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BusinessWorks Inc - A Dotcom in making

This blog is intended to stir your entrepreneurial spirit and get going with your own business. It tries to capture day-to-day issues related with a upcoming startup business. If you follow this blog long enough, it may take you from Concept to Wall Street. I invite you to submit your ideas and comments.

"BusinessWorks Blog is a must read for any would-be entrepreneur unaware of the painstaking process of building a business" - FORBES Best of Web

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Before the Plan...

Wednesday, November 03, 2004
In my quest for resources, for preparation of a Business Plan, I came across a very interesting concept which falls in line with my "Virtual" company. It is appropriately called Virtual Incubator. Although this site is Wisconsin based, most of the resources are generally usable. It is good enough to get you started.

Let us talk about Business plan. A business plan is a written document that glues a business concept, market potential, opportunities, growth strategies, financial requirements, and management for a company. It also identifies potential risks, problems, and trade-offs. It's an excellent way to help evaluate opportunity and guide a start-up or existing business. It forces the founder to consider every facet of a proposed business or growth idea and places approval and funding decisions on paper, where they can be evaluated and considered by all interested parties.

Sitting down and developing the business plan requires the entrepreneur to think critically and plan. Writing a business plan forces the owner and management team to review various aspects of a business and challenge assumptions. A business plan may also lead the owner to examine and re-think the consequences of different strategies, as well as the personnel and financial requirements needed to launch or grow a business.

A business plan is a document that should be used as a management tool to operate a business rather than as a strict blueprint that must be implemented exactly. A business plan can help an owner pinpoint great ideas and clarify goals. With written goals, both the owner and employees will find it easier to take the business seriously. The process of analyzing the business and setting goals will enable an owner to better understand and clarify risks, thereby uncovering new ways to manage or reduce risks.

Our next step would be to gather some RFID-specific statistics.
11/03/2004 09:03:00 PM :: ::


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