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STARTING YOUR BUSINESS

Business plans are critical to the success of any new venture.

You have designed and thought through your business model. Now, you have the perfect basis for writing a good business plan. A business plan is essentially a more detailed version of your business model. It covers the management team, the operational model, financial analysis, external environment, implementation roadmap and risk analysis. Business plans are critical to the success of any new venture. Take some time to work with business counselors or partners as well as colleagues on your plan.

Think basic. Look into the fundamentals that are widely available. The simple 4Ws and 1H theory (Who, What, Why, Whom & How) and the humble 7Ps (Product, Price, Place, Promotion, People, Process & Physical) are well documented set of tools that might sound archaic but it will get you started on the right foot.

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