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The key points and highlights from Anastasia Kovaleva’s presentation “Business Plans: Don’t Be A Gnome!”
Internally, business plans develop and validate an idea. It is an essential tool to track progress of the business.
Your business plan also provides your shareholders (investors, debt providers, co-founders, and customers) an idea of how you intend to take care of their investment in your business.
The key components of your business plan are: Market Positioning (identification of an unsatisfied need), Product or Service (your solution to satisfy the need), Market Strategy (your competitive edge or unfair advantage), Operations (your business model), Team (your human capital / engine room), and Financials (your bottom line).
It is more than just writing a glossy book, the most important part is doing detailed research to convince your readers that your business is feasible.
Anastasia’s presentation was part of TechStartHub Startup Masterclass: How to make sure you’re investment and exit ready held last November 8 at University College London – Roberts Building. The next masterclass, Expert Advice on Website Content Strategy, Analytics, and Community Building, will be held on November 28 at the Innovation Warehouse.