she wears pants

Tough times can often be an opportunity that forces a day dreaming entrepreneur (like you?) to actually start a business.  Maybe you have been laid off and new jobs are coming out at the speed of cold molasses.  Or, perhaps the lower costs of entry are just too good to pass up!

Many times, though, starting a business from scratch means starting with little or no funds.  You may choose to pitch your idea to smart associates to invest in, angel investors, or even the bigger venture capital funds.  That means you need a clear map or business plan. Now watch out! Don’t be like my friend you has a 20 page business plan that is boring, binding, and just plain unnecessary.  Some investors don’t even take a business plan, they just want to know if you got what it takes (may include experience, connections, team, skills, working plan, etc.).

Go ahead and make a business plan, but don’t treat it like your personal bible, full of rules not to break.  What is should do is help you clarify who your market or customers really are, challenges and threats you face, and the unique proposition you have to give.  To be successful, you need an idea of where you’re going, but you will have to be flexible too.  Many of the successful entrepreneurs that I have met had to change their business plans multiple time before they could really take off.  Enjoy the roller coster ride of starting your own business!