What are the best three things you learned so far in this class? Elaborate with some level of detail.
Students response ( use name )
The best three things I learned so far in this class:
First, when I have a new idea to open a business, but I need to study to determines if the business idea makes sense or not. I want to mention about the business feasibility study. A feasibility study is designed to provide an overview of the primary issues related to a business idea. The purpose is to identify any “make or break” issues that would prevent your business from being successful in the marketplace. A thorough feasibility analysis provides a lot of information necessary for the business plan. For example, a good market analysis is necessary in order to determine the project’s feasibility. This information provides the basis for the market section of the business plan. Because putting together a business plan is a significant investment of time and money, you want to make sure that there are no major roadblocks facing your business idea before you make that investment. Identifying such roadblocks is the purpose of a feasibility study.
Second, there are two main purposes for writing a business plan. The first, and most important, is to serve as a guide during the life of your business. It is the blueprint of your business and will serve to keep you on the right track. To be of value, your plan must be kept current. If you spend the time to plan ahead, many pitfalls will be avoided and needless frustrations will be eliminated. Second, the business plan is a requirement if you are planning to seek loan funds. It will provide potential lenders with detailed information on all aspects of the company’s past and current operations and provide future projections.
Last, it is how to create a Financial Plan. A process that provides entrepreneurs with relevant financial information in an easy-to-read format on a timely basis; it allows entrepreneurs to know not only how their businesses are doing financially, but also why they are performing that way. I need to admit that this is the hardest part and also it is the most challenge part of this class. I need to review all of my accounting knowledge.
Thank you, the professor, for guiding us go through these difficult steps to create a successful business class.