The business plan is made up of at least four essential components: the marketing, organizational, operational, and financial plans. Each of these has its own unique characteristics, and each is further subdivided into specific areas. Likewise, each component poses various options for the corporate entrepreneur.
It is important that entrepreneurs investigate these four essential components as they begin planning for a new venture. This requires careful analysis of the relationship among the four components, as well as what particular role each one plays within the overall business plan.
With these thoughts in mind, and based on your reading for this week:
What is the purpose of each business plan component, and how is each applied within the overall plan? In what ways can the four components be aligned with each other? Is each plan equally important within the overall business plan? Explain.