Business Plan

Business Plan
Name:
Institution:
A business plan can have many sections because opportunities are many and unique depending on the market of interest. However, every good business plan must have sections that explain in detail the opportunity, critical resources, the entrepreneurial team, financing structure and the context. The opportunity section discusses the potential market prospects of the business in the given industry. The section also reveals the market need or the problem that the proposed business will solve. The critical resources section outlines the monetary, human assets and hard assets such as stocks that the business requires. In this section, the entrepreneur should suggest ways to reduce startup resources. The entrepreneurial team section is equally crucial because it reveals the background information of the people behind the business, which could be useful to investors. The financing structure section explains how the business will be financed and how the founders and investors will share ownership. Lastly, the context looks at the external factors such as inflation, interest rates, regulatory environment among other factors that may affect the business (Longnecker, Petty, Palich, & Moore, 2010).
As a business owner or consultant this information could be helpful to me in many ways. First, as a business owner, it will save me the agony of investing in bad ideas since from the onset I will be able to differentiate between a good and bad idea.

Secondly, as a business owner or consultant, I will be able to explain to employees or other business owners how a business plan can be used to offer direction (Longnecker, Petty, Palich, & Moore, 2010). What is more, the knowledge could be useful in convincing potential investors to put their money in a given venture depending on how the business plan is enticing. The information can also be used to convince potential customers and suppliers.
Reference
Longnecker, J. G., Petty, W. J., Palich, L. E., & Moore, C. W. (2010). Small business management: Launching & growing entrepreneurial ventures. Mason, OH, South-Western Cengage Learning.