The new entrepreneur has exchanged GUTS for BRAINS
The new entrepreneur must be educated in all areas of business. They must understand marketing, finances, opportunities, timing and how to implement. Success today involves:
The collection of the ideas is materialized in the form of a Business Plan. The business plan takes the abstract and converts it to the concrete. It gives the developer a structure to understand the business, the industry, the market places, the opportunities, the threats, the barriers and the viability and sustainability, if any, of the proposed venture.
It has been found that most businesses that fail do not have a business plan. It has also been found that over 93% of businesses that are still in existence after 10 years have a detailed up to date business plan.
In most areas of growth, the customers have become very sophisticated and the marketplace has become crowed with aggressive competitors. Small business must stay contemporary and become more effective and efficient than big business, because small business lacks the resources of big business.