ENT655- Proper Planning
Throughout this course, and others in the ENT program, there has been much emphasis placed on funding. It is after all essential for a venture to succeed and grow. Without funding it can be difficult to have steady inventory, to properly go through the product development process, or even hire employees upon expansion. As such, it is imperative to ensure that entrepreneurs do their due diligence in searching for various channels of funding. This requires having a well written business proposal. This ensures that potential investors can have a clear understanding of the business to help determine if they want to invest.
Another beneficial tool to help with the process is having an elevator pitch or even an executive summary prepared. Elevator pitches can be used to give a quick overview of the product or service offerings to investors. This tool can also be used on crowdfunding sites and other places in efforts to garner funding. Similar to an elevator pitch, the executive summary should spark interest in ones venture by explaining the potential opportunity for investor in financial terms ; the value proposition ; a description of the market ones product or service will be sold into; how one will grow their business and how one intends to harvest their company (Lahm, D., & Lockwood, D). Each of these components should be reviewed and updated periodically or as often as needed.
Lahm, D., & Lockwood, D. (n.d.). Executive Summary Assignment (E). ENT 655 Executive Summary Instruction V1.0.