You plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.

You plan to open a new business. Before you can approach a potential investor, you will need a strong plan. Describe the purpose and components of a business model and write a one-paragraph business model description for a business of your choice.

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter7: Entrepreneurship

Section: Chapter Questions

Problem 5CRQ: Why is it important to develop a business plan? What should such a plan include?

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Venture Development Process

To create a startup company around a licensed university technology is referred to as venture development. A venture development firm can assist entrepreneurs in identifying and developing a prospective commercialization strategy, be an incubator, test target market assumptions, recruit university and non-university innovative resources and talented team members, and obtain early-stage finance. Commercialization grants, internal and external small business owners, governmental and local finance systems, and private funds are all possible sources of funding. This activity, when combined with strong intellectual property resources, accelerates early commercialization efforts and better prepares university-affiliated business owners for other types of funding.

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