ABSTRACT

Once the business strategy is fully developed and detailed financial projections are available, the entrepreneur is ready to ask investors for funds to launch the new business endeavor. The business proposes to make an opportunity selection for that market. A compelling business plan proceeds to the tactics of implementing the strategy including the description of how performance will be assessed and how mid-course corrections will be made. The value chain is a model of business economics that describes the sequence of steps in which a business may add value to a line of products. For a research organization, the lowest level of the chain would be basic research—corresponding to the raw materials of a manufacturer. The business plan describes how the business concept creates value for a market by identifying its benefit/utility to the customer—the so-called value proposition.