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;Contents;
Definition of a business plan
The role of a business plan in new business development process
The significance of a business idea
Developing a business idea
Elements of a promising business idea
Prioritizing a business idea
Protecting your business idea
; Definition of a business plan; Role of a business plan in new business development process; Significance of a business idea; Elements of a promising business idea; Does the market you plan to target with your products/services have adequate size (no precise analysis needed, statistics or estimates can be used)
Know who your competitors are.; A business idea should have the following four elements according to product/service type and business system
-Must specify where innovation is taking place; Consider feasibility (legal constraints, time/resource limits, etc)
Calculate overall profitability (simple cash flow, etc); Prioritization of a business idea - In search of a killer idea ;Protecting a business idea;
The need to write a business plan
Elements of a good business plan
Business plan structure; The need to write a business plan ; Elements of a good business plan ;Check to see if your readers can read and comprehend the summary in five to ten minutes even if the person has no previous knowledge of your business concept or its technical or scientific basis; Product/ service;Check List (Product/service) ; Market and Competition; Points to follow when making an estimate
Build on solid foundation : Rely on easily verifiable figures even though there may be many unknowns
Think logically : An estimate should be a logical conclusion and should not have any leaps in logic or depend on unspecified assumptions
Compare your sources : Check your facts with other sources (interviews, statistics, expert opinions) to ensure objectiveness
Be creative : Look for a substitute variable that relates to your need when a variable is unknown
Check for plausibility : Che
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