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Essential Components of a Good Business Plan

Any business project starts with a cool idea. Without it, it is unlikely that something will work out. And why is it necessary to start at all? Further, there is a long way, which an author of the idea cannot overcome without support, advice and even assistance (for example, financial) in its implementation. What factors affect the idea’s victory, what are the guarantees of success, thanks to which the startup will probably become successful and interest investors? Let's look at the main components of a good and winning idea for a startup.
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Any cool project starts with a cool idea. Without it, it is unlikely that something will work out. And why is it necessary to start at all? Further, there is a long way, which an author of the idea cannot overcome without support, advice and even assistance (for example, financial) in its implementation. What factors affect the idea’s victory, what are the guarantees of success, thanks to which the startup will probably become successful and interest investors? Let’s look at the main components of a good and winning idea for a startup.

The Innovativeness

In the idea should be something, which distinguishes it from others. The technology market is developing rapidly, and you need to be always in touch with the situation in order to not to reinvent the wheel once again. Innovativeness always has a positive effect on economic development. It attracts new customers, offers great opportunities and increases the competitiveness of a company. A distinctive feature of a good business team: it offers something that others cannot offer.

The Scalability

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A very important component of the idea is the application of the product in other markets: such product gives rapid growth and, therefore, will bring profit faster, which means that it will be easier to find investments in the future.

The Relevance

Initially, it’s necessary to double-check the idea for ​​viability. Very often, aspiring entrepreneurs are so in love with their idea that they have a feeling that without their product, humanity simply cannot live. A good test of an idea starts with a portrait of your client, then you need to find this potential client in reality and try to sell him an idea. If competitors have already been analyzed, you can improve your product by analyzing negative reviews from customers of a competing product. It is important that the product declares super-goals (for example, “our product reduces bee mortality” or “our solution will help feed the hungry around the world cheaply”). A person is much more willing to accept your offer, since everyone wants to be part of the great whole, doing good things.

The Idea is Interesting to the Team

be-in-the-loop - Essential Components of a Good Business Plan

The idea should be primarily interesting to the final consumer: the one who creates it should present himself as the first potential buyer. Exactly the team must be first and foremost confident in the final product. Money shouldn’t become the main goal for the foundation of a startup, because then the whole process will turn into a mechanic and very soon become uninteresting. The idea should be not just a thought on duty for the founders, but their real passion, love and main experiment. The team should be really inspired by the idea and, if possible, make it a sense of life.

The Minimum Implementation Plan

In most cases, the perspective of an idea depends on practical, rather than theoretical, skills. One dream for its implementation is not enough. You need to understand the relevant technology not just superficially, but to be a professional. In addition, it is very important at the initial stages to think about a plan for implementation of the idea, give yourself answers to questions about how financial policy will be implemented, who the main buyer, competitor, potential partner are, where the funds will come from, etc. The fewer questions arise at the beginning of the road, the less likely they will appear unexpectedly in the future.

The Openness to Criticism

Reasonable criticism from professionals is always helpful. The team should understand that there will always be someone who knows more about the industry and can share the experience of trial and error. If the criticism is constructive, it helps the startup to develop and improve the existing business model. It is very important to listen and draw conclusions so as not to repeat other’s mistakes, although it is possible to learn both from others and from your own.

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The Idea Should Not Be Too Complex

The simplicity is always in fashion, this also concerns the technology market. If it can be seen at the initial stage that tremendous efforts are needed to implement the idea, then it is worth looking for a lazier idea. Because the more complex the idea is, the more efforts, time and money it will take to create the finished product. And in the future, this product will be more difficult in maintaining its efficiency. Don’t immediately strive to create something extraordinary unique and known to the whole world. In fact, promising ideas have a relatively short way to first profit. You also need to keep in focus the ease of integration with other solutions on the market. This is especially true for startups that work in the same segment, as the business uses at least three or four IT solutions, and your product should easily integrate into the client’s business processes.

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