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Do you have a plan?
7/16/2010
Planning is a key component for any business and it all starts with the business plan. Have an idea and want to make a business out of it? Write a business plan. Entrepreneurs often have multiple ideas and write a business plan for each in order to identify the feasibility of them. If one idea doesn't work, move on to the next until you identify the one that you think will succeed. Bottom line, the likelihood for success after writing a business plan is far greater than if you do not have one. A well developed plan is not a static document - it should be constantly evolving and needs to work for the business now and in the future.
Now, I'm not saying that the business plan is the end all be all when it comes to success, but it certainly lays the foundation for a solid business. There are many variables tied to a successful business - some within and some out of the entrepreneur's control, but being prepared is imperative. One of the biggest mistakes an entrepreneur can make is to rush into a business venture. Entrepreneurs need to take the time to thoroughly research their ideas, including talking to people experienced at starting businesses in the industry or to people who work with others starting businesses, and surrounding themselves with the resources that support them.
Need help? There are many resources available in Connecticut to help entrepreneurs succeed, such as:
O.K., now that the business plan is done, go ahead and start planning some more with a strategic plan, marketing plan and so forth. The work is never done!
- Elizabeth Wallace, EDP, Director of Smart Start/Connecticut Licensing Info Center (CT-CLIC)
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