8 essential steps founders must take when writing a business plan
Here are eight things founders should consider when preparing their plan.Cash is the literal lifeblood of a business, and your plan should be clear about where its money comes from and where it goes.
"Your initial iteration of the business shouldn't attempt to be the business in miniature; rather it should focus on what are the key risks or uncertainties and reduce those as thoroughly, quickly, and cheaply as possible," Wunker said. "That will give you and your financial backers the confidence to invest in feeling out the business."As a founder you'll have many different roles and responsibilities.
If you don't need outside funding, the document can simply serve as a reminder of the goals and strategies that guide your company through a competitive marketplace.Regardless of how spectacular your product or service is in theory, your business won't go far unless it offers something useful to people in the real world.
"Think about it from the customer's standpoint," he said. "What is the person trying to get done, how might you help with that, and what is the full range of competition?"Taking the customer's perspective will allow you to look across the existing categories and identify where their needs are not being met. That is where the opportunity — and the competition — is.
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