① Venture Planning is a personal assessment of your feelings and the feasibility of a venture.
② Venture Planning answers the question, should I be doing this and why?
③ The Venture Feasibility process examines seven key factors in any venture.
● The Founders' Compelling Interest: The force that drives you.
● Customer Opportunities based on customer wants and needs.
● Customer Profiles defines the target market and potential customers
● Venture Concepts evaluates alternatives to filling those needs.
● Financial Resources identifies and evaluates the financial resources need to pursue alternative venture models.
● Entrepreneurial Assessment to find out if the entrepreneur and the venture are in alignment with respect to goals rewards, compelling interests and the ventures mission.
● Final venture evaluation of feasibility and comparison of alternatives.
④ What Venture Planning is not? It is not about writing a Business Plan. Sometimes a business plan is not needed.
⑤ Venture Planning does not require detailed funding source analysis, professional opinions, entity formation or detailed market analysis.
⑥ Venture Planning is development of a means of comparing various business models, usually through financial modeling to answer the six questions.
⑦ Venture Formation involves all of the following stages:
Idea - Concept Development - Venture Development - Monitoring Progress - Initiating New Changes - Venture Feasibility Analysis - Business or Operational Plan - Budget vs. Actual - New Plans.
⑧ There are four keys to good venture planning:
1. Focus on one venture at a time in one business area at a time.
2. Discover the opportunity first, and then evaluate how to exploit it.
3. Develop three cases good, bad & likely for each scenario of a venture concept.
4. Identify what type of venture you want. Each type has an entirely different model, implementation and end result. Each demands a different entrepreneurial approach and each requires different management and style. Do you want:
● a Lifestyle Business with $1 million in annual sales, 1-4 employees and a solo operation?
● a Smaller High Profit Business with $1-$20 million in sales, 5 - 50 employees, where partners are required?, or
● a High Growth Business with $20-50 million or more in sales with more than 50 employees, that requires venture capital, investment banks and a public company?
⑨ There are 11 Keys To a Good First Venture
⑩ What To Do After the Feasibility Study of Numerous Concepts
● Pick three of the best with the "snap" of customer needs and pick the least costly concept.
● Decide to go or not. If you decide to go forward, do a detailed business plan or operational plan and then start.