Question

Planning Phase Class, when do you think it's most likely that the planning phase occurs for a business? Feel free to state your assumptions involved, such as whether the business you have in mind is currently considered to be a startup business, a growth business, a stable business or a business in decline.

Answer 1

The Planning Phase is extremely vital for the new start-up, as it will determine whether or not the business succeeds in the competitive business world. A start-up business is very challenging task for an early stage entrepreneur; thus it is important to start the planning for the business in advance instead of learning by making costly mistakes. It is riskiest stage of the entire lifecycle because the mistakes did at this stage impact the business years down the line. Also the bankers and investors usually agree to develop a business plan at start-up to keep the track during the first stages of development. I want to establish an IT company; and as new entrepreneur to develop a business plan I face the main challenge of establishing a market presence and customer base. As my business enterprise is small thus short-term planning is needed; and assumptions would be made on start-up’s cost for the future goals.