Sailing Your Entrepreneurship
Do you have what it takes to start a business?
Discover what steps you need to take and whether
you have what it takes to start your own business. Whether you survive
will depend on this.
The importance of a comprehensive, thoughtful
business plan cannot be overemphasized. Much hinges on it: outside funding,
credit from suppliers, management of your operation and finances, promotion
and marketing of your business, and achievement of your goals and objectives.
"The business plan is a necessity. If the person
who wants to start a small business can't put a business plan together,
he or she is in trouble," says Robert Krummer, Jr., chairman of First Business
Bank in Los Angeles.
Despite the critical importance of a business
plan, many entrepreneurs drag their feet when it comes to preparing a written
document. They argue that their marketplace changes too fast for a business
plan to be useful or that they just don't have enough time. But just as
a builder won't begin construction without a blueprint, eager business
owners shouldn't rush into new ventures without a business plan.
Before you begin writing your business plan, consider
four core questions:
What service or product does your business provide
and what needs does it fill?
Who are the potential customers for your product
or service and why will they purchase it from you?
How will you reach your potential customers?
Where will you get the financial resources to
start your business?