Entrepreneur Life Plans
Idea is very important for any venture.
Idea should have future potential
Idea should provide simple solution to larger problem
Self Confidence, disciplined, work hard and goal oriented, flexible, opportunistic, egolessness, Drive and persistence, Risk Tolerance, Resilience
The mission statement conveys the direction in which the organisation must walk to in the long run.
Vision statements consists of the set of intermediate goals that define success
Values are guide for the day-to-day working of everyone in the organisation.
Business plan is essentially a strategy document with particular emphasis on the fiscal aspects of the business.
It drills down details about at least three year income, expenses, profitability projections.
Based on the need of Entrepreneur he has to decide whether he wants to create a proprietorship, partnership, LLP or Private Limited Company
After deciding organisation structure one needs to plan office setup, premises, office equipments, furniture fixtures, plant and machinery and hire people.
What is the initial fund requirement for the project stage and subsequently on a monthly basis?
What are the sources of funds? Planning for Angel Investor, Venture capital or private equity?
What is the marketing strategy and budget?
How the product will reach to the targeted customers?
Strategy for online marketing and media coverage
After reviewing the intial performance entrepreneur has to incorporate the feedback of customers into the product and services, revisit the strategies and approach the market in full flow