Staring a new business
takes much more than talent or motivation. It takes a lot of research and planning.
The entrepreneur who is planning
to establish the new concept business find needs to analyze the reasons for getting
started on a new business. Every entrepreneur needs to ask he or herself the following
questions: What technical skills have I learned or developed that will help me set
up my new business? What do others say I am good at? Will I have the finances to
support my family when I leave my job to start the
new business? How much time do I have to run a successful business?
Once the business entrepreneur
has answered these questions it is time for a few more questions. Entrepreneurs
who are planning to set up niche or highly specialized new businesses need to answer
the following questions: What
new concept business is I interested in starting? What services or products
will I sell? Is my idea practical, and will it fill a need? What is my competition?
What is my business's advantage over existing firms? Can I deliver a better quality
service? And, Can I create a demand for my business?
Entrepreneurs have finished answering these questions are still keen on establishing
new business ventures
then need to write out business proposals that outline the business ideas and goals.
Business proposals are usually flexible documents that changes as the business grow.
There are several formats to business proposals and entrepreneurs need to be aware
of all the different formats.
Business proposal formats for
new business ventures range from mini plans to full length presentation
plans. The full length presentation business plan outlines the business proposals
as well as the financial outcome of the businesses. This is the format of business
proposal that banks prefer the most.
Venture capitalists and angel
investors on the other hand go through scores of business proposals every day. While
selecting from a pile of business proposals, they look for business proposals that
clearly and concisely outline the business idea.