Donald (Don) Plaisted Describes the Essential Elements of a Business Plan
Picture this. You are an entrepreneur with a great idea but no way to move your new product from the garage to the storefront. You need capital for your business to grow from investors or a loan to put money in your coffers to get started. The key to attracting investors and reassuring them of your idea’s feasibility will be a solid business plan. Business plans typically adhere to a standard structure that allows readers to easily find the information they need. Successful business plans contain several elements, but three crucial elements are the details of the business, examination of the marketplace, and background of the entrepreneurs.
The Business:
It is the entrepreneur’s obligation to provide investors with the information they need to make an informed decision. Investors need to know relevant information regarding the business’ structure and any milestones the company has achieved.
The Marketplace:
Present detailed data to potential investors to show them that your product has a viable market. Define the demographics of your target market, including as much information as possible such as age, ethnicity, geographic data, and whatever other pertinent information your research reveals. This section is also where you describe your competitors and their strategies and why you think you have the "next great idea/product."
Entrepreneur(s) Background:
You can reassure investors of your abilities as a business owner and manager by providing a good overview of your background and expertise. Don't be worried if you have never been in a startup before or haven't attended a top university, just show that you (and your team) have the necessary qualifications for the tasks at hand.
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As Managing Director, Donald Plaisted oversees the day-to-day operations of Draper Investment Company. A key member of the firm, Plaisted has successfully developed early-stage technology investment opportunities in Europe, India, and Asia.
