Thursday, March 20, 2008

the opportunity plan leads to a biz plan

once you have validated your opportunity plan and you are convinced that the opportunity can be translated into a viable biz, the next logical step for you is to write the biz plan.

the biz plan is a mission- critical document both for actualizing opportunity and for raising resources. it is also the road map for the entrepreneur to successfully manage the new enterprise, once it is off the ground.

"It is well established that you cant raise money without a business plan… a business plan is a work of art in its own right. Each plan, like every snowflake, must be different. Each is a separate piece of art. Each must be reflective of the individuality of the entrepreneur. Just as you wouldn’t copy someone else’s romancing techniques, so should you seek to distinguish your plan for its differences" – Joseph Mancuso

Joseph Mancuso draws attention to three things - one, that you definitely cant raise funds without a biz plan, because unless you are investing your own money, whichever agency you approach for funds, the first question that you will be asked is 'have you written the biz plan?'.

two, no two biz plans are similar, hence copying somebody else's biz plan defeats the purpose. even within the same industry, biz plans may be different depending on the skill set the entrepreneur brings to the table and the vision that he may have for his organization. hence all biz plans have to originally written documents by the entrepreneur.

three, there are agencies that speicalise in writing biz plans but this is an absolute no no because it is the entrepreneur's responsibility to paint his idea on the canvas as he visualises it and not direct someone else to do the painting for him. as he articulates his idea, not only does clarity emerge, but his passion will also come through and that is the most important entrepreneurial characteristic that needs to shine through the biz plan document.

1 comment:

  1. Dear Professor,
    This is a great initiative. I thank you on behalf of all the aspiring enterpreneurs.

    1st time visitor to your blog, so dont have much to comment on. But I feel it may be a good idea to change the background color from black to may be white. It will be more soothing to eyes.

    Just a thought! Can totally be ignored!