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    4 Replies Latest reply on Aug 10, 2010 10:22 AM by cutthroat

    Starting Your Own Business

    LUCKIEST Guide
      Last year many laid off managers ands exec's started their own companies.

      After 7 years, only about a third of the start ups are still in business.

      If you want to manage and organize your business effectively, you need a Business Plan.

       

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        • Re: Starting Your Own Business
          Tracker

          Luckiest:

           


          I agree a plan is key to success. I see a number of people wanting to start a business simply by jumping in and figuring it out as they go along.

           


          I think the detail of the plan can vary depending upon the complexity of their business model and market, the amount and source of funding and the extent of damages they will incur if their business fails. A plan can range from a SWOT analysis to a formal business plan.

           


          From my personal consulting experience, I tend to see that people are much riskier than they should be when starting a business. I find a high percentage of new business owners, or those considering on becoming their own boss, can't clearly articulate some of the basics about the following:

           

          • What makes their business unique
          • Who are their primary competitors
          • A well defined target market

           

          Doug Dolan

           

          The Solopreneur's Guide

           

          http://thesologuide.com/
          • Re: Starting Your Own Business
            alvinm Wayfarer
            I 100% agree with you. Planning is the heart and soul of running a new business. Without planning all your efforts will go to waste. As a business owner one needs to know his budget and his limitations. What are the areas where he needs to work hard and what must he refrain from at the moment. Without planning you feel like you can do this this and also this and in doing every thing you end up in a mess.
            • Re: Starting Your Own Business
              CapmindsTech Newbie
              Agreed and also need to make sure that, all the major efforts should be broken into smaller/meaningfull tasks.
              Then try to complete a task at a time rather than looking at major effort.

              This is exactly Divide&Rule
              • Re: Starting Your Own Business
                cutthroat Wayfarer
                The key to staying in business is to make it profitable - and automated. That way, even if profitability is small, you will maintain it and it will still be around years later - when you may have the resources to improve on it.