A logical approach is to break the overall plan down

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away. A logical approach is to break the overall plan down into THREE STAGES . First, attack four key sections: the Industry, the Company/Concept/Products, the Market, and Economics (think of this as stage one ); These sections will lay out the nature of the opportunity and how you are going to capitalize on it; Then, go after the Marketing, Design and Development, Operations, and Management Team sections ( stage two ); These sections really get at the nitty-gritty of how you will make things operational; Finally, address the Risks and Assumptions, Timetable, Financials and the Offering or Deal ( stage three ). Here you focus on implementation, what can go wrong, how the business will perform, and how much money is needed. Be sure that you have someone assigned to ensure the internal consistency among sections in the final document. Ultimately, write the plan for yourself, not for a course, an instructor, or a competition. It will be an invaluable part of your professional portfolio, and will give you a skill set that you can use for the rest of your professional life. You will refer back to it more often than you might think no matter whether you start your venture.
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IMAGINE > BELIEVE > CREATE 3 THE PLAN IS WORTHLESS IF YOU DON’T DO THE RESEARCH: Some Helpful Tips The best plans are always ones where the entrepreneur or team gathers the best information, does the most library & secondary research, the most extensive field research, and digs deeply. Better information helps you justify positions, ensures you have anticipated the challenges (a reality check), and is a source of creative inspiration---when you uncover approaches being used by others. Many answers you seek are h ard to find, don’t exist in one place, and must be pieced together. Research for a great plan is truly a “scavenger hunt” . We have prepared two excellent resources that address where to find key facts, figures and insights. Many sources, but certainly not all, are available electronically. The websites below are beginning points for your research: and If you limit your search to looking on the web through Google or some other search engine, you will miss much of the best research that will support your venture . In addition to the sites above, it is vital that you use the library and do a search using ABI-Inform (on UF website, click Research, then Library, then Databases, then Business and Management, then ABI-Inform. Then enter key words that relate to your venture. There are many rich information sources, from Mintel Reports and IBISWorld to government publications such as County Business Patterns . The librarians can be extremely helpful. You are especially encouraged to seek help from the business librarian. It is also vital that you get out in the field and talk to suppliers, trade associations, customers, competitors, and potential investors. They will open your eyes to things that you simply had not considered. Remember that a business plan is not a term paper, so
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  • Spring '17
  • Yongseok Jang
  • Marketing, The Market

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