1. ENTREPRENEURSHIP Lecture No: 24 BY CH. SHAHZAD ANSAR

2. Creating and starting the venture-IV

3. Using and implementing the Business plan

4. Introduction
Planning is necessary to ascertain the progress of business
Planning phase should go side by side in every aspect of business
Without planning business collapses
Entrepreneur can enhance effective implementation of the business plan by developing a schedule to measure progress 4

5. Measuring Plan Progress
An entrepreneur should check:
Profit and loss statement
Cash flow projections
Information o inventory
Production
Quality
Sales
Collection of account receivables

6. Control Elements in Measuring Plan Progress (Contd..)
Inventory Control
Production Control
Quality Control
Sales Control
Disbursements

7. Updating the Plan
The most effective business plan can become out of date if conditions change
Entrepreneur should focus on the internal and external factors to make his plan up to date.
Entrepreneur should maintain reasonalbe targets and goals

8. Why some business plan fail
Goals are unreasonable
Goals are not measurable
Lack of commitment by the entrepreneur
Lack of experience of entrepreneur
Ignoring the customer need
Entrepreneur has no sense of potential threats to the business