Business Plan Essay - 1290 Words

What you need to do instead to increase your chances of raising money So, if writing a business plan won’t increase your chances of attracting money, what will? How do you increase your chances of generating investor interest and launch a startup successfully? You could find part of the answer from the answer Sam Altman, the president at Y Combinator, gave at a EconTalk podcast when explaining the firm’s logic of not reading business plans. â€Å"We would rather spend the time working on their product, talking to users. What we care about is: Have you built a product? Have you spoken to users? Can we see that?† he said. Essentially, the answer lies in spending your time doing these four actions. Fill out the Lean Canvas You should swap†¦show more content†¦It’ll be the best way to figure out whether your assumptions are correct and gives you the chance to tweak them and your products or service if they aren’t. There are two core areas to focus on: †¢ Customer pain points †¢ Financial metrics Let’s look how you can validate these the most effectively. Validate customer pain points To know whether you know what the problem truly is for the customers, you need to actually talk to them. You won’t know if your new shirt buying app is a hit unless you know what aspects customers most hate about buying shirts and whether your proposed solution could solve those issues. ADD IMAGE From â€Å"Talking to Humans.† Photo Credit Tom Fishburne How do you talk to people? You could use the following tactics: Surveys - Customer focus groups – Trade fairs – Landing pages These offer you the chance to talk directly to potential customers and get their feedback. You can also just check social media and conduct keyword search on Google. What are the people searching solutions for? What are the pain points in current products and services that people mostly complain about on social media? Add Youtube The channels you should focus on browsing for real customer pain points include: Quora – Reddit – Stack Exchange Looking at these elements can help you identify the struggle customers have with existing product and the queries they are trying toShow MoreRelatedEssay about Creating a Business Plan1119 Words   |  5 Pagesyou must have guidelines, so to speak, to know where you are heading in the future. That is why before you can start a business you need to draw up a detailed business plan. Business plans are considered blueprints. A business plan is what is needed to get your business off the ground and to attract potential investors. A business plan is way to show that you are in the business to make money. Introduce the company and the product/service idea for the new venture. Triple S Night Club is a new companyRead MoreBusiness Plan for Wash Dry and Guard Detailing Essay examples15667 Words   |  63 PagesBUSINESS PLAN FOR WASH DRY AND GUARD DETAILING Bachelors Capstone Final Project Elizabeth M. Towler MT499-01 Professor Ernest Norris Table of Contents Section 1: Executive Summary (Business Description) 2 Section 2: Code of Conduct 7 Section 3: Marketing Plan (Strategy and SWOT) 11 Section 4: Operations 16 Section 5: Finance 22 Section 6: Cash Flow Analysis 28 Section 7: InformationRead MoreBusiness Plan Essay954 Words   |  4 Pagesfinancial management company that generates value for their customers. 1st Year: We aim to form relevant technical partnerships and register as vendor with at least 20 new clients while closing medium to large scale deals in all our three main areas of business. In this year we will invest both financial and material resources to ensure that we enter new markets India and South America strong. 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Also, I will have in place the most detailed firewall protocolRead More business plan Essay1191 Words   |  5 Pagesof this business plan is to support a request for a 75,000 five-year bank loan to purchase equipment and inventory as part of the financing for a start-up sole proprietorship, Fast ‘n Fresh Premiun Ice Cream Parlor. The business will be owned by Daniel W. Beese and will be located in leased space at 858 Success Ave in the new Riverside Faire shopping center, Jacksonville, FL 32211. The owner will provide a minimum of 75,00 in initial equity. nbsp;nbsp;nbsp;nbsp;nbsp;The business will serveRead MoreBusiness Plan Essay976 Words   |  4 PagesTHIS AGREEMENT (the â€Å"Agreement†) entered into this ________ day of __________ 2017 by and between JAVA GROUP CO. (hereinafter referred to as the â€Å"JAVA†), and MEMORIAL HEALTHCARE SYSTEM d/b/a SOUTH BROWARD HOSPITAL DISTRICT, (hereinafter referred to as the â€Å"MEMORIAL†). 1. JAVA shall be set up and operate a Coffee Kiosk/Cart (the â€Å"Kiosk†) on the inside of the MEMORIAL and Off-site premises located in Broward County, Florida. The space will be located at the Memorial’s Main Lobby or MEMORIAL’s BreakRead MoreBusiness Plan Essay857 Words   |  4 Pages3. Plan IT value imperatives: With the sensible comprehension of the nature and culture of our business, we are practically prepared to start adjusting the IT work with business system. We ought to plan the IT domain and see correctly how they are collected into benefit offerings. 4. Interpret the Context: Suspect the internal and external variables that could influence the business. Translate the overall business and monetary patterns to guarantee your business can effectively oversee change. 5Read MoreBusiness Plan Essay3617 Words   |  15 PagesBusiness Plan My group and I are members of a small chemical company that are going in to business to produce Epsom salts. (Information on Epsom salts can be found in background information). Our company name is The Epsom Company. In order to be the best company we have to ensure the Epsom salts we produce are a good quality. But despite this we are also looking to make a profit and so cost must be as limited as possible. We will need to pay strict attention to the