Entrepreneur Basics

The entrepreneur, whether young or old, is in need of developing a business plan. It can be considered the map of the business. It will contain the information relaying what the business is about, the goals of the business, where the business is going and how it’s going to get there without making major mistakes along the way.

The three key points of the business plan should contain the following:

• 3 Descriptions of your business – Statements at 25, 65 and 125 words describing what your business is, whom you are serving and the benefits of the business that will help the entrepreneur know precisely what to do and speak successfully and confidentially with customers and clients.

• Marketing – Identify and implement a strategy for the promotion, sale and distribution of your business goods or services. Identify the people (consumer) who need what your business has to offer. How will you let them know about your business? Be able to select the best marketing methods to ensure business success. The marketing plan should contain answers to the following:

• -- Who is your customer or client?

  -- Who is your competition?

  -- What are the advantages of your product compared to your competition?

  -- How big does your target market need to be?

  -- Is there or how many buyers do you need for business success?

  -- How will your customers know what you have to offer?

• Financial Projections – Financial data information will reveal the success and viability in dollar amounts of your business. It will outline where your business is, where it is at and where it is going. Assistance in this area can be received with an accountant if necessary or your local small business development center or self-help books at your local library.

Starting the right business from among the many that are available will depend on your ability to finding one that matches two things :

• your particular interests and capabilities

• what people are willing to pay for your product

Successful businesses can usually find the owner willing to take the initiative and go the extra mile despite the stresses that accompany any business. Finding a business that you like and that likes you is essential to staying motivated through the ups and downs and it will mean your over all business or personal survival.

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Article(C)2011 Dame Scribe, all rights reserved. Dame Scribe creates articles and posts online. She creates articles on business skills & development, health, science, technology and society and has a strong passion for writing.