It is called an elevator pitch as it is supposed to be content that can be explained to someone else quickly in an elevator. Is the idea for the product or service innovative, a unique invention, or is the dream truly inspired?
Those assumptions have to be reasonable. Management team Does this management team have the skills required to execute the plan? Student-driven teams are a plus. Are contingencies and exit strategies addressed? Make a beta site and have family members try it. Business plans that identify and target internal goals, but provide only general guidance on how they will be met are called strategic plans.
Winning a Business-Plan Competition: An internal business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors.
Why are YOU the best team to do this? Therefore, you need to convince business plan competition questions investor that your team has what it takes to turn their money into a successful business. Having been on both sides of a contest, she recommends getting in a customer-oriented mindset. Go to market strategy Is it clear how the company will reach its initial customer?
Do they focus on a specific customer type, on serving the mass market, or on a particular niche? For example, if you plan to open an office supply store you may have three competing stores in your market.
How can you take market share away from their business? Online initiatives like online renewals and online reservations enhances customer convenience and positions us as a cutting-edge supplier in a market largely populated, especially in the cycling segment, by customers who tend to be early technology adapters.
Investors tend to think in terms of numbers, so show them the key metrics for your planned business, and let them know how your business will compare to industry norms.
Some will be direct competitors, some indirect, and some will be substitute products to a parent trying to keep a child calm on an airplane, a coloring book is a substitute for a Game Boy. Here is a simple process you can follow to identify, analyze, and determine the strengths and weaknesses of your competition.
Financials Are the financials consistent with the overall plan? The content and format of the business plan is determined by the goals and audience.
The industry enjoys relatively high profit margins Entering the market is relatively easy and inexpensive The market is growing--the more rapidly it is growing the greater the risk of competition Supply and demand is off--supply is low and demand is high Very little competition exists, so there is plenty of "room" for others to enter the market In general terms, if serving your market seems easy you can safely assume competitors will enter your market.
Did the team make a quality presentation? We also tell them: Most investors say that the startup team is more important than the idea itself, because a good team can fix a mediocre idea, but a mediocre team is likely to fail even if they are pursuing a great idea. What have you done, and what will you do?
The Competitive Analysis section of your business plan is devoted to analyzing your competition--both your current competition and potential competitors who might enter your market.
What are their weaknesses?
And, even if you do not ever plan to seek financing or bring in investors, you absolutely must know your competition. More in this series: How will you make money?Winning a Business-Plan Competition: Accept Feedback and Anticipate Questions Burke says investors are looking for a coachable CEO, not an arrogant leader who won't take advice.
"Listen to the. Business schools have an elevator pitch for prospective students: Choose our school and win cash for your startup. Infinite Cooling from MIT wins Rice Business Plan Competition. See All News. RBPC Elevator Pitches. Facebook Live Videos. RBPC Banquet Dinner. RBPC - One Wild Ride!
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Frequently asked questions about the Rhode Island Business Plan Competition. If you want to successfully pitch investors, you need to make sure that your pitch deck, executive summary, and business plan answer ten critical questions.
Ten Questions Every Business Plan Must Answer. and how you intend to stay one step ahead of the competition (say, in the form of patents or other sources of competitive advantage).
How to Write a Great Business Plan: Competitive Analysis of your business plan is devoted to analyzing your competition--both your current competition and by answering these questions in. Aug 06, · Top 10 Questions Every Business Plan Should Answer Newtek - Your Business Solutions Company Contributor i Opinions expressed by Forbes .Download