Formulate (and Reformulate) Your Business Plan
- Be flexible early in the process and keep it fluid. Don't commit too early. Expect your first plan to be provisional and subject to revision.
- Ask yourself if your experience or expertise gives you the right to an opinion on your specific opportunity.
- Identify your potential deal killers: variables that are likely to prove fatal to the venture.
- Clearly identify what you see as the key drivers of success. What are you betting on here?
- Raise money only in sufficient amount to finance the experiment or evaluation you next envision, with a cushion for contingencies.
- Delay hiring key managers until initial rounds of experimentation have produced a stable business model.
- At some point, take the plunge and test your product or service on a small scare in the real world through customer research, test marketing, or prototypes.
- Test and refine your business model before expanding your operations.
|Top Ten Do's and Don'ts|
|THE TOP TEN DO'S||THE TOP TEN DON'TS|