business is involved with new technology, Web site design, software development, computer
training, or software consulting, venture capitaLists may be interested. To reach potential ventitre capitalists and other investors, share information about your home business opportunity
and startup capital needs on the Internet, in networking organizations such as your city’s chamber of commerce, and in advertisements placed in a local or national newspaper.
The Role of the Business Plan in Strategic and Operational Planning
As the Davises discovered in the opening Profile, a new business results from the prospective owner having both a good idea for producing and selling a product and the ability to
carry out the idea. Yet other things—such as buildings and machines, human resources.
materials and supplies, and finances—are also needed. These needs arc developed from the
strategic, operational, and financial planning. And all that planning needs to be formalized
into a business plan, which is a formal plan to serve as a tool for attracting the other components of the business formation package—the people and the money. A well-developed
and well-presented business plan can provide small business owners with a much greater
chance of success—and reduce their chances of failing.