Am I ready to be an entrepreneur?
A common misconception is that starting your own business will generate attractive revenues within the first year of operations and has the potential to save any family from accumulating debt. This is not only false, but reality shows the opposite. The next question is how do you know you are ready to be an entrepreneur?
The first step is having a business concept which markets needs. There are a lot of businesses out there and the chances of creating a completely new idea is very rare. First, research the market to see where other companies are that have already created your idea. Are there any places that offer your product or service in your area? If not, then you need to see if the community has a need to purchase your product or services. A business will only succeed if there are people in the market who need it’s offerings. If you find that the market does not need your exact business concept, do not give up just yet! Try to fine tune your concept to something that is desired by the market.
Once your concept is ready, you must determine if starting a business is something you and your family can handle. Being an entrepreneur is more than a full time job, it is a 24/7 job. You must analyze the constrains in your life – time for family, work, money, etc. Do you currently have a job? Would you have to leave this job in order to start the business? How much money do you and your family need to cover all of your regular expenses? Do you have enough in savings to live off of while the business does not generate revenues and only incurs debt? (On average it is about 2 years before a business breaks even and begins to make a profit) How much revenue does your business need to generate in order for you to bring home the income you need? You should not start a business unless it will provide you with your needed income.
After these questions are answered and you still believe that starting your business is a good idea, it is time to put your thoughts onto paper. Writing a business plan is one of the most essential steps to starting a business. It will act as your road map to success. You will find that writing your business concept is much more difficult then speaking it out with people. This is exactly why it must be done. In your business plan, write about the concept, products, services, target markets, competition and management team. Create financial projections which will help prepare you and your family for what is to come. It is possible that after writing your business plan you will realize that the business is not a good idea. It is better to know this in the beginning then jumping into the business and losing large sums of debt. A business plan is a work in a progress will need to be changed throughout the start-up process. However, it should be used as a guide for you and your management team to agree on operations. The business plan should advise you on what needs to be done to reach profitability.
If you have made it through all of these steps and truly believe that your business will succeed, then you are ready to be an entrepreneur.
By Shosh Stone
PPM is the leading U.S. entrepreneurial firm that specializes in writing private placement memorandums (PPM) and linking investors with entrepreneurs.
Since 1999, the founders of PPM have provided professional business writing services, such as a PPM or business plan, to more than 2,000 businesses worldwide. Our company is considered to be the most cost effective, efficient consultants for private placement memorandum development in the United States. We are Wall Street’s, and by extension, the New York private placement (PPM) leaders.
PPM.co’s main service is the creation of private placement memorandum regulation d (Reg. d) documents. However, we offer much more. In case the entrepreneur needs additional services, such as a business plan, website, or additional legal work, PPM can create one pricing package for all required documentation or service. Because we simultaneously work with many companies both in and out of the U.S., the ability to adapt to the individual needs – as well as to regional and global demands – helps our clients save needed capital and time.
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• New York Private Placement Memorandum Writing
• Real Estate Private Placement Memorandum Writing
• Debt Private Placement Memorandum Writing
• Equity Private Placement Memorandum Writing