Evaluate Business Plan

Working through tough problems in a positive way is important.We recently saw this well demonstrated in an early stage company.We are finding that many companies have similar weaknesses in their business plans, and consequently much of our feedback is repeated.

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When looking at business plans, I always want to know how the owners plan to get paying customers to engage at a fee and quantity that allows them, as owners, to be in business and sustain themselves.

My frequently asked question is, "how do you plan to feed and clothe yourself and where do you plan to sleep while you're getting this venture off the ground?

The CEO should be smart and foster good problem solving, have demonstrated a strong work ethic, have a backbone, and enough self-confidence to recruit a staff that is intellectually strong and has complementary skills. Good leaders must be able to listen well, assimilate information rapidly, question the team thoroughly, and make decisions quickly.

They also need the honesty to change positions if needed – without losing the power or authority that is required to effectively lead the company.

Within this newsletter, the first two topics will be covered.

Never doubt that a small group of thoughtful committed people can change the world. Margaret Mead (1901-1978) The most critical part of a business plan is the people.Crafting the perfect business plan is often a challenge for any number of reasons.However, one of the biggest challenges standing in the way of a good business plan is the fact that oftentimes, no two investors, judges or members of your audience are looking for the same thing when evaluating a business plan.Multiple roles should be assigned at first if necessary, and filled with the right people as the entity grows and the timing is right.I like to see that type of thought process because it shows me they recognize that they won’t be able to do it all themselves and that business success revolves around collaboration and management." My hope is that it will cause the students to consider why they are planning to take the risks of entrepreneurship. In every business plan, I like to see the recognition of the need to cover and staff the production, sales and finance parts of the business.Roles should be established for the entity as if it were mature and successful.Are they inspiring to me, each other, and their marketplace?While this is very simple in summary, the task of evaluating by the three "I" criteria is something to be vigilant while reading any plan and listening to any entrepreneur. I look for it to be a realistic business plan, not something that is pie in the sky. I tend to look more on the conservative side since I feel that is the safest way to go.If inventive, can the idea be protected against new or existing competition?Finally, is the team assembled an excellent group that can't be stopped from succeeding?


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