How to Get a Patent

Effective Business Plans

Thinking Beyond Outside the Box

Creating a New Box

Selling Your New Idea or Invention

Turn a Hobby into a Business

Elevator to The Penthouse - Strategies for Personal Success

What is Gravity?

Effective Business Plans from Creative Genius At Work

Totally Absurd Inventions

Inventions Showcase

Can a Business Plan Be Written on a Napkin?

By Ace Starry

There are two main purposes to a business plan. One is to use it as an operational guide in which to grow the new business. This is not to be scoffed at by first time entrepreneurs. The dotcomers of the early 90's should have used more plans and less seat of the pants decision making. If you have a few moments (44 minutes) enjoy this video "mockumenary" on the imaginary dotcom business, "Esoda."

The other use of a business plan is as a marketing device to get the necessary start-up capital. In the case of start-up financing, what is needed to develop a successful business plan?

In the urban legends of the entrepreneurial world, there is a legend of some now-successful corporate mogul, who started a business plan with a few notes written on the back of a napkin at the local diner. He presents the idea to some venture capitalists and "Shazamm!" he is in business. I too, have heard of this outrageous legend. When I heard it, it was told as the story of the two guys who started Compaq Computers. Perhaps the legend is true, I don't really know, but I do know that the same story was told about J.K. Rowling and her books on Harry Potter.

However, I've had extensive education and practical experience when it comes to writing successful business plans and I can tell you that if you take the back of a napkin to a venture capitalist, you'd better have a damn good idea written on it. The napkin just isn't that impressive to most. So I guess that means that yes, you can write a successful business plan on the back of a napkin - if you can convey an idea that is powerful enough to instill the necessary faith for investment in your new business venture.

My advice is to stick to one of the more practical approaches.

Business Software or Business School?

There is probably no substitute for an MBA in Entrepreneurship from a top school when it comes to writing a business plan. If you don't happen to have that degree and still want the quality, you can find a business plan consultant such as Growthink or Masterplans.com who will gladly write you a terrific business plan. Of course you will probably have to pay top dollar for such a service. While there are no guarantees for raising capital from such services, (at least none that I've seen) you will probably have a very valuable business plan when you are finished.

I do have an MBA in Entrepreneurship from a top school. But even when I write a business plan I like to start with a pre-existing templet or piece of software to help me. Plain and simply it makes it easier to get the necessary steps onto paper.

Creative Genius @ Work: A creativity consultancy that specializes in creative thinking, creating great new ideas, and helping you discover your own creative genius.

Matrixing

What is Creativity?

Creative Consultant Concepts

New Product Ideas

Political and Economic Theories

New Inventions

Creative Marketing Ideas

Creative Sales Concepts

Inventors

Creative Artists