For most business owners the answer is usually “not enough”.
You often hear business owners talk about whether they are spending time “working in their business” or “working on their business”.
There’s a lot of advice out there for entrepreneurs and small business owners – “make sure you have a strategic plan”; “write a business plan”; “you need a sales & marketing strategy”; “you have to execute”; “you need a great team”; and on and on. As with most advice there is usually a kernel of truth (and in many cases more than that) in what is written. The problem, in my opinion, is that too often the writers make their specific subject – “plan”, “team”, “brand”, “execute”, etc. – seem as though it is the most important aspect of building your business.
A while back I wrote a blog posting, So you want to start a business? Why??. In it I addressed the more personal issues of “is this a business for you?”.
Recently I have been reminded of the number of people starting businesses that not only don’t have answers to the issues I raised in that post, but who also cannot answer basic questions about “is this just an idea or is it really a feasible business?”.
Welcome to the final part of how to write your first business summary.
After the introduction (Part 1), we covered Market Opportunity/Problem, Our Solution and Business Model in Part 2; Markets & Channels, Competition, and Our Advantages in Part 3; and Risks, Key Metrics & Financial Projections, and Team Bio’s in Part 4. In wrapping up we’ll discuss Accomplishments to Date, Next Steps and the Intro and Closing sections. Read through to the end for an offer from me to you.
Welcome to Part 4 of how to write your first business summary.
After the introduction (Part 1), we covered Market Opportunity/Problem, Our Solution and Business Model in Part 2, and Markets & Channels, Competition, and Our Advantages in Part 3. Seven more sections to cover; so today we will look at Risks, Key Metrics & Financial Projections, and Team Bio’s.
OK, time for part 3 in my description of how to write your first business summary.
In the previous post, I discussed creating your initial sections Market Opportunity/Problem, Our Solution and Business Model. Having described the opportunity you are addressing, with what product/service, and how you intend to make money, its now time to discuss who you are going to sell your product to. In this post we will cover Markets & Channels, Competition, and Our Advantages.
In my previous posting (Why You Need a Written Description of Your Business (Part 1)) I told why, in my opinion, you need a written description of your business as early as possible in the dream or kick-off stage of the development of your business. I also introduced the outline of a template that you can use to develop your first written business summary.
In this post we will cover some of the details of how to complete three of the thirteen sections outlined in the previous post.
Are you (or do you know) an entrepreneur that is just beyond the initial idea phase and is now working on fleshing out the concept and attracting the right players (potential partners, suppliers, customers, future employees, investors, etc.)?
If you are and were asked to describe your business concept to one of these potential players, what would you tell them?
Would you spend all the time discussing your product (or service) and how wonderful it is? Would you be able to provide any written description of the business (a business overview/summary)? With many of the entrepreneurs that I meet the answers to these questions are “Yes, I only talk about the product”, and “No, I don’t have any written description of the business”.
My first reaction on being asked this question was: is this person [superemotions file=”icon_eek.gif” title=”EEK”] crazy? Of course you do!!
But then, on reflection, I realized that this being the (Ameri-) English language we should probably go over some definitions and clarification of what (I think) you need when.