Today’s big idea comes from Harvard Business Review and their 20-Minute Manager series. The series is designed to get you up to speed on crucial business skills in a jiffy! In this video, we will focus on becoming excellent at ‘Creating Business plans.’
Why create a business plan?
Writing a business plan is an essential first step in starting any new venture. It allows you to evaluate your idea thoroughly. It’s also a way for your audience — namely potential investors, managers, and people who control vital resources — to evaluate your concept’s feasibility. Your goal is to create a road map that can help you explore and exploit opportunities and develop strategies for avoiding inevitable obstacles before they arise.
Let’s review three steps that will help you create an awesome business plan:
Step 1: Get started
Start by organizing your thoughts by focusing on four factors that are critical to every new venture:
– People. Who will be running the business
– Opportunities. What are you going to sell and to whom?
– Context. Here you paint the big picture
– Risks and rewards. What can go wrong and right?
Step 2: Gather and validate Information
This step is crucial since now is the time for ensuring that you have all facts, legal implications, and financials in check.
Step 3: Structure your business plan
Writing a business plan is a big undertaking and requires time, dedication, and discipline. Divide the task into manageable chunks, seek input from others, and ask for help.
In this video, we will explore each step in further detail, we hope you will enjoy it! If you do, please remember to give it ‘a like’ and to share it with your network and on your social media.
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