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6.6 Business Plan Preparation - Coggle Diagram
6.6
Business Plan Preparation
Who is responsible for BP Preparation
The idea originator aided by the marketing and finance people in the firm
Consultancy might be utilized
A proof reader checks on the plan
The plan is a living document subjected to change to reflect realities
Seven Phased Model of Technological Innovation
Invention Phase 1: Conceive and refine an Idea
(Phase 1 - 3 is pre-start up)
To solve a problem
To meet customer needs
To grab an opportunity
Invention Phase 2: Develop a Product / Service from the Idea
(Value Proposition)
For a target market
Develop and improve the Idea
Protect the intellectual property
Planning Phase 3: Develop the Business Model around the Idea
Execution Phase 4: Seek Funding
(Find Investment Capital 1-24 months)
Execution Phase 5: Create a functioning start-up
(3-30 months)
Decisions in this stage might include:
Facilities needed
Staffing, organization
Produce goods or provide services
Execution Phase 6: Maturity and financial sustainability (Growth)
Execution Phase 7: Continuous innovation
Presenting the Business Plan
Public Speaking
Business Pitch
Intro 1 min
Industry 2 min
Target market and competition
Product / Service 2 min
The problem / need
The solution and business model proposal
Management 2 min
The team
End 1 min
Conclude
Financing 2 min
Financial needs and expenditure
Planned margins
Expected BEP and ROI