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One of the biggest mistakes entrepreneurs make in the early stages is to solve a problem nobody has.Taking some time to explain the problem with factual evidence shows you’ve done the research.
It continues to explain how their product uses remote sensors to track water levels, thus relieving a great burden for ranchers.
Explaining your business in terms of a problem and solution is necessary to prove why your idea matters.
If your city doesn’t have a good pizza shop, this can be just as much of a “problem” – at least, in the context of a business plan.
For evidence, cite specific conversations you’ve had with residents that expresses their interest for the type of product or service you’re providing.
In order to explain how your business “solves” the problem, you may need to get more detailed.
Consider a separate section that highlights the “front-end” of your products/services – in other words, how your product appears to and is used by consumers.Then, illustrate the process with a simple graphic like the one above.Entrepreneur Patrick Fitz Gerald explains this in more detail, and provides more examples, in this video lecture.Try it free for 60 days and then expand your one-page plan into a full business plan using the same process plus over 500 sample plans for inspiration. A business plan takes all the key considerations of your business, from your 1-sentence pitch to your revenue model, and puts it in a single neat document.Whether you’re a new, established or evolving business, everyone needs to have these answers prepared and reevaluated over time. Even though your business plan is something you’ll reconsider constantly (such as, when competitors come and go), it’s not always necessary to put it down on paper.The exception is if you’re presenting to an investor, customer, or potential partner/employee.In these scenarios, you need a complete and up-to-date business plan that follows a standardized format.This is a bite-sized description of your business that explains your unique approach AND leaves the reader’s mouth watering.Here’s an example from a winner of Geek Wire’s 2012 one-sentence pitch competition: The rest of your executive summary should briefly explain your company’s story and introduce your specific products/services/locations.Or, simply write a narrative that shows how your product can improve somebody’s life.Describe your target customer based on personality type, income level, age, gender etc.