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A business plan is a document that explains a business opportunity, identifies the market to be served, and provides details about how the entrepreneurial organization plans to pursue it. To be effective, a good plan also describes the unique qualifications that you and your management team bring to the effort. It explains the resources you’ll need and forecasts financial results over a reasonable time horizon.
Any business that seeks outside funding from banks, angel investors, venture capitalists, must have a solid business plan. Without it, creditors and investors won’t take you seriously.
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There are probably as many reasons for harvesting an investment as there are entrepreneurs. Retirement is one reason. An offer “too good to refuse” is yet another.
Common reasons:
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Without these elements—a full understanding of a problem, new connections, and a vision or direction for a solution—there is no entrepreneurial venture. Whether the problem you’ve identified is global or local, broad or niche, ...
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At the onset of your new venture, you will need to address the legal form your enterprise will adopt. Should it be a sole proprietorship, a partnership, a corporation, or a limited liability company? This decision is driven mainly by your objectives and those of your investor...
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A business model describes how an enterprise proposes to make money.
A well-conceived and promising business model is only half the equation for success because it doesn’t take into account the market competition.
Dealing with competition is...
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During the growth stage, your business expands its sales and develops a growing base of customers. As a result, you’ll need more capital—for expanding your operation, hiring and training new employees, etc.
Your company may already be generating some positive cash flows...
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The 5 steps of strategy formulation are:
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Entrepreneurial leaders can keep the spirit alive if they:
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Growing firms with exceptional revenue potential have another option to achieve a significant cash infusion: they can seek financing through an IPO. This process presents ownership shares to the world of individual investors and institutional investors such as pension fun...
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A business opportunity is primarily a product or service that creates significant value for customers and offers significant profit potential to the entrepreneur.
A business opportunity:
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Possible approaches to leading a startup faced with rapid growth:
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