The key takeaways from this introduction are three strategic alternatives to starting a business.
- Introduce a new product or service or offer a variation of an existing product or service.
- Buy an existing business.
- Franchise someone else's idea.
Regardless of which alternative you choose, a good business plan will improve your probability of success.
60% of all small businesses fail. 60%的小型创业都失败了。
>> The key takeaways from this segment are. [00:04:34] Business plans are helpful for raising debt and equity financing. Provide a guide to help navigate your entrepreneurial journey. Provide a filter to help you make decisions. Help measure your progress and evaluate risks. A business plan is no better than it's implementation. A business plan's content is flexible, depending on it's use. [00:04:56] Do a business plan when you start the enterprise and revise it annually. A business plan should emphasize different topics depending on the industry and growth stage, start up, early stage, growth, matured. Seek assistance from a competent accountant and lawyer. Do not overestimate markets or revenues. Do not underestimate competition and risks.