Enterprise and Entrepreneurial Management Assignment - 3

Enterprise and Entrepreneurial Management - Assignment Example Fromt his paper it is clear that for the business plans that are externally focused, tend to include what is relevant to the external stakeholders, especially financial stakeholders. The externally focused business plan will be more focused on the team driving the business plan and financial performance. Internally focused business plans are intended to focus the organization in meeting their intermediate goals. These plans may include plans to develop new products, introduction of new services, internal restructuring, partnerships etc. that is required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or a restructuring of the organization.This study outlines that business plans can be used as decision making tools. Business plans in this case can help the organization stay focused in meeting its goals. During conflicts of investment directions, the business plan can be used to guide new investments, since the business plan is a representation of all the business aspects as it will show the marketing, operational, financial and human resourcing plan.  The preparation of a business plan draws people from diverse fields as one field is not sufficient enough to achieve the objectives of any business. Disciplines involved in the development of a business plan include: marketing, operation management, finance, management, and human resource, supply chain management, etc.... The preparation of a business plan draws people from diverse fields as one field is not sufficient enough to achieve the objectives of any business. Disciplines involved in the development of a business plan include: marketing, operation management, finance, management, and human resource, supply chain management, etc. Therefore the development of any business plan should be inclusive so as to gain from the knowledge and expertise of other fields (Stevenson & Gumpert, 1985, pp.85-94). 2. Idea generation A business idea can be defined as a concept to be developed and used to start a commercial venture. The concept can be about a service or a product that can be transformed into revenue generation. The business idea is the seed for a business venture without it, there is no business. Not everyone is endowed with business idea generation capabilities, idea scan be generated by an individual or as a group. The idea has to be modelled to make it viable for a business venture. Before start ing a business, an idea has to be developed and tested. Ideas can be tested by feasibility studies and piloting. If the tests prove viable then the business can start. Feasibility studies helps to sharpen business ideas as it brings the idea closer to reality from an idealistic position. At the same time, an idea can be good, tested and proved to be viable, however if the timing of implementation is bad, then the business will fail. Therefore the timing for business start should also be right (Stevenson & Gumpert, 1985, pp.85-94). 3. Strategic objectives The strategic objectives part of the business plan is focused on addressing how the company intends to get where they are going, defines the broad approach to the achievement of the