Creating a Business Plan: the importance and the purpose

Upon the birth of a new business idea every wise entrepreneur conducts a business plan that he or she wishes to pitch to potential investors of their product or service. Experts Andrea Cockerton and Angelo Meneguzzi suggest critical business plan components like “targeting a growing market with a need for your product or service, and having team that is talented and able to execute the business plan”. Ms. Andrea Cockerton is a practiced and knowledgeable pitch specialist from the UK that has developed intricate-talks to help improve the business world from the large businesses to the small entrepreneurs. She explains that investors want to know how they are going to make their money back, so detailing a “groundbreaking product or service idea” is key to having backers believe in what you are trying to do. Another business plan development connoisseur, Mr.  Angelo Meneguzzi  has dedicated his life thus far to the business world by giving  consulting advice to businesses such as Infoseek, Disney and GO to name a few, in addition to working alongside many startups over the past decade. His variety of talents include “technology, extensive marketing, media and networking”. This proves his credentials beyond expectation. His message for key components conveys the importance of knowing your market. This is important because you need to know what lane your business falls in and understand your audience thoroughly so you can plan to market and connect directly to them.

For a personal business plan, I would take into account the advice from both experts as well as doing my own research to understand the purpose of a great business plan. Author Kathy Burns- Millyard of studio D  describes some of the purposes of a business plan to be: to define exactly what it is that you want to sell (product or service), to depict what you predict for the future of your business, to document the financial assets for your business and statistics for the field it falls in by showing that your business can be profitable and to convey the organizational structure of your business. I plan to structure everything for my business plan and really get to understand my audience so that I can separate myself from my competition. With suggestions from specialists like Meneguzzi and Cockerton creating a business plan becomes a clearer picture.