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Right idea,right resources and right strategy.
The work of strategic planning regulator
1. Definition Of The Problem. Every plan must start with an explanation of the problem the business aims to solve–not a description of the company and product.
2. Marketing and Sales Strategy. Here you sum up how you will go to market, including your pricing and distribution channels (which could also include strategic partnerships). This is a good place to map out a timeline of key milestones.
3. Executive team. Investors ultimately bet on people, not ideas. Convince investors that your team has the chops and determination to start new businesses, and demonstrate deep knowledge in the company’s specific domain. Include members of the Advisory Board and key industry players involved in the company.
3 mosst important ingredients to make a great business are
(1) A great business idea - Everything starts from a unique and creative idea which brings outstanding results and also longlasting
(2) Funds - Till the time business starts giving us money, enough funds are required to establish and build a strong foundation, make break even and go even even beyond through a specific time period.
(3) Right people - Finally without the right brains at the right place the above2 ingredients IDEA and MONEY will undoubtedly be in drain and the business can only be a BIG FAILURE
Clearly define a need (existing or preceived) that they can fullfill
Clearly define the market(s) they target, competition in these markets, and the effective competitive strategy they will implement
Prepare an effective business plan to achive their goals. This will define the actions (tactics) to implement thier approved strategy, the performance measures for each task, and the required resources to execute these tasks.
