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The importance of a business plan
Significance of a business plan
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How to Use Mind Maps for Perfect Elevator Pitch
Building a perfect pitch is extremely important if you wish to sell your new startup plan to investors. It 's do-or-die situation for your business and future. Mind mapping will help overcome the initial apprehensions and brings the much-needed clarity in the thought process. It is an ideal way to create an impressive presentation.
“It is always harder to raise capital than you think. It always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author
A startup pitch is viciously more difficult than it used to be. Making big bucks with a new startup is the “in” thing at the moment thanks to TV shows featuring investors and thanks to crowd funding websites. Nowadays, you have to present a very high quality and very organized startup pitch to even be considered for investment. Here are the steps you should take.
Create an organized plan
Your plan must include all aspects of a good and organized business plan, such as the product and services, the financial scheme, web design, company overview, the strategy, implementation procedure, management and your market analysis.
“Remember to celebrate milestones as you prepare for the road ahead.” – Nelson Mandela, South African Leader
Add as much detail as possible
You aim should be to add as much information as you can. Not all of the information you produce needs the be shown, some of it can be hidden away in files, but you must create a very detailed and comprehensive plan. You should leave no stone unturned, which is probably why so many people use EduGeekClub to help them get started.
Visualization
A mind map is a perfect tactic to explain the overall business model in a visual manner. The approach ma...
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...see the mixing, the baking, the first layer of icing and so forth. Think of your pitch as a cake, you need a strong narrative that takes the investors from mixing to the finished cake. A conceptual view is great, so long as it gives a systematic view of your subject via a narrative that the investors can understand.
Conclusion
“If you’re going through hell, keep going.” – Winston Churchill, British Prime Minister
It sounds obvious, but the more time you invest into your pitch and your startup plan, the better it will become. There is no element of your plan that cannot be improved. For example, if you have budgeted $400 for stationary, then itemize every item you wish to buy and where you intend to buy it from. Not only will the extra effort help prove your case; it will also highlight problems that may adversely affect your business when it is up and running.
In particular, startups conform to a set of formalized, ritualistic practices in order to obtain venture capital (VC) funding during the “seed” phase. Almost paradoxically, new companies are regarded as a kernel of innovation and invention in the economy and yet they seem to emulate each others’ routines in the pursuit of early investment, decoupled from the actual products or services they plan to sell to the
G. Nickels, W., M. McHugh, J., & M. McHugh, S. (2013).Understanding business. (10th ed.). New York, NY: McGraw-Hill/Irwin.
I think that our course project should address a strong pain point of the market for which customers will be highly interested. The technology and the business model must create barriers for others to copy. The team and the people that we know (our network) are certainly crucial for the success of the project as at this point especially; it is our core means for the success of our goals. The market should have a good size and significant growth prospects but since our idea is dealing with high technology and social media, this is likely a criterion for which we suffice.
Facing to more complex business environment, systematically marketing plans are important to organizations in terms of maintaining a high level of operating efficiency and achieving goals fully. According to Sally and John (1996:3), marketing plans are “the written document or blueprint for implementing and controlling an organization’s marketing activities related to a particular marketing strategy” (Sally, D., Lyndon S., & John, B., 1996: 3). A successful marketing plan is able to improve organizations’ profits and growth, uses in objective setting and monitors results (Subash Jain, Michael D. Clemes, Gregory Brush, 2008: 5)
Start up money is always a challenge to many start ups and this is where venture capitalists come in to offer assistance. According to Frendiode.Newsvine.com, Mark Sparks list of things venture capitalists often look for before approving funds includes; the viability of the project, availability of support data, financial plan. The viability of the project is informed by its proprietary potential as well as its uniqueness. Venture capitalists often want to see return on investment and a product or service that stands out from the fold.
(2003, April). Retrieved June 23, 2004, from http://www.asbdc.ualr.edu/bizfacts/8002.asp Cuneo, E. C. (2002, October). More Venture Capitalists Keep Their Wallets Closed. Retrieved June 23, 2004, from http://www.informationweek.com/story/IWK20021028S0010?ls=TW_012803_fea&fb=20030128_software Poznak, J. L. (1998, August). Buying a business: Let the buyer beware.
Watching this video has taught me a lot of aspects to the business side of life. It is never easy to run a business, especially one with such high potential. I also know that the most important part of a business, and I can’t stress this enough, is the due diligence. Before entering into a market, you need to understand all aspects and understand how you will be presenting your product. Presentation and unified message is everything to an investor and I feel that by watching STARTUP.com, I learned a bunch of details which I did not know before. Govworks is an excellent learning experience to acknowledge how tough the real world is.
Pinson, L. (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business
This critical reflection seeks to provide an in-depth analysis of how the entrepreneurial tools taught throughout this semester has assisted me in developing insightful information towards my contributions of the business plan. The process allowed me to identify, clarify and test the credibility of my personal insights. Entrepreneurial tools being assessed are customer experience mapping, questioning and idea networking. The paper started off with a detailed introduction of the actual product that my group have finalised on, then followed by comprehensive evaluations of the tools. Lastly, it ends off with a reflective conclusion with valuable learning points. All in all, it improved the quality of my contribution towards the project.
One way an entrepreneur does this is through the vision he or she creates for the organization. In fact, the driving force through the early stages of the entrepreneurial venture is often the visionary leadership of the entrepreneur. The entrepreneur’s ability to articulate a coherent, inspiring, and attractive vision of the future is a key test of his or her leadership.
During an elevator speech one must find a way to deliver your unique usefulness to a potential client or employer, a commercial or quick synopsis including one’s background and experience (Doyle 2017). Suggested basic components include who you are, what you do and what you can do for your potential client or employer and most importantly the pitch should be less than 90 seconds. The key to a good pitch is to make it sound authentic and natural. So although one must practice in order to keep it short, the speech should be devoid of industry jargon, acronyms, or rambling to fill silence (Hansen, 2017).
relationships and cement old ones. But the most important part of the marketing plan is not the document itself, but the process of putting it together. By taking the time to think deeply about your company's commitment to marketing, by the process of self-examination that is necessary, and by uncovering the true feelings of your customers, you will have a much clearer vision of the future.
Before 1980 the only way to find the investment for any startups was banks and in 1980's there were investors who were interested in technology business. In this 20th century, small and mid-sized enterprises (SMEs) have a low income and are not easy to get capital or financing from any financial institutions or bankers, but startups have an option to find their investments through a strategy called Crowdfunding, a venture to raise money from various people. This review infers the content on influence of crowdfunding in small and mid-sized enterprises (SMEs). This review emphasis on how crowdfunding is growing in SMEs, what are advantages and disadvantages of crowdfunding and a case study on how a company from Indonesia raised their money using crowdfunding.
Attractive idea is one of the opportunity that need to considered by the entrepreneurs before they start their business. An idea must be attractive to the target customers to buy their product. (Andrew Williams, 2015)
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.