The two experts
I did research on earlier this month were Carl Schramm and Andrea Cockerton.
They both have great advices on the direction one should take, in terms of
formulating a business plan.
Based on what I have learned from these two
experts in my first post this month, I think it is very important to have a
well-rounded business plan. In order to attract investors, I will have to get
their attention in the first five minutes of reading my business plan. I think
a well-structured business plan will attract more that one investor to your
business idea. I have also learned the key areas where investors look to see
how solid your business plan is. Some of these areas are. Is the market
sufficient for your product, and how financially sound is your projections? I
think it is also important to have a well-rounded mission statement. I
particularly like Mr. Schramm’s take on entrepreneurialism and the economy.
The changes I
have made to my business plan are to strengthen my mission statement and to re-evaluate
my companies SWOT analysis. In addition I have also increased the amount of
startup funds that is needed. This would ensure that the financial projections
are healthy and realistic.
I think the most
important sections of the business plan to the investor reading it would be, if
the plan is realistic and will it give him/her a viable return on investment.
Every investor wants to ensure there is a return on their money before they
commit to the investment. They want to know you have a clear understanding of
your product or service and the dynamic of your market. Your management team is
yet another important section which investors considers an important aspect. Investors
want to see what your vision depicted through your management team, so it’s
important to have a strong team that will lead the company to profitability.
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