Keeping the trend alive of at least four to five posts a week. I got something new today, to discuss.
I have been hearing a lot of people, who have some amazing ideas and sort of “possess” the ability to execute them well. But, what they don’t have is the hands-on experience on creating a successful “business plan“. A lot of people who pursue the Masters in Business Administration Degrees might just know the in and out of it. Still, if you start crunching the numbers of successful entrepreneurs in the past four/five years. You would wonder, how many of them actually have a degree in Business Management?
Now, what makes a business plan so important that you got to have it in place, before even kick starting your venture? or in rather simple terms, what do you mean by a business plan?
Well, the answer is quite simple. A formal business plan is a set of goals, parameters, the factors effecting these parameters in a long/short run and the historic readings/analysis of a particular product or service, which pretty much is elementary to be thought of, before even spending time on an idea or simple a new venture. There are a different kinds of Business Plans. Some, the motive is to address it internally. Some, to raise funding and arouse interest among the venture capitalists.
Now, considering the whole new trend of “fundraising and luring investors” – A business plan plays a pivot, critical role in portraying your goals in a rather subtle manner so that the people with their “magic fund wallets” can get a clear picture and start to evaluate your venture idea and perhaps, bless you with the straight funding without even a hesitation.