Shelley is very excited about launching her new business-providing customized and personalized umbrellas. Her business will be completely online, and she is convinced she has thought everything through. The last step is getting investors interested in her venture, but they do not seem to be as excited as she is. When they ask her what the business is about, she can speak about it, but her documentation is confusing. She is concerned that she will never find the necessary investment or financing to get the business off the ground. What is the first thing you would recommend Shelley do?

Question

Quizplus · Accepted Answer

Writing a business plan is critical for any startup to get financing, as it shows investors or lenders that the entrepreneur has a clear understanding of the market, industry, competition, financial projections and risks associated with the venture. A well-written business plan will also help Shelley to clarify her ideas and strategies, identify potential problems, and showcase her unique value proposition to potential investors or lenders. Therefore, the first thing Shelley should do is to write a detailed, clear, and persuasive business plan that clearly articulates her vision, mission, target market, marketing strategies, revenue streams, and financial projections. Once she has a solid business plan, she can use it to approach investors, bankers, or other sources of funding, with confidence and clarity.

Shelley Is Very Excited About Launching Her New Business-Providing Customized