Unformatted text preview: ing business, then you’ve probably covered old ground. Your
company already has customers, operates in a known market, and has lived through the evolution
of sales and costs and expenses. Still, planning is an opportunity to take a new, fresh look at the
business. Change is constant. Your business is changing and your market is changing, so the regular
fresh looks are important.
If you’re working on a plan for a new start-up business, you’ve taken important steps towards
deﬁning your business, your ﬁnancial break-even point, and your total potential market.
• How does your business look from this viewpoint? • Does it make sense? • Can you make the sales you need to break even? • Is the market big enough? • Are your projections realistic? • Can you bring together the keys to success? CHAPTER 4: STARTING A BUSINESS It’s dangerous to fall in love with the idea of starting a business instead of falling in love with the business
itself. Go into this with a good idea of reality. Starting Thoughts
First Things First
A business plan is not the most important single requirement for starting a business. Many other
things are much more important. For example:
• Customers: The ﬁrst thing you really need to start a business, maybe even the only thing you
really need, is customers. It all starts with at least one customer. • Customer needs: Your business must fulﬁll some type of customer need in order to be successful.
Sometimes customer needs can be intangible, like security or prestige. Some customer needs
seem frivolous, but they still matter. Make sure there is a market for your service or product.
Your business will fail if it doesn’t address a customer need. Myths About Starting a Business
There are several myths about owning and operating a business that should be avoided at all costs.
These common myths cause a lot of problems:
• The myth of “being your own boss”: You are not your own boss when you own a business.
Your customers are your boss....
View Full Document