There is a need for entrepreneurs to know and be able to develop their business idea into a business plan as it serves as the road map for the business. Having a great business idea but without a properly developed and reality based business plan is like setting up oneself for failure before even starting the business. Without a properly a realistic business plan the business will not be able to access funds, attract strategic partners, target the right segment of customer, understand competitors and be able to compete viable, recruit and maintain the right staff and determine the appropriate financing structure for the business.
A business plan defines the business venture and what it does or intends to do by providing an overall plan and vision to be followed and also presents the company’s strategy and anticipated financial performance over the years. It describes the business model as well as the data and information needed for explaining what the company wants to achieve, how the model is going to be implemented and what is needed to make it work, e.g. milestones and financial projections. This module is necessary to give student the practical experience of developing and an implementable business plan by applying technics and guideline learnt in the previous module in GEME 323.