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Who's Blogging

 
Stacey Borden

STACEY BORDEN
After working for financial giant Lehman Brothers, Stacey Borden left the finance world to help women across industries, generations and geographies. In addition to working on ChickRx, Borden is also working on her MBA at Harvard Business School.

Meghan Muntean

MEGHAN MUNTEAN
Currently a portfolio consultant on Wall Street, Muntean graduated magna cum laude from Princeton University in 2006, where she served as Editor-in-Chief of Business Today, the largest college magazine in circulation.

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Visit ChickRx

Project Blog: ChickRx

Harvard MBA student Stacey Borden and partner Meghan Muntean will lead a team of women in launching an “edgy, approachable, engaging” online health resource uniquely targeted to women, ages 18 to 27. It will have content and Q&As, updated daily, from medical, family and nutrition experts.

Business Plans

Monday, April 05, 2010

Recently a lot of friends have been asking us about business plans.  We just finished ours and thought we’d share some tips.

  1. Find a template - there are some good, industry-specific ones on bplan.com.
  2. Your team - why are you the right people to pull this off? also, it’s okay if you don’t have all the people you need - just be clear about the hires you still need to make. Think about the timelines of who you’ll need when and communicate this via your financial projections too
  3. Financial projections - find some comps so your assumptions will be as educated/justifiable as possible. As you’re putting them together figure out which line items really move the needle. Revisit your monetization strategy and really think hard about this
  4. Risks - don’t turn a blind eye to what your risks are (i.e. low barriers to entry?). Address them and discuss how you’ll deal with them

Turning away from execution to write your plan can seem like a distraction, but we found it to be an extremely valuable opportunity to really clarify what we would offer and how we’d grow a successful business.

   • Posted by ChickRx on 04/05 at 03:18 PM
 

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