Responses to Topic 4 DQ2

Angela Estrada’s Post 

Re:Topic 4 DQ 2

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A well-written business plan can provide a competitive edge because it considers all necessary aspects to gain internal and external support. According to Ingram and Spooner (2004), inexperience in business plan writing and submission creates problems in the bidding process because they lack the content necessary to convince, impress, and persuade stakeholders. Competitive business plans then actually retain contracts. Like the first week of this course, we discussed the elements of a business plan, a summary about two-pages or less in length and considered the most important and last written executive summary that proposes the need, the newer, better, cost effective service, as well as identification of risk (Ingram & Spooner, 2004; Moseley, 2009). If the reader is not hooked by the executive summary, there is no motivation to read further the specifics of the business plan. Information must be relevant, especially to the reader, and anything more, according to Ingram and Spooner (2004), is “a waste of effort” (p. 40). The executive summary in short must address cost and benefits, potential resources, and address the actual issue while also maintaining accurate factual information. Without a well-written business plan that is concise, readers and stakeholders will lose interest if the summary is too long or irrelevant, at a loss/ confused if the information is not clear, lack trust if the information inaccurate or inconclusive, and so forth. I know with my current experience I could possibly draft an executive summary and it would be tossed because it would dense in length and possibly all over the place. With the practice of this course and the capstone project, future construction of executive summaries will become easier with practice and experience.

Reference

Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse, 64(44), 40-41.

Moseley, G. B. (2009). Managing health care business strategy. Sudbury, MA: Jones and Bartlett.

Response to Angela Estrada’s Post 

Your assessment of Ingram and Spooner (2004) work that competitive business plans can be critical in the retention of contracts is true and reflective of experience with the same. With a business plan, it is possible to convince the another business that plans are in place and everything has been thought out well. It sufficiently covers the need for running background checks. As enumerated by Karlsson and Honig (2009), it is a classic case of judging a book by its cover. This underlines the need to have a well presented business plan; it is a source of confidence for the entrepreneur searching for funds. 

References

Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse, 64(44), 40-41.

Karlsson, T., & Honig, B. (2009). Judging a business by its cover: An institutional perspective on new ventures and the business plan. Journal of Business Venturing, 24(1), 27-45.

Post by Samantha Fricke

Re:Topic 4 DQ 2

One of the advantages that private practices have over general practices if the writing and submission of a business plan (Ingram & Spooner, 2004). In order to succeed in the competitive business world, practices need to obtain skills of content in presentation of their business plans (Ingram & Spooner, 2004). First, it’s important to have an executive summary that gives a detailed description of what you are proposing, then a business objective (the reason for it), outline of the costs and resources involved and the risks (Ingram & Spooner, 2004). It’s also important the individuals you properly address the individuals you are submitting your plan to (Ingram & Spooner, 2004). Highlight the benefits, costs and most importantly make sure the information you have provided is accurate (Ingram & Spooner, 2004).

Reference: Ingram, M., & Spooner, K. (2004). A good business plan can put your practice in the driving seat. Pulse64(44), 40-41.

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Response to Samantha Fricke

You have carefully assessed the importance of succeeding in a competitive world as a business. In your post, you have enumerated that business plans are critical in the process and in the same line, emphasis has been paid to the need for a strong executive summary. Chen, Yao, and Kotha, (2009) demonstrated that entrepreneur passion and preparedness is easily evaluated in the way a business plan is presented. The very first thing venture capitalists read before listening to an entrepreneur is the executive summary. As such, the importance of presenting a business plan cannot be underestimated. 

ReferenceChen, X. P., Yao, X., & Kotha, S. (2009). Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists’ funding decisions. Academy of Management journal, 52(1), 199-214.

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