Always begin with a good plan

There is a direct co-relation between entrepreneurial success and comprehensive planning. Very often emerging entrepreneurs consider the expensive of developing a comprehensive business plan as a discretionary expense. One which many attempt to avoid because they feel confident in their own knowledge of what they will like their business to do and look like. Is that adequate?

A comprehensive business plan allows the entrepreneur to qualify their business plan before they invest. This provides an effective safety net that protects the entrepreneur from avoidable losses. It helps the entrepreneur to properly clarify their business idea and effectively anticipate and prepare for the potential market response. This builds the resilience of the entrepreneur who then adapts to market changes quickly and comprehensively simply because they were prepared. A well developed business plan will equip the entrepreneur with an effective competitive strategy as it forces the entrepreneur to properly evaluate its markets and the other players within it. A business plans places the entrepreneur into a power position for success.

Check out this episode of Let's Talk Entrepreneurship, as young entrepreneur and education professional Mrs. Lisa Mahabir shares her perspective and experience. Let's Talk Entrepreneurship