http://foxycoleproductions.blogspot.com/2012/10/the-elements-of-good-business-plan-two.html
Both men agreed that a straightforward, no-hype approach was best. They also agreed about the importance of the Executive Summary, and how it should be written last.
As I move through the creation of my business plan, I made sure to incorporate these elements throughout my plan. All I had to do was put myself in the place of the investor, who is reading through it. The things I would want to know, these experts have addressed. Remembering that is actual human beings on the other side of the document, reading and absorbing it, is key. I liked the two articles, which I reviewed in depth in my last post, because they do focus on the human part, as well as what investors truly would like to see.
So far, I have done my best to follow their advice and keep the plan straightforward, and back it up with solid research. The challenge, however, has been that my company will be first to market. So the task for me was to demonstrate the niche. This challenge lead me to research a bit deeper into the unique approaches to use in a business plan for a startup that is also looking to establish a new brand and market.
I discovered that this is called "disruptive innovation" for some companies, depending on the company. My new company does fit the definition, according to a recent article on Brinq:
"The disruptive-innovation theory explains why new firms armed with relatively simple, straightforward technological solutions can beat powerful incumbents, often creating entirely new markets and business models."It just so happens that another expert in the field of business plans, Carl Schramm, talks about the Characteristics of the Entrepreneur in the article below. He says that he rarely reads the business plan, but looks for the persona to come through. Of the characteristics he listed, I meet them all. The ones in particular that caught my attention were:
"They think in terms of disruption, and are often thought to be disruptive by the change-averse.Understanding that my new company (which is still confidential until trademarks and copyrights are in place) could be considered disruptive technology or disruptive innovation adds a whole new level to how I will approach the rest of my business plan, including the all important Executive Summary.
They see things differently, considering untraditional forces that others didn't see."
Resources:
http://blog.guykawasaki.com/2012/01/how-to-create-an-enchanting-business-plan-officeandguyk.html
http://www.youngentrepreneur.com/blog/6-key-elements-of-a-good-business-plan/
http://www.brinq.com/workshop/archives/2005/01/08/what-is-disruptive-innovation
http://steinvox.com/2012/04/17/carl-schramm-straight-talk-on-entrepreneurship-why-we-need-it/
