Some will start over, while some will give up. A “handful” of investors will jump into implementation and then jump out fiercely, only to realise in that course, they have continuously expended valuable resources to resolve the consequences of wrong decisions.
The conditions to cement your preparedness are:
- Thoughtful Analysis: To be convinced
- Sufficient time: doing, having an accurate survey
- Resources: providing the needed capital
- Efforts: The zeal must be equal to the interest
- Knowledge: You must be fully knowledgeable about the business environment.
Three Cogent Steps after Preparedness are:
- Investigation: This gives credit to the functions ever started from the beginning. If your investigation is right/positive, then there is hope for the adventure.
- Consultation or Consultancy: This is simply seeking direction/directives of the experts.
- Resolution: This confirms the wish to go on with the decision. That all the information before the planning stage appears right and trusting. Sometimes resolution may be negative. This is to drop the whole idea especially if investigation and consultancy results are not favourable.
Planning is a predetermined cause of action that provides purpose and direction. It sets target objectives, how to do it and when.
To achieve the purpose of effective planning the following must be considered:
Note: Enterprises need planning. Planning must capture comprehensive business elements. These include organizing, coordinating, directing/command, control and forecasting. These are often called functions as they form the basis of departmental grouping. These grouping form specialist departments to achieve target objectives.