Practical steps pave your way to the world of business pioneers (Part2)
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Practical steps pave your way to the world of business pioneers - Part2
After posting the Practical steps which pave your way to the world of business pioneers, Business Pioneers website is posting the second article which includes the remaining steps.
You can check part 1 here
Step Four / Write Business Plan
At this stage, ideas are laid out in a plan of action for their implementation. A plan of action can be defined as the process that will answer the question: "How will we implement the project?" It usually comes after the feasibility study.
The work plan contains the executive summary and the marketing, production, administrative and financial plan of the project, recently, the business model, a nine-
stone model outlined the organization's business plan before elaborating it.
These stones are:
- Customer segments
- Suggested values
- Channels
- Customer Relationships
- Revenue sources
- Key Resources
- Main activities
- Key partnerships
- Cost structure
Step Five / Fundraising
Once the budget has been determined, in the financial plan you have prepared within the plan of action you need to start pooling the funds needed to run the project. You may already have part of the amount, or you may apply to the financing institutions and investment banks for a good loan.
Step Six: Apply your idea and direct it towards a realistic business
So this step, you have not become a leader yet.
The biggest challenge you may face before you become a leader is that you are required to translate all your plans into firm decisions and practical actions through which to build a business. This is the stage in which paper becomes a reality, the stage of application where they locate work, search for suppliers and agree with them, build a brand and find and bring in employees.
Step Seven: Run the business
You have to realize that this is the most important stage, especially since many planning processes are recorded but not implemented, which means wasting time and effort. At this stage, the operation starts according to the plan. Here the self will and encourage others at this stage plays a big role. To continue with the same passion without letting your mind relax or fall back when bumps meet you, or the obstacles that trouble you. The stumbling is inevitable, but you must advance and complete the path without listening to the frustrating and discouraging opinions and criticisms.
Also, do not ignore the importance of professional supervision and check how well you plan to achieve your plan.
Step Eight / Growth
Ask yourself: Are you satisfied with what you have reached?
Which will stop when you apply your plan, whether successful or failed
Or are you in need of growth and evolution - to name just a few of these changes and developments: an increase in the number of branches, changing suppliers, increasing the number of employees in order to increase profits?The answer to this is guaranteed by two things:
Your financial capabilities mean liquidity and budget, they have a big role in determining it after reading this article, you are ready to think seriously about the first project you can browse the blog to read a lot of inspiring stories, steps, and guidelines
