Have an Entrepreneurial Idea? Need Some Help With Your Business Plan? Look no Further!
So, have a business idea but want some tips on how to translate this into a successful plan? Or maybe you’ve just made it through to the second round of our funding competition and need some advice refining your ideas? Here at Generate we have some top tips to help you improve your business plan.
Tip One: Research!
This is an obvious but fundamental part of any successful business plan. It’s the base of all the other tips and the foundation for a truly excellent proposal. Who are your competitors? What is their branding like? How much financing did they need? The more work you’ve put into the research the more impressive your application will be. Have a look at other posts on our Generate blog for previous articles we’ve published, especially this post on tips from Silicon Valley entrepreneurs themselves!
Tip two: Financial Viability
A hugely important factor when examining your business plan should be the financial viability. Do the figures make sense and are they well-planned? Is the business financially sustainable? The more detailed and thoughtful the figures, the better the pitch. Have a listen to the LSE Masterclass recordings here to help you out. Particularly useful is the talk Ian Merricks gave on business plans.
Tip Three: Credibility
Firstly, is your idea reasonable? Ambition and innovation are key, but for a successful business plan there needs to be a balance between these and being realistic. It is important to recognise that investors are looking for ideas that excite them but aren’t impossible to achieve.
Tip Four: Sustainability
Does your business idea have longevity? Can you explain why your business idea has permanence and is likely to last? These are key questions that investors are likely to ask themselves.
Tip Five: Name and Logo
This one should be a lot of fun! Coming up with original and creative branding can sometimes be the thing that clinches the deal. Getting the branding right on an already great application will be the cherry on top. Research comes in handy again here – have a look online at other successful start-ups and their branding. Plus, there are several free websites for you to create mock up logos if you are so inclined!
Tip Six: Elevator Pitch
Having an elevator pitch ready is a really useful tool at your disposal, a short brief prepared for any scenario that reflects your brand is essential when it comes to networking for your company. Your pitch should be as individual as possible, have a browse of this Entrepreneur article and this post by The Balance for some help. The second round of the funding competition requires a short video of your elevator pitch. This is designed for you to show us who you are and what your company is in a creative and innovative way. Remember, you only have 60 seconds so it’s important to make the most of the time! Think about what most reflects you as a team and what branding message you want to get across.
Tip Seven: Motivation and Passion
And finally, it is vital to make sure your passion for your entrepreneurial endeavour shines through. We’re looking for students who believe in their idea and themselves. If you’re excited for your idea, we will be too!
We’re really excited to see what you all come up with. You can always book a careers appointment with the Generate team here, we should be freeing up some more appointment times in the next few days. Don’t forget the deadline for the second round is 23:59 Monday 13th November.
Good luck, and don’t forget to contact the Generate team if you have any questions! You can email us at careers.generate@lse.ac.uk or find us on our Facebook and Twitter.
