Business Planning

Business Planning 2017-05-23T11:36:40+00:00

It is widely recognized that building high-potential business ventures is a very specialized field that uses unique knowledge.

Mitchell_Ronald_73The New VentureTemplate approach, developed by Ronald K. Mitchell, CPA, PhD, to new venture formation is similar to the model used in the medical community: consistent identification of known causes of disease and death has led to the systematic development of cures, immunizations and treatments.

From a business perspective, similar preventive care and ongoing maintenance are required both in the formation stage and in the ongoing operation of new ventures.

Over the past 25 years, two disciplines – (1) business planning and (2) business strategy,have developed a set of concepts that when combined, offer a powerful template to help build a high-potential business venture.

Business Strategy

From “business planning” a list of criteria answers the question: “Is it a business?” The field of “business strategy” contributes criteria that answer the question: “Can you keep it?”

Together these criteria form a venture “template” that is especially useful to new ventures because of the step-by-step ordering of the questions. It can also be a very powerful tool to help to diagnose and improve ongoing or troubled ventures.

To know whether an idea will support a “business,” (or if already operating, whether the “business” is being optimized) ask the questions: Is it innovative?…Is it valuable?…Is it persistent over time?

To determine whether you can “keep” the fruits of your labors, ask the questions: Is it scarce?…Is it non-appropriable (can you protect it?)…Is it flexible?

In a perfect world, these fundamentals of a well-built venture would be in place at the outset.


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