Chapter 10 b) Flashcards
Questions to Ask During Planning
What is your business and how does it add value: Concept Statement
3 parts to include in concept statement
written representation of your vision for your product or service. Should include features of product, problems it solves and target market
Who is your customer?
Write down target customers (end users, distributors and retailers) and defining characteristics on why they will buy product or service
How big is the market:
conduct market analysis to establish size and share of market
How will you enter the market:
write down strategy to enter the market, describe needs product and service fulfill, problems you are solving
What do you know about the industry
more knowledge means more room for differentiation, up to date information and relativity
Who is your competition? Why are you better
Prepare a competitive analysis, persuasion, know your comparative advantage and other ventures
Who is on your team and what do they bring to the table
Note different members of your team, their importance, skills, key duties and responsibilities. If need to expand determine areas, if need to condense then determine overlap
What are your financial projections?
concise forecast for future revenue and expenses, where company is now, milestones hope to achieve, and obstacles may need to overcome
Tips for Writing Any Type of Plan
Remove Fluff
be concise, reduce descriptive language, reduce fillers, remove redundancy
Define Target Audience
Signal out target consumers and explain why and how conclusions have been drawn, and how you intend to target
Be Realistic….outline
outline challenges, weaknesses, risks and lessons learned.
Focus on Competition:
No business is fully unique, focus on what you do and explain how you are different than competition and how you plan to compete now and in future
Understand distribution channels
Be specific and know full delivery, avoid vagueness
