Business Plan Guidelines
Business Plan for a Startup Business
Technopreneurship begins with a technological idea that upon reflection can be converted into a valuable opportunity. Simply put, technopreneurship is entrepreneurship in technological venture. Thus, technopreneurship involves the entrepreneurial life cycle. One of the phases of such life cycle is to document one’s business idea into a business plan. The business plan consists of a narrative and several financial worksheets. The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later. This summary of your business opportunity and concept should give the reader a quick and complete idea of the problem the new venture is solving and how the new venture will act to solve it.
Why Prepare a Business Plan?
Your business plan is going to be useful in a number of ways.
First and foremost, it will define and focus your objective using appropriate information and analysis.
You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
Your business plan can uncover omissions and/or weaknesses in your planning process.
You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice.
Important Reminders in Business Planning
Place some reasonable limits on long-term, future projections. (Long-term means over one year.) Better to stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your
Technopreneurship begins with a technological idea that upon reflection can be converted into a valuable opportunity. Simply put, technopreneurship is entrepreneurship in technological venture. Thus, technopreneurship involves the entrepreneurial life cycle. One of the phases of such life cycle is to document one’s business idea into a business plan. The business plan consists of a narrative and several financial worksheets. The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later. This summary of your business opportunity and concept should give the reader a quick and complete idea of the problem the new venture is solving and how the new venture will act to solve it.
Why Prepare a Business Plan?
Your business plan is going to be useful in a number of ways.
First and foremost, it will define and focus your objective using appropriate information and analysis.
You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
Your business plan can uncover omissions and/or weaknesses in your planning process.
You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice.
Important Reminders in Business Planning
Place some reasonable limits on long-term, future projections. (Long-term means over one year.) Better to stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your