Ron Kornfield: Creating a Business Plan



Ron Kornfeld: Serial Entrepreneur

Ron Kornfeld is the founder or co founder of a number of companies: NibmelSource, Personal Grid, Dream box, Normandy Partners, Harmonetrix, Cognisoft, xl.io and XactLab. This means he has a great deal of experience starting a new business, and makes him your best friend if you're trying to start your own. Ron uses a five step process for creating a business plan, which can be a daunting task if you've never done one before. Ron's process involves: First identify your audience, think about who will be reading your plan, and cater its design to that person(s). Second, outline the plan, with an outline in place you can begin to fill in the details as needed or discovered. Third, write the plan, this is where you gather all those nitty gritty details and fill in every section of your outline thoroughly, lots of critical learning will happen at this phase, and you may even discover your idea is

 not viable, or already implemented by someone else. Fourth, review your plan, make sure that you, and someone else (preferably more experienced than you) reads the plan and provides key feedback that inside eyes might not catch. Fifth and finally, update your plan, make sure all that good feedback is incorporated into your plan as what good is reviewing it if you don't make any positive changes. Once the business plan is written, you will have a pretty solidy understanding of your company and your plan – with that you can begin to raise funds, seek out investors, acquire resources etc... or you can throw the whole thing in the garbage because your idea sucks, or has been done by someone who can do it way better than you. Either way, the Business Plan is the first place to start for any entrepreneur, experienced or otherwise.