Summary: Roadmap to Entrepreneurial Success

Review and Analysis of Price's Book

BusinessNews Publishing

• Publisher: Must Read Summaries
• Year: 2016
• eBook ISBN: 9782511019740
• Topic: Business
• Subtopic: Business Strategy
• Index: Business

The must-read summary of Robert Price's book: `Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business”.

This complete summary of the ideas from Robert Price's book `Roadmap to Entrepreneurial Success` shows that there are no shortcuts to success - gaining startup investment requires a sound, well-researched business plan. In his book, the author explains that this will be your roadmap to attaining your short, medium and long-term goals, because it should identify roadblocks, align your expectations with reality and keep you motivated. This summary provides a straightforward framework of ten steps that will help you to present a winning business.

Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge

To learn more, read `Roadmap to Entrepreneurial Success` and discover the key to attracting investors by focusing on what they are looking for.

Summary of Roadmap To Entrepreneurial Success (Robert Price)

Executive Summary: A succinct summary of the most important points from your business plan

Your executive summary should simplify and clarify your entire business plan. Ideally, when people read your executive summary, they will get hooked and interested in helping you.

In most situations, the executive summary is prepared last, after all the other parts of the business plan have been written and re-written for clarity and simplification.

A good executive summary will read like a fast pitch for your idea that can be taken in quickly and concisely. It will answer the key questions each potential investor will have:

• Who you are.
• What you’ve got.
• Where you want to go with the business.
• What you need to get there.
• Why funding is needed right now.
• How you will provide a return on the money invested.
• Case studies and examples of your early successes.

Once your executive summary has been developed, you then prepare another four different versions of it:

Your “Fast Pitch” is just a few sentences long. It is something you would say to a potential investor which would make them interested enough to meet with you at a later stage, or to refer you to someone else they know who invests in your industry.

Your “E-mail Quickview” is an e-mail version of your FastPitch. It is intended to be e-mailed out to potential investors with the objective of getting them interested enough to request more information from you.

You also need to convert your executive summary into “Telephone Key Points”. Most investors will call you on the phone before deciding whether to meet you in person. Be prepared to make a good impression by preparing the key points you would cover in just such a conversation.

Your “Meeting Outline” is your prime opportunity to sell your business plan. You need to be engaging and convincing right from the outset while you weave a great story. Plan on taking about 20-minutes to describe your business plan, and then another 10-minutes to describe the financials from the ground-up. Then let the investor start asking questions about what they need to know. This is where all the tough questions will be asked, so be prepared. Communicate your excitement and your passion. Ask for advice and feedback and attempt to keep things moving forward.

#1. Opportunity and industry analysis

Your business plan needs to identify a problem and explain the solution you have developed. You then need to explain why this is a sound commercial opportunity ready to exploit.

The essence of this section in your business plan is to show that you understand the lay of the land where you are proposing to compete, and that you have analyzed the industry in sufficient detail to know what you’re going to find.

1. Opportunity recognition and analysis
   Provide potential investors with more detail about the inspiration behind your business idea.
   • Discuss your “eureka moment” – the flash of inspiration that came to you as you came up with the idea you are now ready to build a business around.
   • Explain which leading users you have already discussed your solution with – what their current pain is and why you have concluded there is a ready market for the solution you’ve developed.
   • Articulate your problem statement – the problem you have grappled with personally and which your are proposing to solve for your future customers.
2. Industry dynamics and risk analysis
   In this section, you detail the context within which your idea must work if it is to succeed commercially.
   • Define your industry and marketspace – in terms of overall size and distinguishing characteristics. Generally speaking, most industries can be categorized as being dynamic (emerging growth with no established leaders), technologically sophisticated (where profits vary widely depending on infrastructure) or hostile (dominated by powerful and established firms). You might also mention the prevailing level of innovation, typical product life cycles and any other distinguishing features.
   • Highlight any strategic inflection points within the industry – areas where the established order is being changed notably and where exceptional opport...

Table of contents

• Title page
• Book Presentation
• Summary of Roadmap To Entrepreneurial Success (Robert Price)
• About the Summary Publisher
• Copyright