Question

In 200 words or more What are the elements of a business plan? What is the process of building a business plan?

Answer 1

Building a business plan is basically not so difficult as it may seem. The only thing that is required in the same is structuring your ideas and plans and putting up a proper roadmap for the same.

Following are the elements of a busines plan.

1. Idea
2. budget
3. Structured Plan and way to move forward
4. SWOT analysis
5 Execution Plan
6. Use case scenarios
7. Trial scenario and execution plan trial.

Thus once youa are through this phase of planning and execution and final trial scenario it is very important that the feedback loop points towards again point no.1. This would basically help to improvise on the idea if not already done to make it unique and a more apprealing idea when one goes for a funding round or VC.

THus business plan is only one that is on paper. A continuous feedback loop should be there existing for each of the individual steps to improvise so that the final outcome comes out smooth and the product/service becomes appealing and less hassled than the original raw idea.

Also on the competition side, it would be difficult for me-too ones to simple ape the concept as a lot of thinking and a lot of intricate improvisations would have happened which are simple impossible for the competitor to idenitify. Also these may form the competitive edge for you.