The business to start would be local grocery store.
- Would you like to create a start-up, buy an existing business, or perhaps a franchise?
- Will you have a business partner?
- Are you interested in selling a good or providing a service?
- What type of legal form will your business take and why?
Next, take a self-assessment.
- What are your strong points? What are your limitations?
- Evaluate your strong points and limitations to the business opportunities you have written down.
- Create a list showing which of the business ideas play to your strengths and which ones highlight your weaknesses.
Evaluate your options of possible businesses to start. Conduct research on entrepreneurial opportunities that you feel you would be most appropriate for.
Finally, what is your company's name, a short company description, and a possible slogan or tagline?
- What is your vision and mission for the business? Provide a mission and vision statement.
- Apply the elements of marketing as it applies to entrepreneurship.
- Your elevator pitch: a succinct description of your products or services, market, and competitive advantages.
•Size of opportunity: this is what investors - Venture capitalists (VCs) even more so than "angels" - want to know. To what size can your company potentially grow and what are your plans for future development?
- Your specific target customers: who they are and the customer needs that your product will meet.
•The market size: numbers and dollars, past growth, growth forecasts. Is there a market in my community for this kind of business?Will people buy my product or service?
•The competition: division of market share, how your product compares to theirs, your value proposition in comparison to the competition's, and barriers to entry.
- The business model: how you will distribute your product, pricing strategies, how you will reach your customers?
- Apply the elements of management as it applies to entrepreneurship.
- Your team: who they are, past successes and experience, and why they are qualified to do the job.
- The timeline: when you expect to reach key milestones.
- Apply the elements of finance as it applies to entrepreneurship.
- Financials: a brief summary of key points from your income statement and balance sheet.
•Funding: how much you are asking for in this round, how many future rounds are expected, how much you will request during those rounds, and how the funds will be used.
•The investment opportunity: potential exit strategies and financial return for investors.