Dissect & Explore Your Idea
“An idea is great, but you need to be able to give it legs.”
Sujan Patel - Entrepreneur
Areas to Dissect & Explore
• What is the purpose of the business/product/service?
• Do you see opportunities for future expansion? If, so where?
• Who is the target market?
• What pain points will your product/service solve?
• Where will initial funding come from? What resources are currently available and which will you need?
• What are the problems that could – and will – arise? How will you solve these problems?
• What will make your business successful in the long run?
Business Plan Framework
“Good business planning is 9 parts execution for every 1 part strategy.”
Tim Berry
Keep your proposal to 1 page.
Seriously, just 1 page.
Stop after 1 page. Don’t write anymore.
Put the pen down.
Don’t be George RR Martin. Be concise.
Once you have the proposal drafted, pitch the idea to a trusted colleague first. You want them to POKE HOLES in your business plan and proposal. You two aren’t trying to solve every problem of the business at this point, just answering is there really a need, can we do this, etc.
The Mini Pitch
Table of Contents
I. Executive Summary
II. General Company Description
III. Products and Services
IV. Marketing Plan & Sales
V. Pricing
VI. Management and Organization
VII.Expenses
VIII.Appendix
I. Executive Summary Summarizes the entire proposal so readers can rapidly become acquainted with a large body of material without reading it all.
- Problem/proposal - Background information - Brief market Analysis - Conclusion CEOs are busy, they may only read this one page, the others could just supplement. That doesn’t mean you don’t fill out the other pages.
II. General Company Description
Be able to define these - Mission Company Goals and Objectives Business Philosophy Customer Market Industry Core Strengths
III. Products and Services
What do they look like? What is the structure? Competitive advantages/disadvantages?
IV. Marketing Plan & Sales
Sales Forecast/Pricing Brand building strategy with: - Product - Customers - Competition
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