From Business Idea to Business Plan
How to Translate a Business Idea into a Business Plan
Written by Jason Gordon
Updated at July 12th, 2021
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
- Courses
How to Translate Ideation into the Business Plan
The primary purpose of ideation is to come up with some novel idea that creates the desired value. However, ideation can also help you in constructing the concept for your ideas value proposition. Within the business plan, you will want to describe the concept of your business.
If you are providing a product or service, you will need to describe in detail how that product or service provides value to the intended customer or client. Simply stated, you need to tell how the product or service fulfills a customers need or want.
With new or innovative ideas, the customer want may not be obvious. For example, many people were skeptical about whether customers would want an IPad.
Ideation will allow you to tease out the core elements of the product or service that fit with the need or want framework.
Next Article: Testing a Concept for Value Back To: ENTREPRENEURSHIP