Getting started with your dream business? Begin with writing a business plan. In this video, you will learn the many challenges, as well as some of the best practices for writing a business plan. We are going to take a look at the insights of venture capitalist and business expert Dr. Steven Gedeon.
Dr. Gedeon stresses the importance of a business plan. He points out that some businesses may simply go ahead according to how they were conceptualized without a written business plan. But there are other purposes that business plans serve very critically, such as finance raising.
Dr. Gedeon talks about the process of writing a business plan. In the first phase, he explains the need to think through the idea, and translate such idea succinctly in the business plan. He emphasizes keeping the document short, as not everyone would be interested in reading a voluminous paper. He advises to be clear about what the business is all about. “What is it?” This is one question that needs a clear answer.
The second phase, which Dr. Gedeon focuses, is the market. He stresses why you need to be specific with whom you are selling your products or services to. This part calls for specificity, which include specific attributes or behaviors of target market, their demographic as well as their psychographic profile.
The rest of the videos will offer you pointers about what venture capitalists, such as, would like to look at your business plan, plus many more.