Business plan or Project Report – Definition
In simple words, a project report or business plan is a written statement of what an entrepreneur proposes to take up. It is one kind of course of action about what the entrepreneur hopes to achieve in his business and how is he going to achieve it. It delineates what the business is all about or what it intends to be over time. It helps in determining the business feasibility. It offers a guideline to start-ups. It covers all aspects of business i.e., financial, technical, administration and so on.
Finally, we can say that a project report is a well-evolved course of action devised to achieve the specified objective within a specified period of time. So to say, it is an operating document. So, it has been rightly said “Business plan is ins and outs (details) of a business”. General this report or plan provides comprehensive business analysis and help you to understand business and help you to raise the funds.
Features or characteristics of a Good business plan –
The features or characteristics of a good or ideal business plan are as follows:
- Clear objectives;
- Easy understandability;
- Coordination and linkage;
- Based on information;
- Proper guidance;
- Reality oriented;
- Acceptability; and
- Low cost.
So, these are the various features or characteristics of a good or ideal business plan. The business plan comprises the information on industry, marketing, finance, comparative statement of competitors, targeted market segmentation, etc.