THE ROLE OF A BUSINESS PLAN IN THE SUCCESS OF AN ENTERPRISE
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- 1-5 Chapters
- Abstract : Available
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- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
This study was carried out to examine the land availability challenges and mismanagement using Lagos State as case study. To achieve this 3 research questions were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the businesses enterprise in Enugu State. In determining the sample size, the researcher conveniently selected 65 respondents while 50 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that; the essence of writing a business plan is of unquestionable importance, however with regards to the findings of the study, the following are the importance of preparing a business plan; it assist in making critical business decisions, it helps in ironing out the kinks; it proves the viability of the business; it helps to understand better the broader landscape of a business and it reports the business environment, every business has its own internal and external environment alongside prospects and challenges, and in other to understand these environments and the dynamics of the business, the entrepreneur needs to prepare a business plan to enable him/her have a clear picture and understanding of the business. The following among many others are then reasons why business owners should prepare a business plan; to understand the feasibility of their business idea,to establish business milestones, to better understand your customer, to enunciate previously unstated assumptions, to determine your financial needs, to reduce the risk of pursuing the wrong opportunity, to plot your course and focus your efforts, to attract partners, to ascertain the success of your business, to reposition your business to deal with changing conditions, to document your marketing plan, and to uncover new opportunities. And business plan contributes positively to the success of a business. So therefore it is recommended that all business owners in operators in Nigeria particularly in Enugu State should consult academia dignitaries or firms who specializes in the preparation of business plans (such like DataPlus Interactive LTD Abuja) to assist them in conducting periodical business plans. This will help them in understanding the changing environment of their business and better ways to stay competitive (through innovation and bench-marking).
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