Have You Thought Over Your Idea?

Thanks for visiting the blog and happy to have you read my post.

I hope you are working hard on the executive summary of your business plan to submit it to us in time for round-1 deadlines. We are expecting entries well into the 3 digits this time for i2I. The competition will be fierce. How do you make sure you make it to round 2?

Having been part of the organizing team the last year and, again, this year again, let me relate some of the patterns we saw that might aid the judges in finding your 'needle' in the haystack:

1. Research the market. Motivate the problem you are positioning yourself for. Make sure you understand the landscape, the current players and the intricacies of their offerings, the regulatory norms that constrain business in your sector.
   
2. Define the business in specific terms. Make sure you exactly know what it is that you are offering in the market, how it differs from competition, who will buy it and why.
3. How will you make money? Your b-plan should not seem like a science project. There should be a clear revenue stream, and profits should be 'super-normal', much more than you can make in a fixed deposit account.

Just read your b-plan again before submitting, and ask yourself, if you were sitting on a corpus of 5 crore, would you make an equity investment into your own b-plan, sure that 2-3 years from now, the investment will lead to an IRR multiple times over fixed deposit rates for the same period.