The New Business Road Test
What Entrepreneurs and Executives Should Do Before Writing a Business Plan
Number of pages: 270
Publisher: Prentice Hall
BBB Library: Entrepreneurship, Operations Management
ISBN: 9780273708056
Editorial Review
Whether you’re an entrepreneur starting your own business or an executive developing a new product or service for your company, before you even think about writing a business plan, make sure you’ve checked all the fundamentals first. At least, give your new business a fighting chance if you don’t want to be a contributor to the business failure statistics.
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Wisdom to Share
They ask this simple question for a very simple reason: they know most business plans never raise money.
So committed are they to showing a reluctant world that their vision is an accurate one that they want to know before bad things can happen why they might be wrong.
A market consists of a group of current or potential customers having the willingness and ability to buy products to satisfy a particular class of wants or needs.
It’s about providing differentiated benefits that are so compelling that customer abandon their allegiance to former providers and give their business to you.
If your dream is to build a high-growth venture, you will need to enter the market in which you offer the customer clear and compelling benefits, at a price he or she is willing to pay.
Defining industries narrowly has some merit. It can clarify your focus as to who the principal competitors are, which helps in assessing competitive rivalry.
The hard part, though is sustaining that initial advantage, since offering superior benefits at the outset is not sufficient to build an entrepreneurial venture that can last over time.
Imitation occurs quickly in most industries, both from existing competitors and from new entrants, so initial advantages can disappear in a heartbeat.
Successful entrepreneurship requires a clear vision about what you, as an entrepreneur, want out of the effort.
Without a clear mission, your entrepreneurial efforts will be fragmented, lacking in purpose and direction.
Without understanding your own aspirations, you will be unable to articulate to others whose support you will need why they should support you.
Without identifying your own level of risk propensity, you’ll be unable to demonstrate to investors, that you’re willing to share in the risks you will ask them to take.
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