Definitions: Business Plan, Proposal, and Feasibility study
A Business Plan – is a document that presents a summary of all the key sections of a business, it shows how the business is to be run and organized. It includes sections like; Goals and Objectives, Vision and Mission Statements, Processes of Production, Strengths and Weaknesses etc. A business plan is usually written for people who already know so much about the business they are going into, who just need a structured plan of how they intend executing their business activities. When an expert is writing a business plan, a reasonable number of questions will be sent to the owner of the business, because it is assumed that the owner of the business already knowns a lot about the business.
A Feasibility study – is a well structured document that contains relevant research that has been carried out about an intended business idea or project concept. It is a research that is carried out for people who do not know so much about how to run or organize their intended business idea/concept. Key sections includes; Technological Requirements for Production, Legal Issues and Patent, Proposed Location & Influence of Location, Derivation of Price, etc. When writing a feasibility study, only a few basic questions will be sent to the owner of the intended business, because it is assumed that the intended business owner knowns little or nothing about the business.
A Proposal – is a formal request for something from one party to another. It could be a request for loan, sponsorship, partnership, patronage, etc. It includes sections as; Objectives, Budget, Statement of Problem, Resources needed, Portfolio, etc.