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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.

No matter how great your idea is, most people expect that you have it written down. When I was new to inventing, I had no idea what that meant. I searched around but didn't find any universal format for documenting my ideas.

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

A recession is the optimal time to reinvent competitive advantage because the pressure of a feeble economy will separate the strong businesses from the weak ones, with the weak falling out of the game entirely. Your business will be strong if you have a plan of action based upon a little industry research, an analysis of what you have and what you want, and continuous monitoring of the results of your plan. This kind of innovation is not only a necessity right now, but it is an opportunity to improve the quality and efficiency in the way you do business.

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