SWOT analysis - Strengths, Weaknesses, Opportunities and Threats
1) Spot the opportunity - a gap between the market expectation and the existing business offerings. Will the opportunity grow over a period of time or shrink due to technology evolvements?
2) What is your differentiation from the existing market offering?
3) Stick with your strengths. Figure out your strengths.
4) Build a MOAT - One click buy button amazon, Patents
5) Build a Team
6) Market Size, Attainable Market Size, economics
7) Prototyping and validation. Validation - People give you scarce resources ( Time, money, attention)
8) Pilot run - Get 100 customers
9) Unit economics
10) Execution and analysis
Business plans keep evolving and not a static one.
1) To get a bank loan or
2) To get an investor
Banks are only concerned whether you will make timely loan repayments . Investors expect a big return on their investments. Investors want to go big or go home. When they win, they want to win very very big.
If something is a trade secret, do not put it in your business plan.
This post is just an outline, do watch the full session. Click here to watch the Video.