CHAPTER FIVE
The Seven Ingredients in a Great Business Plan
WHAT ARE YOU READY TO START—a project or a company? That is the fundamental question you must answer before you start putting together your venture.
A project is an enterprise with limited objectives that reflect a limited understanding of the market or product. Frequently, the customer and the value proposition are not well understood, and the entrepreneurs are iterating (or pivoting) rapidly, seeking a product–market fit. The team members often hope that their efforts will lead to an early sale of the business under attractive financial terms and possibly to career opportunities in the acquiring company.
The type of venture that we describe in this book starts out quite differently. ...
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