Business related Term Paper Example | Topics and Well Written Essays - 1500 words

Business related - Term Paper Example Therefore, I will be living my dream. However, a number of requirements are need for one to start a business. A good plan enables an individual to achieve long-term success. The paper describes an approach and the direction that an individual also chooses determine his or her level of success. Preparation of an adequate business plan is the initial stage of starting a new business. In most cases, an individual may have different business ideas. However, at this stage, he is required to choose the ideal idea that he will implement. When a decision is finally made, the appropriate business plan is designed. It helps in laying the foundation of the business (Ligthhelm 131-153). The main aim of a business plan is to determine the marketing roles that are required. This means that all the needs of the sales department must be cleared defined. This will involve both the sales and marketing departments. Further, the business plan must define the kind and role of management that is required in that particular business. Management plays an important role in ensuring the success of the business. It deals with all the required personnel and how resources will be utilized in a different department. Generally, the management is supposed to run the whole business. The business plan mus t clearly outline the role of the management in the entire business. In addition, the business plan must outline the financial plans of the business. Mainly, this is the capital that is requires to start and run a business. It is expected to cater any purchases, bills and salaries of the employees. An individual is supposed clearly outline the capital needs of the business. To be precise, he is supposed to determine the amounts required to establish the business itself. It may also include other costs and expenses that will be incurred in the first cycle of the business. A concrete business plan makes it easier to define the financial needs of the company. At this stage, an individual is