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I also said that a business plan consists of a narrative and several financial worksheets.

No matter the economic slump, increasing profits is typically the number one goal of any business. To ensure profitability, a company must demonstrate a competitive advantage over others in its industry, either by cost leadership (same product as competitors, lower price), differentiation (same price, better services), or focusing on an exclusive segment of the market (niche).

Fortunately, with my entrepreneurial background and experience writing business proposals, I was very familiar with answering such questions. Therefore, to save time, I decided to consolidate all of these questions into a universal format that could be used and/or adapted for any audience within the invention process.

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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