Venture Business Summary（三）.docVIP

Venture Business Summary?????? importantly, superior to others in the same market. The truth is that buyers have no interest in the technology used to create the product. Instead, buyers want to see a product that solves a problem or creates a competitive advantage for them. A Team Once there is an item, you need a team to improve on that idea and start a small company. Of course, you can start by yourself but entrepreneurial research showed that companies that are started by teams show a higher success rate. The first thing to understand is that commercialization of new technologies, unlike inventing, is a group effort. The skills required for commercialization are not often found in one person no matter how well he/she multitasks. Crucial members of a team include an expert in the technology who can carry out additional research as required to develop a saleable product, an expert in sales and marketing to those firms in your target industry, an expert in finance, budgeting, and financial control, an expert in manufacturing of products of similar type, and other experts as may be required to produce your product. Proper selection of a team is vital for the success of your business. A business rather than just an idea needs much more than technology to thrive. Also, new firm management teams rarely change during the first six years. Do not make the common mistake of limiting the choice of founding team members to your own personal network when picking team members. There are many ways to pick members but here are two: first, there are those who claim that you should select individuals who are much like you; and the other philosophy is that your team members have to possess skills that you do not have. A Business Plan A business plan is a multipurpose document. It articulates the critical aspects, basic assumptions, and financial projections. Simply put, it is a blueprint for the company. It also forces the entrepreneur to think through his/h