1.3 Methods and approaches of mastering business plan

In the Thesis researcher uses methods that aim to improve planning and create model of the new profitable venture in management consulting. The second Chapter of the Thesis consists of the presentation of up to date accesses to entrepreneurship, organizational issues of the new venture, marketing and strategic tools for business planning.

A scientific method¹ is used by organizing the new venture concept. It refers to a scope of techniques for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge. This method is based on gathering observable, empirical and measurable evidence subject to specific principles of reasoning. The scientific method consists of the collection of data through observation and experimentation, and the formulation and testing of hypotheses.

Essential approaches in strategic planning of the new venture generalize required volume of information. Three main approaches are used ²:

• Systems planning emphasizing on “corporate top down approach”,

• SWOT (Strengths and Weaknesses, Opportunities and Threats),

• Marketing approaches.

Actual business planning is conducted by implementation of activity planning, sales forecasting, financial planning and perspective financial analysis of the new venture.