You will be required to develop an opening, management, and financing plan for a

Question

You will be required to develop an opening, management, and financing plan for an entrepreneurial fi rm. The firm you choose can be at any stage of development: startup, early stage, growth, mature, etc. At the heart of any new venture is an idea for a product or service, and the belief that it is achievable. To begin this project, students need to determine their area of interest from which to create a viable business. A good business plan is essential to leading entrepreneurs toa strong strategy and successful execution of a business endeavor!!!

Explanation / Answer

Let Suppose We build up a business on Firm A say. This business is in primary stage or early stage. In this early stage of business the opening will be done by some good advertisement and exciting offers for first 3 opening days. It will be just done do send a message to the market and customer attraction. The management of the company will be consist of executive members, managers and employees at lower level. The executive members will have a good understanding about the goals and objectives of the business. The relation will be very much cooperative among executives, managers and lower level employees. The first objective of the business will be maintain a quality and customer satisfaction primarily at the start of the business. The marketing strategy will be based on providing best quality with affordable price. Not to involve in price war among but to maintain a price similarities without detoriating quality of the product. The financing plan will be based on the level of expansion at different sector of the business. Initially in the early stage of business there will be more fund will be on market expansion and advertising. But the product quality should not be hampered at any condition i.e the main marketing power of the business. The viability of business is on the selling with maintaining a good quality of the product.

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