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Essay / Research Paper Abstract
A 10 page paper on the process of writing a business plan. A necessary tool for approaching either investors or lenders, a well-written business plan is also useful for helping keep a business on track and moving toward its stated goals. The business plan as a management tool helps the manager lead the business and avoid falling into the trap of finding that the company is leading the way, with everyone including management simply trying to keep up. The paper lists the specific sections needed in a well-written plan and the items that should be included in each. Bibliography lists 9 sources.
10 pages (~225 words per page)
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Unformatted sample text from the term paper:
giant within an industry segment. Birch reports that companies such as Apple Computer and Pizza Hut are by far the minority of small start-ups, and that reported failure rates
are far exaggerated (23). More businesses succeed than fail. The success rate, rather than the failure rate, typically runs between 70 and 75 percent. Additionally, the typical start-up
does not experience rapid expansion: "after 10 years, 60 percent still have fewer than four employees and only 8 percent have grown to more than 20 employees during that
same time period" (Birch 24). The start-up entrepreneur needs not excessively worry about either failure or expansion so rapid it threatens to kill the business. Of those that do
fail, however, there are commonly found reasons, ranging from things as simple as a bad idea to an inability to deal with financial intricacies. The bad business idea and
the resulting lack of demand should be discovered during the research phase of start-up. If there is no research phase, however, then the lack of investigation could well be
blamed for the failure of the business. By far, the most common reasons that new businesses fail are of a financial nature. Financial reasons for failure can include "insufficient
start-up money, poor financial planning and record deeping, poor financial management, and the improper structuring of debt. Other financial reasons include a lack of understanding of costs and the
resulting poor pricing strategies, the failure to plan adequately for growth, and taking too much money out of the company in terms of personal salaries" (Black 6-11). The sound construction
of a business plan is a solid insurance against becoming part of the 30 to 35 percent of start-up businesses that fail. Typically thought of as only something needed