Entrepreneurship, and life in general, is unpredictable and full of uncertainty. There is no way to fully guarantee that your decision is the right one. After weighing all the options, listing pros & cons, and deciding on a specific course of action, it is your responsibility to also formulate a back-up plan.
Entrepreneurship
Who is Your Target Market?
“I have an idea for a mobile app, and I read that there are about 5 billion cell phones subscriptions. Even if I only get 10% of the market, I’ll be a millionaire!”
Have you ever heard something along those lines? We have.
Optimistic thinking is great, but realistic planning will get you from ‘keep on dreaming’ to ‘living the dream’. A realistic market share estimate involves market research, and assessments such as a competitive analysis. However, before in-depth research can be done you must identify a specific target market. Understanding your audience is key for creating and sustaining a successful venture.
The Importance of a Well-Written Business Plan
Traditionally, business plans were written for the sole purpose of obtaining funding. Many founders considered them a waste of valuable time and money, unaware of the immense value. The business plan was handed out to VCs or loan officers, never to be used again. Businesses that did not require much startup capital, or startups which were financed by the founders, often would not even bother preparing the document. However, in reality, a business plan is an essential component in launching a startup and sustaining a successful business.
Learn from Your Success
Another year has begun, and we are already nearing the end of February. This is a great time to go back and review your 2011 goals and see if you are on track. Have you reached the milestones set out? How should you adapt your strategy to better reach your goals? Remember that every plan is a basis for change, and it’s important to monitor progress and adjust accordingly.
The Top 3 Things VCs Look for in Your Business Plan
A business plan is essential to secure funding. You can have the best elevator pitch, but VCs want to see more before they decide that your startup is a viable idea. In order to attract VCs you should focus on the following 3 sections while writing your business plan.
Danielle Geva 