Ron’s lecture gave me a better idea what the business plan was all about. One of the important things I learned was the significance of the first step in writing the business plan, identifying the audience. There is one business plan, but it should slightly be different for two types of users. First one is for investors, which is showing the growth and business in a Long Run. The second one is for internal purposes showing the plan for the next quarter, for example.
When I was reading the business plan template, the projection of revenue section made me to stop and think about it. In a new business, with a new technology, no previous data on pricing, no number of items sold I would have to make projections of revenue. Ron answered my question. The revenue projection can be made up on facts.
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