Business Plan Evaluation 1 Business Plan Evaluation Name Date Class Very good job on the week 3 individual assignment Business Plan Evaluation The paper is well written formatted and referenced Good overall job staying approximately within the work count 700 1050 words Good evaluation of the plan s overall writing A well written plan is essential for soliciting funds the quality of the writing reflects upon the quality of the individuals within the organization A well organized plan is important for the entrepreneur since the plan will be the road map for success it must be easy to follow Your feasibility analysis of the idea presented in the plan could use more detail You talk about what a feasibility should include The final component of a feasibility analysis involves assessing the financial feasibility of a proposed business venture The major elements that should be included in a financial feasibility analysis include the initial capital requirement estimated earnings and the resulting return on investment but you don t include it I do like your review of the viability of the products Good job identifying competencies the entrepreneur must have in order to be successful in building the business I like your section recommending whether or not you would invest in the business Based upon your analysis I might also invest in the company Well done on a difficult assignment Grade is 94 18 8 20 Business Plan Evaluation 2 Business Plan Evaluation Williamette Furniture Company s business plan is easy to read and it flows The furniture company has been in business for more than 30 years and the business plan reflects that All the components of what a business plan should have is included in the plan When reading the plan the history and transactions of the operation is given When writing a business plan it should be very detailed in order for the reader to arrive at the picture of what the company is about where it has been and where it is trying to go This business plan covers all of those bases Feasibility Analysis According to Zimmerer and Scarborough a feasibility analysis consists of three interrelated components an industry and market feasibility analysis determining the market or industry to see if there are any niches where the business can be profitable in and the overall view of the industry and market A product or service feasibility analysis determines the degree to which a product or service idea appeals to potential customers and identifies the resources necessary to produce the product or provide the service A financial feasibility analysis The final component of a feasibility analysis involves assessing the financial feasibility of a proposed business venture The major elements that should be included in a financial feasibility analysis include the initial capital requirement estimated earnings and the resulting return on investment Business Plan Evaluation 3 Zimmerer Scarborough 2008 For this furniture company there is a market for the products that they are retailing They offer high quality office furniture for people such as CEO s and executive types There is a niche market for this company Their products would appeal to the CEO of a company Any CEO will want to have nice office furniture that is of quality and willing to pay the price for it Williamette Furniture Company will be the perfect supplier for a CEO Financially it seems as if the company has it together because they do not have much debt According to the business plan the salary of the owner is not outrageous which the company suffers With the credit line of 150 000 the company plans to take out plus money from their dividends it looks as if this amount will cover all their needed for their operation Competencies Some of the competencies an entrepreneur needs to have to run a successful business are leadership passion willing to take risk open mind know how to adapt persistence focus how to think strategically These are just some of the competencies one should have An entrepreneur must have leadership qualities This is an important quality to have to run a business successfully They should know how to lead those who work for them It would benefit the entrepreneur to know how to adapt to change and to have an open mind when running a business Change occurs constantly especially concerning information An entrepreneur needs to adapt with what is going on and have an open mind If he or she cannot do this then it is possible that the business will fail The entrepreneur should have persistence Obstacles that will present Business Plan Evaluation 4 themselves and persistence will need to kick in Not only will obstacles challenge the entrepreneur but also the naysayer who doubt the decisions of the entrepreneur Another competency is focus Where there is no focus there is no progress It does not serve the entrepreneur to lack focus concerning running a business Concerning how and entrepreneur s thinking it is important to know how to think strategically If the entrepreneur is weak in this area of handling situations and thinking issues out strategically then he or she can get help from the leadership team or management Recommendation The Williamette Furniture Company seems to have it together according to their business plan From reading the business plan I could paint a picture in my mind of what this company is about where they come from where they have been and where they are planning to go They have been in business for more than 30 years and have done the research regarding the market the product and financials They are not in the business of being everything to everyone They have a target market of people who do not mind spending more for quality furniture I would invest in Williamette Furniture Company I believe all areas has been researched for the company and they have a clear vision of where they want to take this company I think they have a shot of continued success I do not have a recommendation at this time Business Plan Evaluation 5 References Zimmerer T W Scarborough N M 2008 Essentials of Entrepreneurship and Small Business Management 5th ed Upper Saddle River New Jersey Pearson Education