Business Development Plan PDF

Running head: BUSINESS DEVELOPMENT PLAN
Business Development Plan: Reflection Report
Name of the Student:
Name of the University:
Author’s Note:

BUSINESS DEVELOPMENT PLAN 1
Table of Contents
1.0 Introduction..........................................................................................................................2
2.0 Identification of the Business Idea.......................................................................................2
3.0 Selection of the Business Concept.......................................................................................3
4.0 Conduct of Feasibility Analysis...........................................................................................4
5.0 Formulation of Business Plan..............................................................................................5
6.0 Conclusion............................................................................................................................6
7.0 References............................................................................................................................8

BUSINESS DEVELOPMENT PLAN 2
1.0 Introduction
As opined by McKeever (2016), an important aspect of the modern business world is
the fact that it offers different business opportunities to the different entrepreneurs for the
establishment of new business ventures. Tyagi et al. (2015) are of the viewpoint that the
process of formation of a business venture is a complex one and there are various factors that
the entrepreneurs need to take into account for the formulation of an effective business plan.
In this regard, it needs to be said that some of the most important factors that the
entrepreneurs need to need to take into account for the formulation of an effective business
plan are identification of the right kind of business opportunities or ideas, formulation of the
concept statement, business model, risk assessment and others (Ward 2016). These are
important because of the fact that the overall growth prospects as well as the effectiveness of
the business plan that have been formulated depends greatly on the above-mentioned factors.
In this reflective report, I will discuss about the formulation of my own business plan, that is,
Sunny Hostel, an affordable hostel in Malta for tourists and students with low budgets and its
related aspects.
2.0 Identification of the Business Idea
Volker and Phillips (2018) have articulated the viewpoint that one of the most
important job roles of the modern entrepreneurs is to thoroughly analyse the business market
and thereby identify the kind of business opportunities which are likely to offer the maximum
rewards. I would like to say in this context that I began the formulation of my business plan
through the usage of the method of entrepreneurial opportunity identification. More
importantly, at the very beginning I was not sure regarding the kind of business venture that I
wanted to formulate although I was really interested in the hospitality industry because of the
high growth rate of the concerned industry. It was at this point of time that a family friend of