So, you got a nice business idea. It’s powerful and could be the next big thing. Right? But before you think of selling this mind-blowing idea to a potential suitor, you need a business plan. Or else, how would your investor know what you’re headed to. A business plan shows your vision; your intention and that you are not just winging it, it shows what you have thought through, how you have brought an idea to life, what you thought about the ecosystem, competitors, strength, weakness, opportunities and threat quotients. It helps investors visualize all of these above.
To help budding entrepreneurs craft a great business plan, Washington State University has come into the ring with its insights and advice. It has created an infographic that outlines 10 awesome guidelines on essentials of a great business plan. A business plan that tells you why writing down your ideas are important, explains how plans to run the business is critical, why communicating vision is mission critical and why every stakeholder should be on the same page.
The infographic raises some key questions on what a upcoming CEO should ask. What problems is your business going to face? How do you solve them? What’s your mission? How do you differentiate from competitors?
There’s more. A detailed business plan seeks to ask your target demographic, condition or health of the domain you are getting into plus strategies for the worst challenges. And then comes the grand daddy of all aspects, the dollar, the pound, the euro, the yen, the almighty money. How much is required to cruise through and how much return is expected from investment.
This infographic from Washington State University is a neat one with genuine help advice. Check it out.
Last updated on 18 Aug, 2019