④ What Venture Planning is not? It is not about writing a Business Plan. Sometimes a business plan is not needed.

⑤ Venture Planning does not require detailed funding source analysis, professional opinions, entity formation or detailed market analysis.

⑥ Venture Planning is development of a means of comparing various business models, usually through financial modeling to answer the six questions.

⑦ Venture Formation involves all of the following stages:

Idea - Concept Development - Venture Development - Monitoring Progress - Initiating New Changes - Venture Feasibility Analysis - Business or Operational Plan - Budget vs. Actual - New Plans.

⑧ There are four keys to good venture planning:

1. Focus on one venture at a time in one business area at a time.

2. Discover the opportunity first, and then evaluate how to exploit it.

3. Develop three cases good, bad & likely for each scenario of a venture concept.

4. Identify what type of venture you want. Each type has an entirely different model, implementation and end result. Each demands a different entrepreneurial approach and each requires different management and style. Do you want:

● a Lifestyle Business with $1 million in annual sales, 1-4 employees and a solo operation?

● a Smaller High Profit Business with $1-$20 million in sales, 5 - 50 employees, where partners are required?, or

● a High Growth Business with $20-50 million or more in sales with more than 50 employees, that requires venture capital, investment banks and a public company?

⑨ There are 11 Keys To a Good First Venture

⑩ What To Do After the Feasibility Study of Numerous Concepts

● Pick three of the best with the "snap" of customer needs and pick the least costly concept.

● Decide to go or not. If you decide to go forward, do a detailed business plan or operational plan and then start.

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