By Jay Maharjan on September 16, 2007

Starting a business is a major commitment that will consume 24/7 of your life with no end in sight. It is always good to know what you are getting into before you take the plunge. From my experience writing business plans for large and small companies alike for the last 8 years, there are basically two reasons why you need a business plan – the first reason is to re-assure yourself that this wild dream that you have in your mind is actually attainable. And, the second reason is to convince a lender or a venture capitalist. More than likely, you are writing for the second reason. Whatever your reason may be, as the legendary management guru Peter Drucker would bluntly put – always ask yourself what your business is, who your customers are, and what the customer considers value.

In my opinion, here is a list of pointers that will save you headaches later.

a. Be clear about what you are selling.
b. Come up with Mission, Vision, and Objective statements for your venture.
c. Be honest with your Strengths and Weaknesses.
d. Conduct a thorough research on your vertical market.
e. Make sure there is a real opportunity.
f. Make sure your product or service addresses pain point (s).
g. Conduct a thorough research on your competitors.
h. Make sure your product or service addresses pain point (s) better than your competitors.
i. Be realistic with the revenue projections.
j. Surround yourself with people smarter than you. Do not be afraid to ask for help.
k.Seize the opportunity to scale up – quick.

More to follow on this topic. I can be reached at jaym@theoc360.com

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