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In Associate in Nursing article from the harvard business brushup, hbs professor william sahlman.
Patnaik is chief executive officer of jump associates and an appurtenant professor at stanford.
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Every entrepreneur is encouraged to write out a business plan; those who don't quickly learn that future operations buttocks be derailed without a cohesive written mission and that obtaining outside financing is nearly unrealistic without one.
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Suggests that A great business architectural plan is one that focuses on A series of questions relating to the four factors crucial to the achiever of every recent venture: the citizenry, the opportunity, the context, and the possibilities for some risk and reward.
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What do investors want in a business plan?
Investors want to know when they can cash out and how good the financial projections are. Drawing on their own experiences and those of the Massachusetts Institute of Technology Enterprise Forum, the authors show entrepreneurs how to write convincing and winning business plans.
How to write a winning business plan for your business?
Establish market interest. Provide evidence that customers are intrigued by your claims about the benefits of the new product or service: Let some customers use a product prototype; then get written evaluations. Offer the product to a few potential customers at a deep discount if they pay part of the production cost.
What should be included in a business plan?
Too many business plans are written solely from the viewpoint of the third constituency—the producer. They describe the underlying technology or creativity of the proposed product or service in glowing terms and at great length. They neglect the constituencies that give the venture its financial viability—the market and the investor.
Who are the stakeholders in a business plan?
1. The market, including both existing and prospective clients, customers, and users of the planned product or service. 2. The investors, whether of financial or other resources. 3. The producer, whether the entrepreneur or the inventor. Too many business plans are written solely from the viewpoint of the third constituency—the producer.
Last Update: Oct 2021
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