We've finally gotten to the core exercise for the year – writing an effective business plan. The key to attracting investment – and guaranteeing a shot at success once you're open for business – is organizing and planning just what kind of business you want, how you want that business to operate and how you intend to get it off the ground.
Many businesses fail in the first year or two. One of the biggest reasons for failure is lack of planning and failure to plan for contingencies – in general failing to lay the foundation for a successful business. Another big precursor to failure is under-capitalization: not having enough money to weather the start-up period.
Therefore, learning how to write a successful business plan that can attract capital, as well as define where you're going and how to get there, is a key study for the entrepreneur.
We'll start by reading chapters 33 and 34 to understand Entrepreneurial Concepts and Risk Management, and then we'll use the resources in the "Useful Links" area of the blog that start with "Business Plans" to learn how successful business plans are structured.
Then, of course, each of you will build a plan to suit the kind of business you'd like to start. Good luck!
