ENTREPRENEURSHIP

MANAGEMENT: Anything successful must have a good background of management personnel and it is no different when one is contemplating starting a business. For a good start, a business plan should reflect management and organization of how a venture will run. Under management, describe who performs the various tasks that keep your business operating. Give background of funding fathers, mention the level of education, experience, personal financial and personal information on age, interests in the business idea. Show out the philosophy of management and company culture, legal structure of company, job descriptions and organizational chart. Talk in a nutshell about managers and employees. For instance, who are the founding directors of the company and their background? Are you also part of management? How many hours input and your experience in this business? If other owners work in the business each week. State number of employees working for the company and any benefits either on health or vacation. Indicate roles of each person involved in the company including yourself. State what motivates the company to success, any cultures /philosophies? Any professional relationships be it with lawyers or insurance agent. On financial plan, bring out all financial statements namely; balance sheet, profit and loss, balance sheets at end of year and cash flow projection for the next 12 months, main objective of all these is to help you achieve your growth strategy by equipping you to prepare a financial proposal that is qualified in the eyes of financiers. Finances and management are core pillars of a business since they determine how far a business can go and whether the objectives of starting a business will ever be achieved. So maintain a keen eye on these areas and you personally must be organized individual who is capable of getting things done and be flexible enough to evolve with time due to market changes that occurs so often.