Needs vs Wants (Customers) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

Should Entrepreneurs attempt to address a Need or Want?A business idea comes about through the identification of a need or want for a potential customer or client. Needs and wants are two dramatically different concepts for the entrepreneur. Most people have heard of...

Entrepreneurs Identify Opportunities – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

How Entrepreneurs encounter and take advantage of Opportunities?Understanding or identifying entrepreneurial opportunities is the focus of entrepreneurs, investors, and academics. By its very nature, entrepreneurship involves the commencement of something new. The...

Ideation and Innovation – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What are Ideation and Innovation?Ideation and innovation are two closely related, but distinct, concepts. Ideation springs from its route word, “idea”. It involves the mental process of brainstorming concepts and theories. Innovation involves the process...

Methods of Innovation

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is entrepreneur innovation and how does it happen?Innovation is the introduction of something new. The something that is introduced can be a idea, method, or device. Too often people associate innovation with technological inventions. On the contrary, innovation...

Business Plan – Final Modifications

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What Should I do to Finalize My Business Plan?You will scope versions of your plan for specific purposes. Continue to focus on the purpose of your business plan and use it as a planning device. You should continually update the plan as your business progresses. Also,...

Business Plan – Appendices

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the Appendix to my Business Plan? Material that adds to the business plan, but doesn’t belong in the body. The appendices allow you to include valuable information to your business plan that does not fit neatly within the body of the plan. Generally, it...

Business Plan – Financial Projections Section

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the Financials Portion of the Business Plan? It depends upon the intended use of the business plan. The financial portion of the business plan may be surprisingly unique depending on the business. As previously discussed, the business plan serves two primary...

Business Plan – Management and Organization

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is the Management and Organization Section of the Business Plan? Outline your organizational structure and then tell about your primaries. How your business will be managed and who will be involved is an important consideration in your choice of business entity....

Business Plan – Operations Section

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What goes into developing an operational Plan? All of the components that allow your business to create value. The operations portion of the business plan serves two purposes: Allow you to take a holistic approach to your business, and Provide interested third parties...

Business Plan – Marketing Plan

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

Marketing Section of the Business Plan Begin by understanding your market, then arrange the tools to reach that market. A marketing plan involves how you will make potential customers aware of your product or service. However, a marketing plan is more than simply...