Developing Process Of A Business Plan And Entrepreneurial...

Introduction Entrepreneurs establish Small and Medium-sized Enterprises (SMEs), which are playing an increasingly significant role in the global economy. According to the recent statistics of UK, of all private sector businesses, SMEs accounted for 99.3% at the start of 2015; 60% employment at 15.6 million; and 47% annual turnover at  £1.8 trillion (FSB.org, 2015). Thus, it is of vital importance to understand how to formulate and operate an SME. This reflective essay, therefore, mainly focuses on two topics of SMEs: the developing process of a business plan and entrepreneurial finance, which is a key aspect for SMEs to operate successfully. Personal experiences and group behavior are blended into theoretical approaches to critically evaluate various financial aspects. Christopher Johns’ Model of Reflection is adopted in financial part of this essay where individual reflection is portrayed. Figure 1 provides an overview of this model as five cue elements: description; reflection; influencing factors; evaluation; and learning. Figure 1: Johns’ Model of Reflection Source: Johns C, 1994 1. The Developing Process of Business Plan This part demonstrates a theoretical overview of a typical business plan and background information of my business plan, providing a solid foundation for financial arguments discussed in the second part of this essay. 1.1 Theoretical Overview A business plan is defined as a document that describes the proposed venture in terms of the product orShow MoreRelatedThe Entrepreneurial Process1267 Words   |  6 Pages The Entrepreneurial Process Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. 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