The sales forecast of a new business venture should be calculated first because sales affect the expenditures of any business. The forecast should start with a timeline that depicts the seasonal patterns in the industry and the key events that might cause a change in the levels of sales. Having […]
Management
The knowledge and experience an entrepreneur brings to the business will be helpful in forecasting sales, particularly if the entrepreneur has worked in the industry in which the business will be operating. Nevertheless, the entrepreneur’s experience is anecdotal and should always be confirmed by other sources. The Industry The importance […]
Estimating revenues, expenses, and start-up costs at the feasibility stage is a daunting task at best for an entrepreneur with a new business concept. At this stage, the concept is still fluid, so many of the numbers collected may change when the business plan is complete. Even the numbers in […]
Determining what resources for a new venture are needed, when they are needed, and how to acquire them is a critical piece of a feasibility puzzle. Start-up resources include: (i) People such as the founding team, advisors, and independent contractors. (ii) Physical assets, such as equipment, inventory, and office or […]
Mistakes In Developing A Business Plan The following are some errors that entrepreneurs commonly make when developing the business -plan, particularly when the audience is made up of investors. 1. Projecting rapid growth beyond the capabilities of the founding team. This is a common problem. The new venture shows potential […]
Mother Nature is a pretty wise old gal. Among other things, she is a superior problem solver. Think about it. She has resolved countless problems for plants and animals (including human). Many plants “know” how to turn towards a light source, for instance. And she helped bats to navigate without […]
Unless you are an exceptional person, you are a natural critic. From an early age, we have learned to analyze and criticize anything new. Now that we are adults, being critical is a second nature. We are experts at it. What is your typical first impression when someone proposes a […]
There may be many great minds behind a concept or idea, but the entire business lies on planning and strategizing appropriately. Any bad leader or an entrepreneur might screw up the entire thing hence, it becomes important to master certain key skills to not only make the business successful in […]
Most problems can be categorized according to how much structure they possess. For instance, if your problem is well-structured, you will have a clear idea of how to solve it. You would know your current state, the desired state, and how to close the gap. The previous problem, running out […]
Three outstanding characteristics about successful entrepreneurs are that they are fast, focused, and flexible. In many ways the Internet holds out the promise of making the playing field more level for startups and smaller, emerging businesses. An attractive compelling Web site is often judged on its own terms and can […]
