Does having a Business Plan really matter? The truth is that you can still get lucky without one, and many are teaching and advising entrepreneurs to just get out there. But it is dangerous and costly to throw a whole bunch of stuff at the wall just to see what sticks if anything sticks at all. It might get you into a market place faster, but it may very well be the wrong one, and all you’ve done is to pave the way for someone else to step over your carcass and garner the value of your opportunity. Building an excellent business plan isn’t just to convince others that this is an opportunity worthy of investment and pursuit, but it is to convince YOU that it is worth your blood, sweat and tears along with the monumental opportunity cost to build this venture. An excellent business plan is a dynamic blue print for building and running your company to ensure that you have established the very best plan to achieve the goals that you’ve set forth to set you up to achieve your desired outcomes.
004: Show Notes – Why Having An Excellent Business Plan is So Important
- Why “The Unapologetic Capitalist?”
- Brief recap of why listen to this show & who am I
- Brief recap of where we’ve come so far
- Reminder that this show is contiguous
- Topic of today’s show…Why a business plan?
- Build a business plan as a devil’s advocate & tops down/bottoms up
- Components of a business plan
- An executive summary
- Building from the top down…the strategic portion of the business plan
- Product
- Company
- Market
- Competitors & Substitutes
- Building back up to business potential…the tactics that implement the strategy
- Marketing & Sales
- Operations
- Technology
- Revenue Model
- Future Growth
- Appendix
- What to expect for the next show: Funding…once you’ve built your business plan, how do you achieve the resources to implement your plan?