Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.
"Half the population in [a] new ABC News poll thinks both job security and retirement prospects in the years ahead will remain worse than their pre-recession levels." ("Poll: Less Job Security is the 'New Normal,'" ABC News The Polling Unit, June 15, 2009, analysis by Gary Langer) This confidence, or lack thereof, is an integral part of an economic cycle.
The Importance : An Invention Business Plan is an effective communication tool for providing a clear and tangible description of your invention while conveying its viability and value. It tells a detailed story about your invention including what it is, how it works and why your invention is a believable business opportunity. It can generally be described as an organized all-in-one depository of everything you know or have learned about your invention. It includes every angle about your invention so as to be used as a reference point for the development and/or submission of audience specific requests. Having a broad audience scope allows it to be used as a collection of information which can then be modified or adjusted according to the audience in which it serves.
The invention process involves disclosing your invention to a wide variety of readers. As mentioned, such document is a starting point or template for providing future material with respect to the many different readers and audience for which you will need to communicate your invention.
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