It seems like everyone wants to be an entrepreneur these days. From Silicon Valley to developing tech hubs around the world, the startup craze has become a global phenomenon—inspiring young and ambitious individuals to think outside the box and come up with ways to disrupt the status quo.
This is good news, because more startups mean a healthy competition, innovation in many industries follows. Thanks to technology, up-and-coming startups and solopreneurs have more chances of penetrating an industry, enabling even obscure but brilliant minds to compete in the global market.
But before you work on that business idea that will shoot you to fame, you first need to write up a comprehensive business plan. Strategic planning is a critical first step to fleshing out your ideas and mapping out your vision for your company.
Whether your goal is to assemble a team of creative minds for an agency or take a more traditional route and start a soap making business ala Fight Club, you need to have a blueprint that will guide you in the right direction.
The infographic below outlines five elements in making an effective business plan for achieving your goals. From coming up with the right approach to strategic planning to setting up regular performance assessments for the team, these pointers will help you grow and thrive in the years to come.