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Entrepreneurship isn't just a career; it's the modern-day hunt, the primal pursuit that taps into our ancestral roots. It's not about survival; it's about conquest. And just like our forefathers didn't go into the wild without a strategy, you don't dive into the business world without a plan. But remember, the hunt only begins when the strategy is laid down.

With that in mind, understand that business plans aren't just mere documents; they're your venture's lifeblood, the DNA that codes its destiny. You think you can wing it? Think again. According to an article in Forbes, owners with a business plan see growth 30% faster than those without one, and 71% of fast-growing companies have business plans. This isn't child's play; it's the architecture of your empire.

Now, you've drafted this magnum opus, your business plan. It's comprehensive, it's meticulous, and it's the epitome of entrepreneurial brilliance. But what now? Do you frame it and hang it on the wall? No, you roll up your sleeves and get down to the real work. The plan is merely your opening gambit in the high-stakes game of business.

So, let's delve into the post-business plan actions, where the faint-hearted falter and the valiant triumph. Prepare for a journey that's as exhilarating as it is perilous, as we dissect what you must do after crafting that business plan.

A. What Must Entrepreneurs Do After Deciding to Start a Business?

4 Things Entrepreneurs Must Do After Deciding to Start a Business

So, you've made the audacious decision to start a business. But what's next? A decision, after all, is just a thought until it's acted upon. Your decision to start a business is merely the prologue of your entrepreneurial saga. What follows is a series of relentless pursuits, calculated risks, and strategic moves. Here are four necessary considerations for entrepreneurs after they decide to start a business:

1. Align Skills

Your decision to start a business is not just a career move; it's a life-altering choice. Take Andrew Carnegie, for instance. He dropped out of school at a young age and spent his youth performing manual labor. It wasn't until he taught himself how to read and entered the railroad industry that he began to build the empire that made him a fortune. Your decision is your first step into a larger world, but it's just that—a first step.

2. Develop Mindset

Before you even think about business plans or market research, you need to forge your mental armor. Jan Koum, the founder of WhatsApp, immigrated to California from a small village in Ukraine. With little formal education, he taught himself computer science and eventually sold WhatsApp for $19 billion. Are you prepared to face failure, to adapt, to evolve? If not, you might as well hang up your entrepreneurial boots now.

3. Assert Commitment

Once you've decided, there's no turning back. Harland Sanders, the man behind Kentucky Fried Chicken, had no formal culinary training. His only experience was cooking for his siblings as a child and working odd jobs. Yet, he turned KFC into a global brand. This is not a hobby; it's a full-fledged war. You're either in it to win it, or you're not in it at all.

4. Assess Risk

And let's talk about risk. John Paul DeJoria, co-founder of John Paul Mitchell Systems, started with a $700 loan. He had minimal experience and worked as a tow truck driver and a janitor before finding his way into the beauty industry. Entrepreneurship is not a gamble; it's a calculated risk. You don't plunge headlong into the abyss; you measure it, you assess it, and then you conquer it.

B. What Should An Entrepreneur Do To Develop a Business Plan?

4 Things An Entrepreneur Must Do To Develop a Business Plan

A business plan doesn’t magically grant success; it's a strategic blueprint that demands meticulous crafting. So, how do you go about it? Here are 4 things an entrepreneur should do to develop a business plan.

1. Conduct A Market Analysis

You conduct a market analysis. Identify opportunities and threats. Who are your competitors? What do they do well, and where do they falter? Take the case of Reed Hastings, the co-founder of Netflix. He didn't just see a rental market; he saw a battlefield riddled with late fees and inconvenience. His market analysis led to a subscription model that annihilated Blockbuster.

2. Detail The Products or Services

Your products or services are the weapons in your arsenal. What makes them unique? What's their unique selling proposition (USP)? Sara Blakely, the founder of Spanx, didn't just create hosiery; she created a new category of undergarments. Her USP was solving a problem that millions of women faced but never talked about.

3. Develop a Marketing Strategy

Your strategy should be both aggressive and elegant. Take Steve Jobs and the launch of the iPhone. He didn't just sell a phone; he sold an experience, a revolution. His marketing was as elegant as the product itself, making consumers feel they weren't just buying a gadget but becoming part of a larger narrative.

4. Create Financial Projections

Lastly, your financial projections are your treasure map. According to NerdWallet, these should be both realistic and ambitious. Jeff Bezos didn't become the titan of e-commerce overnight. His financial projections for Amazon were a blend of audacity and calculation, projecting not just sales but the future of retail itself.

C. What's Included In A Business Plan?

A business plan isn't a mere checklist; it's a dossier of your future empire. It's the document that will either make investors write you a check or show you the door.

What's Included In A Business Plan Are 9 Elements

Here are 9 steps to follow and subsequently the elements included in a business plan:

1. Executive Summary

The executive summary is where you lay down your mission, vision, and the essence of your venture. According to Forbes, an effective executive summary can make or break your pitch. Take Richard Branson, for example. His executive summary for Virgin Galactic was so compelling that it attracted high-profile investors like Chamath Palihapitiya.

2. Company Description

Your company description isn't just what you do; it's who you are. Airbnb's company description didn't just talk about providing lodging; it spoke of 'belonging anywhere,' which resonated with millions.

3. Market Analysis

Your market analysis is your field intelligence. According to Inc., it should provide a clear view of the industry conditions, your target market, and your competitive landscape. Howard Schultz did this brilliantly with Starbucks, turning a simple coffee shop into a third place between work and home.

4. Products And Services

Products and services are your weapons, and they need to be deadly effective. The Dyson vacuum cleaner, for instance, turned the mundane task of cleaning into a technological marvel, capturing a significant market share.

5. Marketing And Sales Strategy

Marketing and sales strategy is your plan of attack and your path to victory. Gary Vaynerchuk's marketing strategy for Wine Library transformed a local wine shop into a national brand.

6. Funding Requirements

This is your treasury. According to Investopedia, your funding requirements section should be a detailed account of how much capital you need and how you plan to use it. Mark Zuckerberg's initial funding requirements for Facebook were so well laid out that it attracted Peter Thiel to invest $500,000 for a 10.2% stake.

7. Organizational Structure

An army is only as good as its command structure. Your organizational structure is the hierarchy through which orders are passed and executed. Google's flat organizational structure, for instance, encourages innovation and rapid decision-making.

8. Financial Projections

Your financial projections are your empire's horoscope. They're a forecast of your financial health and a roadmap for growth. Jeff Bezos' financial projections for Amazon were so accurate they're now studied as a benchmark.

9. Appendices & Supporting Documents

These are the documents that validate your conquests. They can range from patent filings to market research data, just like Google's original PageRank algorithm patent that set the stage for their dominance.

D. Five Things An Entrepreneur Must Do After Creating A Business Plan

What An Entrepreneur Must Do After Creating A Business Plan Are These 5 Things

1. Seek Mentorship

So, you've crafted your business plan, your map to entrepreneurial glory. But hold your horses. Even the mightiest warriors had mentors—think of Achilles and Chiron, Alexander the Great and Aristotle. Mentorship isn't a sign of weakness; it's a rite of passage for any man daring enough to build an empire.

According to a Forbes article, mentorship can provide a plethora of benefits, including growth support, knowledge sharing, goal setting, and accountability. Mentorship isn't just about ticking boxes. It's about forging alliances with seasoned warriors who've been through the trenches.

Take Elon Musk, for instance. Early in his career, he sought mentorship from Peter Thiel, a co-founder of PayPal. Thiel's insights into the tech industry and venture capitalism were invaluable to Musk, shaping his approach to business and risk-taking. The result? A portfolio of companies that are nothing short of revolutionary.

Mentorship is your secret weapon for refining that business plan. A mentor can help you see blind spots you didn't know existed, validate your strategies, and even connect you to their vast network. It's like having a seasoned general by your side as you draw your battle plans.

2. Secure Initial Capital

Capital, the lifeblood of your venture. You've got the plan, you've got the vision, but let's face it, without capital, your entrepreneurial dreams are just that—dreams. Now, you could bootstrap your way to success, but there are other sources to compliment the process.

According to an article on Entrepreneur, the fear of starting often stems from financial insecurity. But let's cut through the noise. You need capital, and there are two primary avenues: investors and loans. Each has its merits and pitfalls, but the bottom line is you need to secure that initial capital to breathe life into your business plan.

Take the story of Brian Chesky and Joe Gebbia, the co-founders of Airbnb. They had a disruptive idea but were scraping by, selling cereal boxes to fund their venture. Then came the angel investor—Sequoia Capital—with a $600,000 investment. That initial capital was the catalyst that transformed Airbnb from a struggling startup into a global phenomenon.

Investors bring more than just capital; they bring expertise, connections, and credibility. On the flip side, loans give you more control but come with the burden of repayment. The choice is yours, but make it wisely. An ill-advised loan or a bad investment can be as fatal as a well-placed arrow.

3. Initiate Your Marketing & Brand-Building Campaigns

A business plan without a marketing strategy is like a ship without a compass—you're sailing blind. The moment that ink dries on your business plan, it's time to unleash marketing and brand-building.

According to an article on WeWork, a marketing plan serves as your blueprint for launching new products, understanding your market, and growing your audience. It's not just about throwing money at Facebook ads and hoping for the best. It's about calculated moves that resonate with your target audience.

Steve Jobs was a marketing genius. When Apple was on the brink of bankruptcy, Jobs didn't just focus on creating innovative products; he also orchestrated one of the most iconic marketing campaigns ever—the "Think Different" campaign. It wasn't just about selling computers; it was about selling a lifestyle, a mindset. That campaign turned Apple's fortunes around and made it the behemoth it is today.

Your marketing strategy should be a multi-pronged assault. Digital marketing, social media, content creation, SEO—the whole nine yards. And don't forget the power of storytelling. Your brand isn't just a logo; it's a narrative, a saga that you're inviting your customers to be a part of.

4. Continuously Update Your Business Plan Based On Feedback

A business plan isn't a relic to be enshrined in a glass case; it's a living document that evolves with your business. You've got to be agile, adaptive, and above all, receptive to the feedback the world generously—or brutally—offers you.

According to Business News Daily, your business plan should be updated more frequently than you might think. It should be reviewed when your business experiences changes, whether it's adding new products, facing new competitors, or undergoing internal shifts. The article suggests a minor review quarterly and a major one at least once a year.

Reed Hastings, the co-founder of Netflix, tried to split its DVD rental service and streaming service into two separate entities. The public backlash was immediate and fierce. Hastings listened, learned, and reversed the decision. Today, Netflix is a streaming giant, but that wouldn't have been possible if Hastings had been too stubborn to adapt his business plan based on real-world feedback.

Updating your business plan isn't just about making tweaks; it's about making tactical pivots that align with the changing landscape of your industry. It's about being a responsive leader, not a rigid dictator.

5. Monitor KPIs Rigorously

Monitoring Key Performance Indicators (KPIs) is not just a corporate buzzword; it's a fundamental practice that can make or break your business. According to Investopedia, KPIs are quantifiable measurements used to gauge a company’s overall long-term performance. They help determine a company’s strategic, financial, and operational achievements. KPIs can be financial, customer-focused, process-focused, and more. They are usually tracked through analytics software and reporting tools. They ensure the following:

Strategic Alignment: KPIs ensure that the business operations are aligned with the company's strategic goals.
Accountability: They hold employees accountable, providing a data-driven approach to performance evaluation.
Informed Decision-Making: KPIs offer a way to make more informed decisions based on quantifiable metrics.

Take the case of Alex, who launched a tech start-up focused on AI-driven healthcare solutions. He identified KPIs such as user engagement, system uptime, and customer satisfaction scores. Despite having a ground-breaking product, he noticed that customer satisfaction was plummeting.

By rigorously monitoring this KPI, he discovered that the issue was not with the product but with customer support. The support team was not adequately trained to handle queries about the complex AI algorithms. Alex immediately invested in specialized training for his support team. Within two months, customer satisfaction scores soared by 40%.

Monitoring KPIs is not a one-time activity but a continuous process that can provide valuable insights into your business. It can be the difference between steering your business towards success or letting it drift into failure. Therefore, after creating a business plan, make KPI monitoring a part of your daily routine.