Business plan basics for engineers and new technology firms

This chapter focuses on the nature of business planning activities from an engineering entrepreneurial perspective. It is not limited to technology start-ups or newly created engineering firms but equally relevant for established firms investing in projects that assemble and deploy highly qualified human resources and heterogeneous assets that are intricately related to advances in scientific, engineering, and technological knowledge for the purpose of creating and capturing value for the firm. After discussing the unique characteristics and challenges of technology-driven business environments that are typical of the business playground for engineering professionals, this chapter focuses on describing the two key components of the business planning process: the articulation and the development of a viable business model, and managing the growth and scaling up of the business. The description does not pretend to exhaust the topic and continuously refers to several excellent recent publications that could complement the learning process of young and advanced engineering professionals interested in knowing more about the business planning process.