An article on phillyBurbs.com looks at the value of creating a business plan to use as a roadmap for small business success. The author suggests:
If you want to make a commitment to being your own boss, begin by investing your time in developing a business plan. Through the business plan, you are testing your idea, calculating how much you will have to sell and at what price to break even and to make your enterprise profitable. This is information you want well in hand before you take the risk and hold that grand opening.
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on Tuesday, March 22nd, 2005 at 7:15 am and is filed under Entrepreneurship.
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An article on phillyBurbs.com looks at the value of creating a business plan to use as a roadmap for small business success. The author suggests:
If you want to make a commitment to being your own boss, begin by investing your time in developing a business plan. Through the business plan, you are testing your idea, calculating how much you will have to sell and at what price to break even and to make your enterprise profitable. This is information you want well in hand before you take the risk and hold that grand opening.
This entry was posted
on Tuesday, March 22nd, 2005 at 7:15 am and is filed under Entrepreneurship.
You can follow any responses to this entry through the RSS 2.0 feed.
Responses are currently closed, but you can trackback from your own site.
March 22nd, 2005 at 1:00 pm
It would be useful if your feed included HTML links in it.
March 24th, 2005 at 3:23 am
IMHO,
you can’t test out an idea by simply writing a business plan; you have to take the step and try if it actually works.
It’s a good thing to contemplate upfront on the numbers needed to keep you afloat, but sales figures or download numbers are highly unpredictable, depending on many factors, thereby rendering your business plan virtually useless.
Also, I’m quite certain that any plan just won’t work out as sketched; you will have to change course on your way several times.
My approach to new business ideas is a “controlled risk” one.
An idea is pursued if
- it really seems to make (economical) sense,
- a version 1.0 will be out in less than 6 months
- I’m not depending on any sales in the first few months after release 1.0
regards
Karl
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