them. Try to identify a firm that is comparable to the above and see how much they are earning (Turner and Endres, 2017). Additionally, one of the most difficult aspects of developing a business plan is convincing others to support their concept. Consumers will not engage in the project if they provide a poor narrative.

Conclusion

In this way, it is easy to say that before establishing a business in the market, the group needs to effectively consider the market research and forecast the demand of the market regarding the future providing products and services. Through this, the group will be able to effectively operate their organisational business in the Indian market. In addition to this, generally, the business must consider the cultural preference of India, through which, the group can get successful acceptance from the society of India.

References

Dayakar Rao, B. and Nune, S.D., 2021. Role of Nutrihub Incubation for the Development of Business Opportunities in Millets: An Indian Scenario. In Millets and Millet Technology (pp. 413-438). Springer, Singapore.

Heath, R.L., 2018. Issues management. The International Encyclopedia of Strategic Communication, pp.1-15.

Kiel, D., Arnold, C. and Voigt, K.I., 2017. The influence of the Industrial Internet of Things on business models of established manufacturing companies–A business level perspective. Technovation, 68, pp.4-19.

Le, T., 2018. A Strategic B2B Marketing Plan for the Indian Market: A Case Study of Timetravels Incoming Ltd.

Sharma-Wallace, L., Velarde, S.J. and Wreford, A., 2018. Adaptive governance good practice: Show me the evidence!. Journal of Environmental Management, 222, pp.174-184.

Turner, S. and Endres, A., 2017. Strategies for enhancing small business owners' success rates. International Journal of Applied Management and Technology, 16(1), p.3.

Yigitcanlar, T., Desouza, K.C., Butler, L. and Roozkhosh, F., 2020. Contributions and risks of artificial intelligence (AI) in building smarter cities: Insights from a systematic review of the literature. Energies, 13(6), p.1473.