Discuss strengths and weaknesses of michael business plan

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Reference no: EM133334765

Assignment:

Michael's business plan has been an invaluable asset in the development and assessment of his entrepreneurial idea and opportunity, as well as enabling the start-up of his business. Having a detailed business plan assists potential investors to understand the objectives of the business and the tactics for accomplishing them. It also provides a roadmap for the business that can be used to monitor progress and make adjustments along the way.
The development and assessment of Michael's entrepreneurial idea and opportunity were greatly aided by the creation of his business plan. It helped to provide structure and direction to his idea, while also enabling him to identify potential risks and opportunities. The strategy also allowed Michael to analyze the competitive landscape, identify possible clients, and determine the financial sustainability of his business. All of these steps are essential to the success of any business and having a written plan enabled Michael to ensure that all areas were properly considered before moving forward.
The business plan also played a major role in enabling the start-up of Michael's business. The plan was used to demonstrate the need for additional capital and to secure loans or investments from potential investors. It also provided the framework for the development of the business, including the structure of the organization, the creation of a marketing plan, and the development of operational processes. By having a written plan, Michael was able to ensure that all aspects of the business were properly considered before launching the company.
In conclusion, Michael's business plan has been instrumental in both the development and assessment of his entrepreneurial idea and opportunity, as well as enabling the start-up of his business. The plan provided structure and direction to his idea, while also allowing him to identify potential risks and opportunities. It also gave him a plan for how to grow the company and made it possible for him to raise more money from investors. Without a written plan, it is likely that Michael would not have been able to launch his business as successfully as he did.
Discuss the strengths and weaknesses of Michael's business plan. Do you think that there is anything missing from Michael's initial business plan?

Reference no: EM133334765

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