Question

Pls provide answers to each questions separately in PARAGRAPHS formart. Thanks,

1. Identify and explain the distinctions between a feasibility study and a strategic business plan.

2. Identify and describe the necessary elements of a good mission statement and vision.

3. Explain the factors influencing the choice of business entity for a business startup.

Answer 1

1. Identify and explain the distinctions between a feasibility study and a strategic business plan.

Solution: A feasibility study is a preliminary study that is being conducted to examine whether a certain project is capable of being done in practical and useful way considering the cost and value to be attained. It is in its simplest terms the idea viability of a project. Business plan is the road map of any business. A business plan is a detailed blueprint to guide the firm’s policies and strategies, it is continually modified as conditions change and new opportunities and or threats emerge.

There are a number of differences between a feasibility study and a business plan even though the process involved in developing them is similar. A feasibility report is loaded up with figuring, investigation and assessed projections of a business opportunity. While a business plan is comprised of for the most part strategies and techniques to be actualized in other to begin and develop the business. A business plan contains a detailed budgets, letters of intent, resumes of staff, background, competition, strength and weaknesses, full notations, appendixes and all required documents that will be referenced as the company is being developed.

2. Identify and describe the necessary elements of a good mission statement and vision.

Solution: Forming Mission and Vision statement for any company, require them to know about the type and category of business, who are the customers/ audiences and others stakeholders will be associated with such business, what would be branding, Image and reputation of the business, that we will be pursuing, what are the various products and services for this company, how the company want to take competitive advantages in the market, how technology, digitization and automation will be added to the business, what are the organizational culture, code of conduct and ethics, internal philosophy will influence the current business, all such required to be considered highly before forming Mission and Vision statement, again, let me write out various important elements of Good Mission statement and vision statement,

Elements of Good Mission statement:

As, Mission statement focuses on immediate actions and short term goal, where as vision statement focuses on long term goal attainment and mission statement also support organization to achieve the long term visional requirements for that company, again, the mission statement should be highly feasible and attainable/achievable, it should focus on reality. The mission statement should have clarity and transparency. Any mission statement should be focused on inspirational feature, which will engage management, employee and customers much effectively. The Mission statement should be highly precise and should write anything, which is valid and achievable. It is better to have differentiated mission statement and desired to have uniqueness in the mission statement. The Mission statement should be credible enough, so, stakeholders can keep trust on it and should include analytical features,

Elements of Good Vision statement:

Any vision statement should focus on future orientation, it should be written in such way, and thus, mission statement can be aligned to it. The vision statement should be fitted with organizational culture and heritage, historical backgrounds. The vision statement should focus on delivering branding value, reputation and organization value; the organization should set them with the center of excellence work by writing good vision statement. The vision statement should be able to clarify the long term purpose of organization, and what are the expected directions of the company. Every vision statement should be distinct and should include uniqueness in its definition. Vision statement should include features, which will help stakeholders to engage in effective way.

3. Explain the factors influencing the choice of business entity for a business startup?

Solution: Factors influencing business start up:

1. Goals and objectives - The start up goal and objectives for the choice of business entity for a start up influence the choice of the business entity as it will depend on if it is for profit venture or not for profit venture. The choice of entity will also depend on the type of the business as new technologies or new generation businesses will require different strategy compared to already existing type of businesses.

2. Taxes: The direct and indirect taxes associated with the choice of business entity for a business start up also influence the type of business entity selected for the business start up. The government policies, regulations and taxation structure differ depending on industries and sectors. Start up promoted by the authorities gets incentives and other ease of doing business support.

3. Capital availability: The available capital for the business will influence the choice of business entity for a business start up as certain industries and type of business are more capital intensive and need long term credit and financial support. The initial investment and capital limits are differ for the type of legal structures.

4. Liability: The liability for the business entities differ by the type of business structure chosen for a start up. The owners or partners of businesses may bear limited or unlimited liability depending on the type of legal structure of the business. The amount of liability differs for a private limited and limited company.

5. Time availability: Different type of business entities may need less or more depending on the type of business and other factors like availability of resources. The time required to choose a start up may influence the choice of business entity for a business start up.

6. Availability of skills and experience: The choice of business entity for a business start up will also depend on the skills availability and the experience with the owners and founders. An experienced team or partnership may find it easier to launch a start up in their field as they already have knowledge and network for starting the venture. A new type of startup may require learning new skills or procuring skilled human resources and suitable technology for managing the business operations of the start up.