As an entrepreneur jumping into the exciting building of your venture is exhilarating! You have a Plan that will turn your dreams into a reality. You are ready, but there are many questions you want to consider and ask yourself before doing so, including:
The problem you are solving
The alternatives your customers have to solving the problem
The market you are serving
The solution you are building
The fit of the solution vis a vis the market
The competition you will encounter
The customer(s) you plan to sell to
Are you building your venture based on your view combined with unchallenged assumptions? Are you considering a change of circumstances?
Do I really have to build projections? make predictions?
As you build your plan and begin to answer the questions, you will find yourself having to make predictions and future assessments. It just comes with the territory! While financial projections can be tackled later in the startup life cycle, start with the feasibility and macro level predictions. Are they based on solid knowledge, experience and research or assumptions?
Let me save you some time! One best recommended approach is to learn the planning methodologies for existing predictable and well-understood businesses in your market, in your industry, in your niche. Get your hands on work performed by others before you, that can then be extrapolated to your venture and customized.
The beauty of doing business in 2024 is that there are plenty of tools, services and FREE research out there, that allow you to test and firm up your assumptions. Don’t be blindsided and walk in the dark without the benefit of others' experience that have walked the path before you.
Oh No! My venture reality is deviating from the plan!
Of course it will! that is NORMAL. No plan lands 100%, not even large corporations with an army of talent and plenty of resources. Assumptions underlying a plan need to be tested, tweaked and updated. Best-guess estimates are only the starting point.
New data is constantly uncovered; the economy may move in a certain direction, your industry trend may change, your niche market can be disrupted by a new technology for example. When such new data are uncovered, they are incorporated into the evolving plan. The real potential of the venture is to adapt as new information comes to light. That's where opportunity lies!
If you are an entrepreneur, just starting to explore the possibility of creating a new business. Don't re-invent the wheel, get started with FREE Startup Pack, offering you the tools and tips you need early-on from finding the right idea, spotting a gap in the market, beginning to think about your business plan and more.
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Take the Next Step: Book a Free Demo!
Ready to take the next step in your business journey? Our team is here to help you get started. Book a free demo with our experts to explore how we can support your vision and set you up for success. Discover tailored solutions and personalized strategies that will give you a head start. Don't wait—reach out today and let's turn your dreams into reality!
WE BRING GREY HAIR TO YOUR VENTURE. urBIZassist believes in the power of "know-how" to transform lives and positively impact the world around us.
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