International entrepreneurship
The global business environment is highly competitive. I understand that to establish a vitamin-infused drink successfully, I have to plan strategically. One way of planning is to ensure that I come up with a perfect business plan to accomplish my objective. Among the things that I will include in the plan are financial forecasting, marketing strategy, and industry overview. Financial planning will help to capture the interest of investors (Hisrich, 2015). This will also help me to determine the financial projections in the industry, including profitability. With financial projections, I will also be able to assess additional assets I may need to propel success. The marketing strategy will be vital as it will outline target consumers (Hisrich, 2015). This will also help me to understand possible ways of making my product the best in the market. The industry overview will help me to comprehend the size and growth rate of the current market. It will also help to establish the specific reasons for believing that there is an opportunity in the industry. I also need to understand why I target this kind of market and consumers. I begin the task of creating a business plan by conducting thorough research. I will research, evaluate, and think of every possible way to generate more significant revenue. I will also ensure that I document every detail regarding the business.
Reference
Hisrich, R. D. (2015). International entrepreneurship: Starting, developing, and managing a global venture. SAGE publications.