Technical description of product or service<-what does that mean

 

Operational philosophy<-dido

 

Equipment, facilities and real estate<--thoughts

 

Price/Cost model: Cost to produce product or provide service<--thoughts

 

Production: Movement of product from raw materials to finished product <--thoughts

o Potential difficulties; plan to overcome

 

Distribution Chain and Strategy: Movement of product/service to customer

 

FINANCIAL PLAN

 

? Breakdown of start-up costs and use of proceeds (e.g., hard costs, working capital, start-up); create a schedule of start-up costs

 

? Capital Structure: Plan for financing the company (equity, debt, equipment

leasing); initial capitalization, if any.

 

A technical description of a product or service would apply to anything that involves science and engineering. So if you`re opening up a bookstore, you wouldn`t have such a description. However, if you`re starting an air-conditioning installation company, you`d have technology.

The technical description would be the types of A/C units, their specifications, the installation requirements, what sort of wiring and infrastructure would be involved, and so forth.

If you`re starting a computer software company, selling 1 product, then the specifications of the application would matter. Is it cross-platform, Linux only, and so on.

Operational Philosophy is a big bunch of words that probably means just about anything you`d like it to mean. :-) In a traditional sense, though, it would mean how you think about running a business. "Operations" are the day-to-day tasks, errands, "to-do" items, and accounting. "Philosophy" would probably mean your overall sense of, or feeling toward how you intend to keep up with everyday work.

One operational philosophy would be that you want to do everything yourself. Another might be that you`ll hire employees, but they`ll never know the big picture. Another might be to have some partners. Another might be that you`ll have an organized chart of everyone`s responsibilities.

In other words, how do you think you`d like to run your business? What will you do from 9am until 5pm? Who else will be doing it with you, and what sort of management control will you have if they decide they don`t like your orders or decisions?