You've got a brilliant idea for a new product or service. You're energized, excited, and ready to execute. But first you've got to write a business plan. Investors and stakeholders will care about four factors that are critical to every new venture:
- The people. Introduce who will be starting and running the business, and any outside parties providing resources.
- The opportunity. What will you sell – and to whom? How fast do you plan to grow?
- The context. Capture the big picture – the regulatory environment, demographic trends, and other dynamic factors that you can't control.
- The risk and reward. Present an examination of everything that can go wrong and right. Be prepared to explain how your team can respond.
Adapted from
20-Minute Manager: Creating Business Plans.
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