Unit 5 Mastery Assignment.docx - Unit 5 Mastery Assignment...

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Unit 5 Mastery Assignment Jeremy S. Arvizu
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Within the past ten years I have been interested in starting my own business. I have had some experience of knowing friends or family members who have been successful running their own business, but never fully understood what is entirely involved with this process. This class has introduced a greater understanding of what financial management is, and how to relate that to being successful in business. For this paper I would like to discuss some of the topics we covered in class and to find examples of how small businesses have become successful. The topics I will be covering from class will be business planning, financing a business, breakdown analysis, and statement of cash flow. Instead of using the examples of Mark Zuckerberg, Elon Musk or Steve Jobs, and how they were able to find success and turn their business ideas into worldwide companies, it is my goal to find current entrepreneurs within the small business industries and be able to relate the topics we have discussed to their success. Before starting any business, you must have knowledge. There are no shortcuts to owning your own successful business. Access all marketing tools available to you, avoid making the same mistakes as those before you, but learn from the mistakes that are made. One of the financial tools you can begin with when developing your business is a solid business plan. Business plans have long been a critical document for new business. Traditional business plans can be big beasts of a project that suck time, money and mojo at a vital moment. (Cremades, 2018) The purpose of a business plan is to help yourself become organized and to ensure you have some type of practical commercial potential. You can have the next great business idea like Facebook or Airbnb, but if you don’t have the proper planning, then your idea may never reach its potential. According to Harvard Business Review (HBR), “the real key to succeeding in business is being flexible and responsive to opportunities.” (Hopp & Boaudreau, 2018) According to HBR, entrepreneurs who write business plans are more likely to succeed, but that doesn’t mean writing a plan should be their first task. The data presented by HBR shows that on average, the most successful entrepreneurs were those that wrote a business plan between 6-12 months after
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deciding to start a business. Writing a plan in this timeframe increased the probability of venture viability success by 8%. (Hopp & Broaudreau, 2018) This is great data to show the importance of a business plan for any young entrepreneur and the effect it can have on the success of a business idea.
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