Tuesday, May 8, 2007

Business Planning by Story telling

The best presentations have a story telling style behind it. And if you want to become an entrepreneur you have to write the story of your business. Popularly known as a Business Plan.

The Business Plan tells you and your investors whether the business makes any sense. It also tells the audience about your thoughts and abilities and whether you can make it all happen.

We know about the various elements of the Business Plan which are:

  • Executive Summary, Company Description, Market Size, Technology description, Competetion, Sales Revenue generation, Finances, Management

There could be plans with slightly different headings but essentially they talk about as above. We might just focus on each of them separately but I'll start off where I most usually harp on: Finances

In this section of the plan you will try to explain how to set off your expenses with your revenues over a period of time. To me, this is very important. If you are not able to articulate that, it's time to rethink and maybe move away from the present idea to another one. Till you are able to build a model where you generate profits and build a sustainable enterprise.

One aspect of the Finances is deciding the right pricing. Head on to this article from Bnet for some insights. Determining the right pricing for your product/service


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