By Abdel Steijns at April 22 2019 02:02:05
Start in the Right Direction _ Many entrepreneurs think that they can start out without doing a lot of planning and research. They feel that they can always pick up a feel for the business as they go. However, some of the early decisions that you make in the life of your business can be difficult to reverse at a later date. You need to have a clear path set out ahead of you so that you can make the right decisions about how to set up the business right from the start.
But do not be too paranoid, make sure you are showing it to people you trust, whose feedback you welcome and can be genuinely useful in guiding how the plan takes shape. Very often when working as individuals we get very close to certain details and miss out a big thing that has slipped your mind. You can concentrate so much on essential financials and supply logistics, but overlook other issues like marketing or opening times. By showing the plan to someone you trust, they can have a look and see what might be missing or worth developing more. Getting that valuable second opinion on how robust your idea is will put you in a much better position to start and keep going successfully.
Plans are Useless; Planning is Indispensable _ "Plans are useless; planning is indispensable," according to Dwight D. Eisenhower, then Commander of the Allied Forces in Europe during WWII. Now, you may be in total agreement with the first part of that statement, but you are really not convinced of the truth of the second part.
Risk Assessment _ What weaknesses are inherent in this venture? What vulnerabilities face this type of venture? What impact will these have? What new technologies may affect this venture over the next 1 to 3 years? What contingency plans are in place? What level of liability insurance is required? What does it cost? Who is the carrier? Possible Data Sources: trade associations; trade journals; Service Corps of Retired Executives (SCORE); industry salespeople; customers; focus groups.