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Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
Best and Worst Practices in Developing a Winning Business Plan
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Best and Worst Practices in Developing a Winning Business Plan

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  • 1. Who Needs a Business Plan?
    • … And Why?
    • Some Good Ideas
    • …And Some Bad Ones!
  • 2. To Successfully Launch a New Business...
    • ...Requires Identifying and Bringing Together Necessary Resources
      • Human - Technological
      • Physical - Financial
    • We Do This Through a Business Plan
  • 3. What Is a Business Plan?
    • It’s a Process, Not a Product
    • It’s Written to Develop a Successful Business
      • Not Just to Raise $
      • Should Be Used & Updated as a Mgmt Tool
    • Most Business Failures Can Be Prevented …
      • If You Have a Good Business Plan
  • 4. Why Do Startups Fail?
    • How Often Can We Predict?
  • 5. Who Do We Write Plans For?
    • Resource Providers
    • Might Be Investors
    • Might Be Internal Sponsors
    • Might Be Strategic Alliance Partners
    • Always for Your Team
    • Many Entrepreneurs Have Multiple Versions
  • 6. What Does the “Product” Look Like?
    • Executive Summary (1-2 pages)
      • It’s All They’ll Read
      • Must Communicate and Capture Attention
    • Industry & Market Opportunity
    • Marketing Plan
    • Product / Operations
    • Management Team
    • Financials
    • Critical Risks
    • Timetable / Milestones
    • Exhibits
  • 7. Appearance (Continued)
    • Length Will Vary
    • Average Today Around 25 Pages + Exhibits
    • Usually Have a “Summary Version” of 10-12 Pages
    • Generally:
      • More $$ Needed = More Pages
      • Less Well Known Audience = More Pages
  • 8. What Are They Looking For?
    • What’s the Problem?
      • How Big Is It?
    • How Will You Solve It?
      • You and Who Else?
    • Do I Believe You Can Do It?
      • The TEAM!
    • Why Should I Help You?
      • Financials / ROI
      • Exit Strategy
  • 9. What Do They Want to Hear?
    • Ingredients of a Successful Plan
    (What It Takes to Create Successful Enterprises – TiE)
  • 10. Ingredients of a Successful Plan
    • Vision
    • Commitment
    • Strategy
    • Time to Market
    • Team
    • Passion
    • Customer Testimonial
    • Competition
    • Capital Need
    • Milestones
  • 11. Vision
    • Looking for:
      • Market Leadership
      • Proprietary Advantage
      • Realism
  • 12. Commitment
    • Prove You’re Serious About This:
      • Clearly Defined Priorities
      • Understandable Objectives
    • Show You Know the Way!
  • 13. Strategy
    • Can You Execute the Vision?
    • “Go to Market” Strategy
    • Execution Plan
    • Clearly Define Your:
      • Product/Service
      • Pricing
      • Explain How it Solves the Problem
  • 14. Time to Market
    • What is Window of Opportunity?
    • What Features Are Critical Now?
    • What Will Future Products Look Like?
  • 15. Management Team
    • Have a Winning Team
    • We Know How to Execute
    • Plan to Augment As We Grow
  • 16. Passion
    • “Fire in the Belly”
    • Confidence
  • 17. Customer Testimonial
    • Proves Market Traction
    • Referencable Customers
    • In Order of Preference
      • Happy Users
      • MOU
      • Letter of Endorsement
      • They’ll Take a Call
  • 18. Competition
    • Identifies Players
    • Describes Strengths & Weaknesses
    • Explains Our Advantage
    • Describes Barriers to New Entrants
    • Is Respectful of Competition!
  • 19. Capital Need
    • Clear About Amount Requested
    • Clear About Timing
    • Use of Funds Must Match Strategies
    • Ask for Enough to Have a Slight “Cushion”
  • 20. Milestones
    • Both Short Term & Long Term
    • Be Sure to Include:
      • Beta Testing
      • Ready for Shipping
  • 21. What NOT to Do in a BP
    • What is a “BAD” Business Plan?
    • What Are Some of the Common Mistakes We See?
  • 22. What is a “BAD” Business Plan?
    • One That Doesn’t Meet Its Objectives
    • Fails to Help Launch a Successful Business
    • Fails to Identify Key Obstacles / Problems
    • Fails to Attract Interest:
      • Of Investors
      • Of a Team
      • Of Partners
      • Of Other Resource Providers
  • 23. It’s Possible to Launch a Good Business Without One!
    • …And Vice-Versa
    • …But a Good BP Improves Your Odds
  • 24. First Clue That You’re Reading a “Bad Plan”…
    • You Don’t Want to Keep Reading!
      • It Doesn’t Capture Your Attention
      • It’s Hard to Get Through
      • You Just Don’t Get It!
  • 25. Most Common Errors in a Plan
    • Lack of Understanding of Value Proposition
      • …Or Significantly Overstates It
    • Lack of Understanding of Customer
      • And How to Reach Them
    • Lack of Focus
    • Underestimating Inertia
    • Underestimating Effort & Resources Required
  • 26. Most Common Errors in a Plan (Cont’d)
    • Failure to Identify Competition
    • Lack of a Competitive Advantage
    • Unproven Team
    • Inconsistent Facts or Logic
    • Over-Optimistic Financial Projections
    • Lack of a Robust Business Model
  • 27. Business Model (How Will I Make Money Delivering My Product?)
    • What Can I Charge?
    • How Will I Charge?
    • Who Will I Charge?
    • What Will It Cost Me to Deliver?
    • Where Do I Make the $$?
    • Your Business Model Will Define:
    • Critical Success Factors
    • How Much $$ You Need
    • Ultimate Value Creation
  • 28. So, How Do I Develop a Business Plan ?
    • There Is No “Right Way”
    • The Following Generally Makes Sense
  • 29. My 10 Step Process (1-4)
    • Start With “Why Am I Doing This?”
      • Need To Define a Good Outcome to Achieve It
    • Try To Answer the First 2 Questions
      • “ What Problem Am I Solving”
      • “ What Is My Solution?”
    • Outline Your Market Analysis
      • What Do I Know?
      • What Do I Wish I Knew?
    • Begin Talking to People
      • Advisors
      • Potential Customers
      • Friends
  • 30. My 10 Step Process (5-7)
    • Define Your Business Model
      • Both Revenues & Expenses
      • Consider Alternates (List Them)
      • Try to Begin a Rough Spreadsheet
      • Identify Critical Success Factors
    • Begin Formal Market Research
      • What Questions DO You Need to Answer?
      • Where Can You Find This Information?
      • Consider Primary & Secondary Data
    • List the Resources You Need to Succeed
      • Human, Physical, Financial, Etc .
  • 31. My 10 Step Process (8-10)
    • Outline the Business Plan
      • What Parts Can You Begin to Write?
      • How Much More Info Do You Need?
    • Define A Successful Scenario
      • What Has to Happen?
      • What Do You Need to Do?
      • Simulate in Your Model
    • Write the Plan
      • … and READ It!
      • Get Some Feedback
      • Revise and Update
  • 32. How Will I Know When I’m Done?
    • You’re NEVER “Done”!
    • The Environment Is Constantly Changing
    • You Are Constantly Gaining New Information
    • Your Capabilities Are Changing
    • How Do These Things Change Your Plan?

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