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CHAPTER

10 Preparing a

Business Plan

CHAPTER OBJECTIVES

• Describe how to prepare to write a business plan.

• Identify stakeholder interests. • Explain how to demonstrate proof of concept. • List the components of a compelling executive

summary. • Discuss the elements of an effective business

plan. • Describe how to successfully pitch a new

business.

BUSINESS PLANS

• A business plan depends on your having achieved a validated business model that has been market-tested and is reliable, repeatable, and scalable because a business plan is about building and growing a company, not starting it.

• Business plans should be based on reality.

10.1 PREPARING TO WRITE

A BUSINESS PLAN

• The following tasks are a guide to the founding team in preparing to write a business plan. 1. Identify who is responsible for what.

• Make a list of everything that must be collected and how it needs to be collected.

• Decide who will do what and by what date it must be accomplished.

2. Develop a timeline based on tasks identified. • Determine whether all of the tasks are critical to the business plan. • Prune any that are not essential to conveying a convincing

argument.

3. Hold the team to the timeline and work diligently to get the plan done.

• Get a trusted third party to review the plan to catch anything the team may have missed.

• Plan to review the business plan at least once a year.

10.1a Identify Stakeholder Interests (slide 1 of 5)

• Every new venture has stakeholders external to the founding team. • These stakeholders view the new venture from

different perspectives so you will need to develop an executive summary, pitch, and business plan to address the needs of particular stakeholders.

10.1a Identify Stakeholder Interests (slide 2 of 5)

Investor Interests • Anyone investing in a new venture has four principal

concerns: 1. Rate of growth.

• Investors want to know how fast the business is projected to grow, when that growth will take place, and what will ensure that the growth actually occurs as predicted.

2. Return on investment. • Investors are naturally concerned when and how the principal

portion of their investment will be repaid and how much gain on that investment will accrue over the time they are invested in the company.

10.1a Identify Stakeholder Interests (slide 3 of 5)

Investor Interests (continued) 3. Degree of risk.

• Investors want to understand thoroughly the risks they face in investing in the new venture.

4. Protection. • Investors want to know how their original equity will be protected

and how you will mitigate any challenges your business will face.

• Investors have found that the primary flaws in most business plans are: • Overly optimistic financial projections. • Too much hype. • Poor explanation of the business model. • No demonstration of customer demand.

10.1a Identify Stakeholder Interests (slide 4 of 5)

Lenders’ Interests • Lenders, whether they are banks or private lenders, are primarily

interested in the company’s margins and cash flow projections, because they are concerned about how their loans or credit lines to the business will be repaid.

• They look at the qualifications and track record of the management team and frequently require personal guarantees of the principals.

• When considering a business plan and an entrepreneur for a loan, lenders have a few additional concerns: • The kind of positive impact the loan will have on the business. • The kind of assets the business has for collateral that can be

pledged as security for the loan. • How the lender will be protected if the business doesn’t meet its

projections. • The entrepreneur’s stake in the business.

10.1a Identify Stakeholder Interests (slide 5 of 5)

Strategic Partners’ Interests • If you intend to manufacture a product or bring a new drug or

medical device to market, you will likely choose to form a strategic alliance with a larger company so that you don’t have to incur the tremendous costs of purchasing equipment for a manufacturing plant or funding expensive clinical trials required by the Food and Drug Administration (F D A). • In a strategic alliance, the larger company that is allying itself with

the new venture is usually looking for new products, processes, or technologies that complement its current line of products or services.

• Accordingly, it will seek a new venture management team that has some previous corporate experience so that the relationship will be smoother.

• Larger companies are also interested in strategic issues such as the marketing and growth strategies of the new venture.

10.1b Proof of Concept Demonstration (slide 1 of 4)

• As part of the preparation for writing a business plan, you will want to ensure that you have a way to demonstrate that you have proved your business concept—that is, that you can provide evidence that customers in sufficient numbers want what you’re offering. • There are various types of proofs of concept (P O Cs), and

each has a different strength of evidence it provides. • You should not settle on one but, instead, move through the

entire spectrum with one P O C building on the next until critical mass is achieved and you are confident that the business can survive.

FIGURE 10.1 The Proof of Concept Pyramid

10.1b Proof of Concept Demonstration (slide 2 of 4)

Achieving Proof of Concept with a Prototype • Demonstrating proof of concept with a prototype

has a number of important benefits: • You develop a clear understanding of customer

needs when you put the prototype in their hands and watch how they use it.

• Changes in the prototype can be made early in the process when changes are less costly.

• Doing a prototype reduces the risk of failure.

10.1b Proof of Concept Demonstration (slide 3 of 4)

Achieving Proof of Concept with a Website • An enhanced beta site:

• Can communicate to visitors what the business does, who its customers are, and what its value proposition is.

• Can inform users about the founding team, the company’s mission and goals, and disclose to potential investors, customers, and other interested parties how to contact the business.

• Can communicate to customers / users the look and feel of the site without demonstrating the full functionality.

• Will tell you whether people are interested, how much time they spend on the site, how often they come back, and whether they communicate with the company. • In other words, it will prove that it’s worth the time and money for

you to build out a more elaborate site.

10.1b Proof of Concept Demonstration (slide 4 of 4)

Achieving Proof of Concept with a Website (continued) • Proprietary information that is not protected by patents or

trademarks should not be put on a beta site because companies regularly peruse the Internet for information on their competitors. • In fact, you should study the websites of your competitors for

important clues about what features you should build into your own site and how you might improve on what your competitors are doing.

Achieving Proof of Concept with Purchase Orders and Customer Sales • For some types of products, securing a purchase order or actual

sale is very possible. • This allows a company to save on inventory costs and manufacturing

costs.

10.2 STARTING WITH A

COMPELLING STORY (slide 1 of 2)

• Today, most investors want to see a well-written executive summary that tells a compelling story and grabs their interest.

• An important argument for developing an executive summary and pitch is that it forces entrepreneurs to identify and focus on the most persuasive aspects of the business.

• An effective executive summary and its associated pitch, which may be in the form of a PowerPoint deck or Prezi presentation, will do the following: • Convey the compelling story quickly and memorably. • Highlight the critical elements of the business that provide a

competitive advantage. • Highlight the various proofs of concept that have been achieved. • Present a coherent path to profitability and success that makes

sense. • Demonstrate that the team can successfully execute the plan.

10.2 STARTING WITH A

COMPELLING STORY (slide 2 of 2)

• The following essential questions must be answered by the executive summary and are organized in an order that builds a compelling story: • How will you grab my attention? • What pain is being addressed and who has it? • How is your venture solving the problem? • What is your venture’s competitive advantage? • Can your venture make money? • Can the founding team execute the plan? • Why is now the right time to launch this venture? • What is the team seeking from investors?

10.2a How Will You Grab My Attention?

• It is vital to lead with the most persuasive reason for the existence of the business. • Leading with the compelling reason solves the

problem of grabbing attention in the first 15 seconds and makes sure that what investors and others need to hear is up front and obvious.

• Grabbing attention at the start of the executive summary means that your readers will likely not tune out when you start to get into the details.

10.2b What Pain Is Being Addressed and Who Has It?

• Entrepreneurs need to emphasize that they are going to solve very big and very important problems because big problems translate to large markets.

• If you did your customer discovery and validation work effectively, you discovered a total available market (TAM), a serviceable available market (SAM), and a serviceable obtainable market (SOM). • Entrepreneurs always start with the TAM because it’s the easiest to

calculate being simply the total size of the market for whatever you’re selling.

• Initial markets (first customers or SOMs) are always those for which the pain is greatest.

• It’s easy to find the numbers for your TAM and SAM and forecast based on historical data; however, the SOM will require a bottom-up forecast that includes how you will use your startup’s resources to reach your sales goals.

FIGURE 10.2 Types of Market Evaluation

10.2c How Is Your Venture Solving the Problem?

• You should demonstrate a clear link between the problem or pain and the solution you’re offering. • What are you providing and how does it specifically solve the

problem? • What kind of business is this? • Where does it fit in the value chain?

• If you currently have customers or any proof of concept, now is the time to emphasize these facts.

• It’s important to be specific about who your first customer is and how you know that they will buy what you’re offering. • Getting the customer wrong means there is no business.

10.2d What Is Your Venture’s Competitive Advantage?

• No venture can succeed in the long term without a sustainable competitive advantage—not a single competitive advantage but a bundle of them encompassing every aspect of the business.

• The executive summary needs to address which advantages will enable this venture to create a unique unserved niche and to enter the market and secure customers with little or no competition in the beginning.

• In the executive summary, you should be very specific about comparing your offering with a significant competitor. • Given the competitor’s established brand and position in the

market, why would customers choose your company?

10.2e Can Your Venture Make Money? (slide 1 of 3)

• How will the business create and capture value that will enable it to make money over the long term? • In general, value is created when the business is adequately

capitalized and has: • Highly regarded investors. • An experienced management team. • Customers. • A unique technology, product, or service. • The ability to continually innovate. • A rapidly expanding market.

10.2e Can Your Venture Make Money? (slide 2 of 3)

• Once your new venture has passed the startup stage, additional value is created by: • Its position in the market. • Significant customers. • Effective operating systems. • A strong gross margin. • Positive cash flow. • A high return on equity.

• You need to be able to identify the critical metrics on which the business will be judged and demonstrate that the business model is repeatable, can be leveraged to develop new revenue streams, and is scalable as the market grows or new markets are added.

10.2e Can Your Venture Make Money? (slide 3 of 3)

• Because executive summaries are most often used to raise capital, the questions they answer are frequently of great interest to an investor or lender. • How much money is needed to address this opportunity? • How will the capital be allocated and at which milestones? • How will the business provide a superior return on investment (R O

I)? • Which exit strategies are possible?

• In addition to explaining the business model, you need to present a well-thought-out summary financial plan with three to five years of projected revenues, expenses, cash flow, and headcount or personnel requirements at various milestones. • These numbers must be backed up with solid assumptions.

• You also need to identify the critical success factors for the business as well as the critical risk factors and how they will mitigate them.

10.2f Can the Founding Team Execute the Plan?

• Why is this founding team the best team to execute this concept? • Can it be demonstrated that the founding team has the

experience and skills required by the various areas of the business? • If the team has someone who accomplished something significant in

the industry, it should be highlighted.

• Do the founders have their own money invested in this concept? • It is easy to spend other people’s money or to consider “sweat” equity

as equivalent to cash—but it isn’t equivalent in the eyes of investors, who figure that the founding team won’t give up easily if they have invested their own money in the deal.

• Does the team have the passion and the drive to make this business a success? • Passion and drive are difficult to measure but are reflected in the level

of work that was put into the market research.

10.2g Why Is Now the Right Time to Launch This Venture?

• What makes this concept so valuable right now? • If this business is the only one of its kind, why is that

so? • Has anyone tried this before and failed? If so, why? • What makes the current environment right for this

venture? • Timing is critical in the launch of any new venture, so it is

important to explain why now is the right time and how long the window of opportunity will remain open.

10.2h What Is the Team Seeking from Investors?

• A finely honed executive summary is needed whether or not you are seeking investor capital. • If your new venture is self-funded, this section of the business

plan will discuss the funding plan going forward. • If you are seeking investor capital, this section will specify the

minimum amount of capital required to meet the next major milestone.

• If you expect to need several rounds of investment, the associated milestones and funding amounts should be projected.

• Do not include any language about equity stakes or return on investment for the investors. • That will come later as part of a negotiation.

10.2i Guidelines for Executive Summaries

• Here are some guidelines to consider when developing the executive summary: • Keep the executive summary to no more than three to five pages,

single-spaced with white space and headers for easy reading. • Read each sentence multiple times to prune unnecessary words and

to make sure that the summary is focusing on the critical points. • Include recognizable names if there is an established relationship

with the person or company. • Avoid puff words and phrases such as “no one else is doing this” or

“our financial projections are conservative.” • Avoid jargon and acronyms that might be foreign to the reader or listener. • Explain the business in words that anyone can understand. • Use analogies if they help the reader or listener to quickly understand

your business. • Keep the pitch deck to about 10 slides that contain only the key

points in large fonts; use graphics and high-quality photos.

TABLE 10.1 Business Jargon to Avoid

Think outside the box Scalable

Lots of moving parts Best practice

Ducks in a row Empower

Core competency Drinking the Kool-Aid

Leverage Move the needle

Buy-in Drill down

Core values Vertical

Unpack Synergize

10.3 PREPARING THE FULL BUSINESS

PLAN: STRATEGY AND STRUCTURE

• The most effective business plans focus on telling a story about the business in a clear and compelling manner, providing evidence to support claims made, and giving the reader a rich picture of the strategy the company is taking as it grows.

TABLE 10.2 Outline for the Business Plan

10.3a Components of the Business Plan (slide 1 of 15)

The Business • This section provides the key information a

reader would want to know about the business so that the rest of the business plan makes sense.

• This section also introduces the business model, which is the heart of the business.

• If you already have customers, showcase that here.

10.3a Components of the Business Plan (slide 2 of 15)

Industry / Market Analysis • The industry is the environmental context for your business; it

determines whether the business can be profitable. • Presenting the demographics of the industry, the major trends, the

possibilities for disruption, and the potential impact of industry opinion leaders should demonstrate your ability to be successful in this industry.

• The market is defined by customers. • You would want to lay out the demographics of the broad market

you’re targeting and then show how you segmented that market to arrive at a first customer.

• You also need to explain how you calculated demand, what the competitive landscape looks like for that market, which distribution channels you’ll use, and what your overall entry strategy will be.

10.3a Components of the Business Plan (slide 3 of 15)

Product / Service Development Plan • This section provides a detailed description of your

product or service and the timeline for completion of the prototype and final product or service.

• If you have a technology business, you should provide a technology assessment with a Technology Readiness Level (T R L). • The T R L is a measurement system originally developed by

NASA to assess the maturity level of a technology on a scale of 1 (where scientific research is just beginning) to 9 (which is a proven technology). • Many investors will not consider an investment until a technology

has reached at least T R L 6 or 7.

FIGURE 10.3 Technology Readiness Levels

10.3a Components of the Business Plan (slide 4 of 15)

Founding or Management Team • This section should present:

• The qualifications of the team (experience, expertise, resources). • How the team will cover the critical tasks. • What gaps, if any, there are in the team. • Who the significant people are who will participate as advisors or as

members of the board of directors.

Organization Plan • This section discusses the legal form of organization that the

venture will take, whether that be as a sole proprietorship, partnership, L L C, or corporation.

• This section includes an organization chart showing key management, defines personnel required for specific duties and employee incentives, and discusses the use of strategic partners.

10.3a Components of the Business Plan (slide 5 of 15)

Operations Plan • This section of the business plan contains a detailed description

of the business operations, including those processes that the new venture will own and undertake in-house and those that will be outsourced to a strategic partner.

• A major portion of this section explains: • How the business will operate. • Where it will get its raw materials. • How a product will be manufactured and / or assembled. • What type and quantity of labor will be required to operate the

business.

• The location strategy is also included in this section.

10.3a Components of the Business Plan (slide 6 of 15)

Marketing Plan • The marketing plan is the strategy for communicating the

company’s message, developing awareness of the product or service (brand equity), and enticing the customer to purchase.

• The marketing plan includes: • A discussion of the plan’s purpose. • The market niche. • The business’s identity. • Tools that will be used to reach the customer. • A media plan for specific marketing tools. • A marketing budget.

10.3a Components of the Business Plan (slide 7 of 15)

Financial Plan • This section demonstrates the financial viability of the venture and

explains the assumptions you made in doing the forecasts. • It is designed to show that all the claims about the product, sales,

marketing strategy, and operational strategy can work financially to create a business that can survive and grow over the long term.

• The financial plan begins with a summary of the key metrics for the business: • Time to positive cash flow. • Break-even and sales volume. • Capital requirements to launch the business.

10.3a Components of the Business Plan (slide 8 of 15)

Financial Plan (continued) • Fundamentally, it presents a snapshot of the

entrepreneur’s predictions for the immediate future of the business. • Generally, these forecasts are in the form of a complete set of

pro forma financial statements broken out by month in the first year or two, and then annually for the next two to three years. • The forecasts consist of a statement of cash flows, an income

statement, and a balance sheet.

10.3a Components of the Business Plan (slide 9 of 15)

Financial Plan (continued) • A statement of cash flows provides information on changes in

the company’s cash account through inflows and outflows of cash and cash equivalents associated with the daily operations of the business. • Operating cash inflows include sales and accounts receivable that

have been collected. • Nonoperating cash inflows are loans, investments, or the sale of

assets. • Cash outflows consist of inventory payments, accounts payable

payments, and payments associated with payroll taxes, rent, utilities, and so forth.

• Nonoperating cash outflows include such items as payments of principal or interest on debt, divided distribution, and asset purchase.

10.3a Components of the Business Plan (slide 10 of 15)

Financial Plan (continued) • The income statement, also known as a profit and loss

statement, provides information about the projected profit or loss status of the business for a specified period of time. • It depicts when the new venture will cover its costs and begin to make

a profit. • Revenues and expenses are recorded in the income statement when

a transaction occurs in the case of sales, or when a debt is incurred in the case of expenses, whether or not money has been received or expended.

• The balance sheet, called a “statement of financial position,” looks at the financial health of the business at a single point in time—a given date. • The balance sheet is divided into two parts that must balance; that is,

be equal to each other based on the following formula:

Assets Liabilities Shareholders' Equity 

10.3a Components of the Business Plan (slide 11 of 15)

Financial Plan (continued) • Ratios compare items in the financial statements and

convert them to relative terms so they can be compared to the same ratios in other periods or in other companies.

• The following are five of the most common tools used to measure liquidity, debt, and profitability: 1. Current ratio.

• The current ratio provides information on the company’s ability to meet short-term obligations.

• It is found by:

• The higher the number, the more liquid the company is and the more easily these assets can be converted to cash to pay off short-term obligations.

Current ratio Total current assets/Total current liabilities

10.3a Components of the Business Plan (slide 12 of 15)

Financial Plan (continued) 2. Profit margin.

• This is a profitability ratio that uses net income and net sales from the income statement to give the percentage of each dollar of sales remaining after all costs of normal operations are accounted for.

• It is found by:

3. Return on investment. • This ratio provides a measure of the amount of return on the

shareholders’ investment based on the earnings of the company. • It is found by:

Profit margin (%) Net income/Net sales

Return on investment (ROI) Net income/Shareholders' equity

10.3a Components of the Business Plan (slide 13 of 15)

Financial Plan (continued) 4. Inventory turnover.

• This ratio is a measure of the liquidity of inventory or the number of times it turns over in a year.

• It is found by:

5. Break-even analysis. • This tells you how many units must be sold before your company

can achieve a profit or the sales volume required to be profitable. • The break-even point is that point at which the total variable and

fixed expenses are covered and beyond which the company makes a profit.

• It is found by:

Inventory turnover Cost of goods sold/Average inventory

Total fixed costs Break-even quantity

Selling price Variable costs (unit) 



10.3a Components of the Business Plan (slide 14 of 15)

Growth Plan • The growth plan discusses how you plan to take your business

from startup through the various stages of growth and outlines the strategy that will be used to ensure that the business model is sustainable and continues to scale over its life.

Contingency Plan and Harvest Strategy • The contingency plan presents potential risk scenarios, usually

dealing with situations such as unexpected high or low growth or changing economic conditions, and then, for each situation, suggests a plan to minimize the impact on the new business.

• The harvest or exit strategy is the plan for capturing the wealth of the business for the founders and any investors. • It typically involves a liquidity event, such as an initial public offering,

a merger, or a sale, among other options.

10.3a Components of the Business Plan (slide 15 of 15)

Timeline to Launch • The business plan should contain a graphic that depicts the

timeline to launch and the critical milestones that take the business from its current status to first customer.

Appendices • Appendices are the appropriate place to put items that support

your claims in the main body of the report—things like résumés, calculations, surveys, spreadsheets, and so forth.

Endnotes • Endnotes are simply the linked citations to material in the main

body of the report that were gathered from sources other than the entrepreneur.

FIGURE 10.4 Timeline to Launch

FIGURE 10.5 Timeline for a Business

That Has Launched

10.4 SUCCESSFULLY PITCHING

THE BUSINESS (slide 1 of 2) • For entrepreneurs seeking outside investment capital, it is not uncommon

to be asked to do a pitch or presentation designed to persuade or promote the value of the business.

• Usually the pitch occurs after potential funders have reviewed the executive summary and determine that it is worth their time to hear from the entrepreneur and the founding team to judge whether they measure up to expectations.

• The pitch should answer the fundamental questions in the section on creating a compelling executive summary.

• The pitch itself should take less than half an hour—usually about 15 to 20 minutes.

• The pitch should catch the audience’s attention in the first 15 to 30 seconds.

• This is usually accomplished by conveying the compelling story of the pain or problem in the market, the magnitude of the pain, and how the new venture will cure or solve that pain for the customer.

10.4 SUCCESSFULLY PITCHING

THE BUSINESS (slide 2 of 2)

• Here are some guidelines to consider to ensure an effective pitch. • Stand without using a podium as this enables a better command of

the situation, enhances rapport with the audience, and makes it easier to use gestures and visual aids.

• Move around without pacing because moving helps reduce stress and livens up the presentation.

• Maintain eye contact with everyone and talk to the audience. • Use visual aids, such as colorful PowerPoint slides with high-

resolution photos and minimal text. • Slides should be kept simple (no more than three lines per slide), be

big enough to read from a distance, and be professional-looking. • A live demonstration, if there is a product or service involved, helps to

generate excitement about the business. • The C E O and perhaps the chief technical person should do the

pitch, although other members of the team may be drawn in during the question and answer period.

10.4a Answering Questions (slide 1 of 2)

• Investors generally like to ask questions to which they already know the answers; this is a test to see whether the founding team knows what it’s talking about or whether the team is making up answers spontaneously.

• Investors often ask questions that either require an impossibly precise answer or are so broad that it’s hard to tell what they are looking for. • In this instance, the presenter should repeat the question to ensure

that it has been understood or ask for clarification.

• If investors ask a factual question to which you do not know the answer, you should admit that you don’t have that answer off the top of your head but will be happy to find it after the meeting is over and get back to the questioner.

10.4a Answering Questions (slide 2 of 2)

• The type of question that poses the most problems for the founding team is the inordinately complex one that contains several underlying assumptions. • Example: “If I were to analyze your new venture in terms of its

market share before and after this potential investment, how would the market strategy have changed and how much of the budget should be allotted to changing that strategy?” • The first thing you should do when faced with such a question is

to ask that the question be repeated, to ensure that you haven’t missed anything or made an incorrect assumption, and then take a few seconds to formulate an answer.

• If the pitch or anything the team has proposed is criticized by investors, you should be careful not to be defensive or to turn the criticism in any way on the audience.

10.5 FINAL THOUGHTS ON

BUSINESS PLANS

• Preparing and pitching a business plan are the culmination of months of work and represent the heart and soul of a new venture.

• A well-conceived plan enables the benchmarking of progress toward the company’s goals.

• It establishes the purpose, values, and goals of the company that will guide its decision making throughout its life.

• Even successful entrepreneurs who have started businesses without a written plan have had to write business plans when they needed growth capital, a government grant, or a credit line from a bank.

• The important thing to remember is that a business plan is a living document that will no doubt undergo numerous changes over the life of the business.

CHAPTER 10 Preparing a Business Plan
CHAPTER OBJECTIVES
BUSINESS PLANS
10.1 PREPARING TO WRITE A BUSINESS PLAN
10.1a Identify Stakeholder Interests (slide 1 of 5)
10.1a Identify Stakeholder Interests (slide 2 of 5)
10.1a Identify Stakeholder Interests (slide 3 of 5)
10.1a Identify Stakeholder Interests (slide 4 of 5)
10.1a Identify Stakeholder Interests (slide 5 of 5)
10.1b Proof of Concept Demonstration (slide 1 of 4)
FIGURE 10.1 The Proof of Concept Pyramid
10.1b Proof of Concept Demonstration (slide 2 of 4)
10.1b Proof of Concept Demonstration (slide 3 of 4)
10.1b Proof of Concept Demonstration (slide 4 of 4)
10.2 STARTING WITH A COMPELLING STORY (slide 1 of 2)
10.2 STARTING WITH A COMPELLING STORY (slide 2 of 2)
10.2a How Will You Grab My Attention?
10.2b What Pain Is Being Addressed and Who Has It?
FIGURE 10.2 Types of Market Evaluation
10.2c How Is Your Venture Solving the Problem?
10.2d What Is Your Venture’s Competitive Advantage?
10.2e Can Your Venture Make Money? (slide 1 of 3)
10.2e Can Your Venture Make Money? (slide 2 of 3)
10.2e Can Your Venture Make Money? (slide 3 of 3)
10.2f Can the Founding Team Execute the Plan?
10.2g Why Is Now the Right Time to Launch This Venture?
10.2h What Is the Team Seeking from Investors?
10.2i Guidelines for Executive Summaries
TABLE 10.1 Business Jargon to Avoid
10.3 PREPARING THE FULL BUSINESS PLAN: STRATEGY AND STRUCTURE
TABLE 10.2 Outline for the Business Plan
10.3a Components of the Business Plan (slide 1 of 15)
10.3a Components of the Business Plan (slide 2 of 15)
10.3a Components of the Business Plan (slide 3 of 15)
FIGURE 10.3 Technology Readiness Levels
10.3a Components of the Business Plan (slide 4 of 15)
10.3a Components of the Business Plan (slide 5 of 15)
10.3a Components of the Business Plan (slide 6 of 15)
10.3a Components of the Business Plan (slide 7 of 15)
10.3a Components of the Business Plan (slide 8 of 15)
10.3a Components of the Business Plan (slide 9 of 15)
10.3a Components of the Business Plan (slide 10 of 15)
10.3a Components of the Business Plan (slide 11 of 15)
10.3a Components of the Business Plan (slide 12 of 15)
10.3a Components of the Business Plan (slide 13 of 15)
10.3a Components of the Business Plan (slide 14 of 15)
10.3a Components of the Business Plan (slide 15 of 15)
FIGURE 10.4 Timeline to Launch
FIGURE 10.5 Timeline for a Business That Has Launched
10.4 SUCCESSFULLY PITCHING THE BUSINESS (slide 1 of 2)
10.4 SUCCESSFULLY PITCHING THE BUSINESS (slide 2 of 2)
10.4a Answering Questions (slide 1 of 2)
10.4a Answering Questions (slide 2 of 2)
10.5 FINAL THOUGHTS ON BUSINESS PLANS