Question

what resources are required including funding to successfully establish a business plan?

Answer 1

There are various kinds of resources required to successfully establish a business Plan . The Crucial Resources are summarized below;

1. Educational / Technological Resources : Any Business Plan is based on a Product or Service offering. The Knowledge about the Product or the Service and knowledge about how the industry works and how the Business can differentiate itself requires detailed Educational Knowledge and Technical Understanding . Therefore the required Educational and Technical knowledge in crucial for a establishing a Business Plan.

2. Human Resources : Any Business Plan cannot be executed alone by the promoter. Successful Business requires contribution from skilled employees and consultants from various functional fields . Human resource is becoming a crucial factor in successful business as the market competition is increasing.

3. Financial Resources : The most important resource to start a business is Funding. Funding thrugh equity or lending ar a mix of the two are the first requirement to start getting the other resources. A judicious Fund acquisition and cost effective utlization is also very important for the success of Business Plan.

4. Physical Resources : For establishing the business we need the Physical resources like Plant & Equipment, Building, Offices, Warehouses, Power Supply system, Computer and ERP System , Sales and Distribution infrastructure. Business success depends on the successful and cost effective acquisition of required resources and how the resources and utlilized to the maximum.

5. Motivational and Directional Support : We cannot overlook the requirement of motivational and Directional support while establishing a business. Establishment of Good vision , mission , objective and goals  and encoragement and appreciation from the Management for good performance . Guidance from Management in tackling crisis, fair and ethical work environment, all of these go a long way towards the success of a business.