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A solid business plan accounts for more successes for
new businesses than just about any other consideration.
There’s a reason for that.
The very first thing a business plan defines is WHY
the business exists. If all you want to do is make a
lot of money, go get a job that pays a lot of money.
If you really, passionately need to be in business for
yourself, your reason for doing so will be more
important than the income.
Self-employment is not for the faint of heart.
Entrepreneurship is a vocation, not a job choice. You
need to have a powerful calling to be your o.wn boss if
you expect to succeed.
Desperation and necessity are no substitute for the
real motivation of business ownership. No matter how
badly you need money, being unsuited for this way of
living will doom your efforts.
Business has an element of social responsibility and
“higher purpose” at its foundation. Based on that
foundation, the business has a right to expect a
profit for its efforts.
Your mission, as a business founder, is to come up
with a mission statement that sums up the contribution
your business will make to the world. This is not an
optional part of the plan – it’s the heart of it.
Too many would-be entrepreneurs come up with an idea
or action plan that leaves out this element. They
think that a cool idea or can’t-fail method of raking
in cash is enough to get started and win big.
Unfortunately, the realities of doing business mean
failures, setbacks and obstacles will challenge those
ideas and methods. Without a clear vision of the
future, which includes the benefits for society and
posterity, making a buck fails as a motivator.
Once you’ve struggled with the main reason for being
crazy enough to go into business for yourself, the
rest is simply a matter of identifying what can be
measured and getting it on paper.
A good business plan will account for all the systems,
practices, methods and cash management the business
will need and use.
A great business plan will be worth copying by others
who want to duplicate the success of the original
planner. Blockbuster Movie Rentals’ business plan was
based on the McDonald’s restaurant business plan!
You, as a fledgling business planner, need to examine
and absorb the ideas contained in other people’s
business plans.
Find as many good plans that are similar to the
business you want to start and tear them apart. Make
copious notes about how each plan covers all the
aspects of the business.
Become an expert at creating a business plan for your
type of business.
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