Business Plan
What is a business plan and why is it an essential first step for a start-up firm? I found what I think are two very good definitions of a business plan and its purpose. These definitions can be found on the web and in several books. An excellent example of one of these books is "The Complete Idiots Guide to Starting Your Own Business." The United States Small Business Association is an excellent beginning source website. This website states "A business plan precisely defines your business, identifies your goals, and serves as your firms resume" ("Business Plan Basics", 2003 ¶ 1). The Complete Idiots Guide to Starting Your Own Business, Fourth Edition states, "A business plan is just a simulation. It is a way of predicting the future success of a business idea" (Paulson, 2003).Why is it an important first step for a start up-up firm? A business plan serves several important functions to someone who is thinking of starting a business. A business plan will make you look at several things you might not have thought of if you try to start a business without one (Paulson, 2003 p. 35). They are as follows:1. Why do I want to go into business? (Paulson, 2003 p. 25)a. Is it because I want to be my own boss?
You can also receive loans from the SBA Micro lender program. Identify where your place is in the business world (Paulson, 2003, p. or my own financial independence because I do not want to work for others? c. Also on occasion friends and families have disagreements. Venture capital firms: Loans can be obtained from the SBA's "Small Business Investment Company" program. A good, organized business plan shows you are truly committed to making your business work ("Business Plan Basics," 2003, ¶ 2). What kind of equipment and supplies are necessary?f. Angel investors are a good source of start up funds if they feel your business is worth investing in. Most of these loan periods do not exceed 37 months. Will I need to look for financing?i. Chapter 4 of "The Complete Idiot's Guide to Starting Your Own Business" gives outstanding instruction on the methods of funding.
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