Entrepreneur’s Journal: Five key steps when starting a business
Posted by: in Small BusinessFiled under: Small business
Over the years, I’ve started several businesses. All in all, the process has been exciting. But, at the same time, there were lots of risks and frustrations.
So, if you’re thinking about making the leap, what are some things to take into account? Let’s take a look:
1. Know your industry: I read lots of business plans. And, one common theme is: the entrepreneur has only a sketchy understanding of the industry and competition.
And, I think this can be a dangerous sign.
However, with the internet, you can get a great understanding of an industry. For example, you can look at trade association websites, industry publications and even government sources.
Finally, there’s a good book on the subject: Successful Business Research: Straight to the Numbers You Need–Fast!
2. Write an executive summary: With your industry research, this should be easier to do. Also, specify the business model (how do you make money?); the competition; a forecast and key milestones; and marketing strategies.
Make this easy and concise (hopefully the summary is only one page).
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