The active process of organizing your thoughts on paper in the form of a Business Plan is very important for a number of reasons including the fact that we have a tendency to manifest more quickly what we can see visually.
You can test and validate on paper before investing a lot of time and money on a new project. You begin to develop a road map of how you are going to start your project; and perhaps one of the most important reasons is the Business Plan, you can withdraw the funds and resources that you need to completely start your business. You can know about best funding options from various web sources.
Here are some key elements that investors and strategic partners found most interesting:
1. Tell your story. You want to briefly explain how you came to do this project to show your connection and the level of passion you have for it. Investors want to see that you will be committed to carrying it through.
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2. Define the problem/solution. The bigger problem that you are a definitive solution to, the more people are interested will have, and ultimately the larger the check.
3. Identify and measure your market. You serve the market must be large enough to be financially viable investments in developing and defined enough to be reasonable for investors. "The World" is not your market.
4. Have a great idea. Some ideas are good but not great enough to invest a lot of time and money. Also, if you cannot properly protect your idea or see it as a scalable, might keep some people away.
5. Understand and stating the risks involved. Avoiding this conversation would leave investors and strategic partners to question the benefits of your plan. It's better to put all market risk out there and show that you're dealing with them systematically.