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By Christian Wechsler at April 25 2020 01:16:42

Business planning process : As discussed above, a successful entrepreneur lays down a step by step plan that he/she follows while starting a new business. This business plans acts as a guiding tool to the entrepreneur and is dynamic in nature - and needs continuous review and updating so that the plan remains viable even in the changing business situations.

Don't Make Assumptions About Customers ; To be an entrepreneur does require plenty of self-confidence, sometimes almost a bloody-minded determination to make your business work. But this confidence spilling over into thinking that you know what 'the market' wants can be dangerous, without checking that it's true. You need to do your research that the market does ultimately want what you will be offering, whatever products or services you will be selling.

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Production/ Operation plan: The production/ Operation plan should include strategies for the following parameters ; Location and reasons for selecting the location ; Physical layout ; Cost and availability of machinery, equipments, raw material ; List of suppliers and, if possible, distributors ; Cost of manufacturing ; Quality management ; Production scheduling, capacity management and inventory management ; Changes in above in the case of expansion of business.

When I have received business plans, the very best responses come from people who have looked at the risks and have an answer for every question. What you never want is to throw a scenario at your plan and have to answer "I don't know what I would do in that situation". You want to plan for every possible contingency, and certainly all the major risks to the ongoing success of your business.

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