Starting Up Own Business Explanation Thesis

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" (Entrepreneur, 2009)

There are seven components to a business plan as follows:

(1) Executive summary;

(2) Business description;

(3) Market strategies;

(4) Competitive analysis;

(5) Design and development plan;

(6) Operations and management plan; and (7) Financial factors. (Entrepreneur, 2009)

It is important that the individual who starts their own business determine their objectives for the business and toward this end a goals and objectives checklist should be formulated asking questions such as: (1) How determined am I to see this succeed? (2) Am I willing to invest my own money and work long hours for no pay, sacrificing personal time and lifestyle, maybe for years? (3) What's going to happen to me if this venture doesn't work out? (4) if it does succeed, how many employees will this company eventually have? (5) What will be its annual revenues in a year? Five years? (6) What will be its market share in that time frame? (7) Will it be a niche marketer, or will it sell a broad spectrum of good and services? (8) What are my plans for geographic expansion? Local? National? Global? (9) Am I going to be a hands-on manager, or will I delegate a large proportion of tasks to others? (10) if I delegate, what sorts of tasks will I share? Sales? Technical? Others? (11) How comfortable am I taking direction from others? Could I work with partners or investors who demand input into the company's management? And (12) Is it going to remain independent and privately owned, or will it eventually be acquired or go public? (Entrepreneur, 2009)

Conclusion

There are a great many considerations to starting ones' own business and this brief work has outlined these considerations which includes the necessity of formulating a business plan. The business plan serves as a guide to the individual when starting their own business in which steps to take and in what order these steps should be taken.

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