When submitting my concepts to invention hunts, licensing agents, manufacturers, retailers, engineers, and the patent office, I was asked many different kinds of questions. The questions ranged from "What problem does it solve?" to questions that required extensive research such as "Who is your target market?"
Executive Summary: The first step involved in writing a business plan is the executive summary. Here, include everything that you would cover in a five minute interview.
In this article, I discuss how to develop a versatile yet compelling business plan for inventors and their inventions. I explain its importance, main elements, how and where to find content, and its many uses. I also provide real examples adapted for three common purposes: for filing a provisional patent, for entering into an invention hunt, and for submitting to other key users. Other key users may include retailers, manufacturers, industrial engineers, investors and licensing agents.
Sometimes it takes a significant event or change in existing conditions for a business to create a written plan. I think it's safe to say that the state of the economy is a significant change that should prompt business owners to alter the way they've been doing things. If you already have a business plan, it's time to get it out and revise it.
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