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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?"

Invention Business Plan Example: The Main Elements : Many different readers and audiences need to see your idea in writing. You will be surprised how many different questions will be asked about your invention. In order to efficiently answer such questions, the document should be designed such that it serves as a detailed yet practical guide and resource to be used by a broad audience. Thus, the elements and content of your plan should be both comprehensive (i.e. can answer most questions about your invention) and adaptable (i.e. can be easily modified) for the purpose of a specific use or audience.

For long term maintenance of competitive advantage, a firm must ensure that its methods cannot be duplicated or imitated. This requires constant analysis and regular reinvention of competitive strategies.

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

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