The ABC of Business Incubation
Business PlanA plan that every would be entrepreneur should prepare. This document summarizes all relevant information about the product (or service) the new company has to offer, the market potential, the possible competition (substitution products), the resources needed for production (staff, rooms, equipment, machines, material etc.), the capital needed (investment, operation) and available, the need for finance (seed/venture capital, loans, grants), the projected turn-over and results for a period of 3 – 5 years.
It encapsulates how the business should develop and is absolutely necessary to control the progress of the enterprise development: If you do not know, where you want to go to, you should not be surprised to end up somewhere else.