How to read this article today
The need to define activities, resources and risks remains a useful working principle. However, the favourable assessments of the Bulgarian environment reflect the time of the original text: they are neither a general recommendation nor a promise of success. The new corporate guide distinguishes actual organisation, compliance obligations and links with Italy.
The text of the original article
Every entrepreneurial economic activity requires many factors to ensure the success of a venture.
As we know, Bulgaria is an excellent strategic choice within the Balkans for many businesses, thanks to its many favourable factors.
The economic environment, supported by Bulgaria's steady growth, can optimise numerous business processes.
Italian small and medium-sized entrepreneurs often see enormous development potential in emerging countries close to Italy and are attracted by the opportunity to grow their business and expand their operations.
Too often, business ventures founded on excellent ideas fail to take off because there is no clear development plan, sometimes owing to a false picture of Bulgarian reality.
It is therefore necessary from the outset to have a sound business plan that brings out both the strengths of the project and its inevitable challenges.
A business plan is a concise document that should set out a project’s main features, objectives and purposes.
The document’s form is “entirely unrestricted”; however, it is advisable for it to contain at least the following elements:
-structure;
- identification of the applicant (an existing company and promoter or promoters of a new business venture);
- brief presentation of the project;
– identification of the investment project;
— identification of the Business Plan’s intended recipients;
— detailed identification of the main underlying assumptions adopted and their estimated likelihood of occurring;
- overall project return and risk.”
A business plan is useful for all entrepreneurs seeking real, concrete development of their business in Bulgaria, because it serves to:
1) plan future strategies, tactics and operations;
2) optimise the use of resources;
3) measure and evaluate performance;
4) reduce subjectivity in decision-making as far as possible;
5) improve external and internal communication.
Without a clearly developed business idea, a plan for an economic initiative has little chance of success, even though entrepreneurs often focus on acting rather than considering how and why things should be done in a particular way.
This is why it is always necessary to turn to professionals when embarking on an exciting venture that can sometimes become a poor investment.