The process that takes your business from an idea to a profitable
venture is sometimes long and tortuous; you need be committed and to patiently
endure while taking right steps to reduce the pain and increase the pleasure.
One pain-reducing stage of business building is INCUBATION. The period of
incubation is when you articulate a strategic plan and action steps which break
achievable, and measurable bite sized bitsin a
Business Plan, as well as prepare in earnest for business take-off.
Contrary to popular practice, writing a BP is not the first stage to
starting a business venture. There is so much you do not yet know about essential
elements that will assure business profitability. For this reason, many businesses
start-off with potential for failure: details on how to make the blueprint a reality
– plans, goals, objectives, and strategies to assure business success – are
well-written documents their owners hardly understand, and have difficulty
committing to because they were written by consultants.
The BP shows others that you understand what you are getting
into, and have a clear purpose for the business, how to make it successful,
even a vision for its future. It indicates that you have made careful
preparation, considered all essential issues, and made detailed plans for an
exciting and potentially profitable business venture. But during incubation,
the ‘baby’ is neither well-formed nor attractive to behold.
The success of incubation is measured by its ability to launch the
business, as well as expand it, growing it until it matches, even surpasses
your dream. Although your BP is the road map you need to
move in the right direction on a long journey, recognize that it is full of
assumptions; the market will test its efficacy, your effectiveness as a
business leader as well as your preparedness to raise your game.