Translating the Business Idea into the Business Plan

Cite this article as:"Translating the Business Idea into the Business Plan," in The Business Professor, updated July 9, 2014, last accessed June 7, 2020,
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Translating the idea into the Business Plan
This video explores the process of translating the idea into the Business Plan.

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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 idea’s 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 customer’s 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.

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