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It has become increasingly attractive for individuals to pursue the dream of becoming a business owner. The perception of being one’s own boss seems to camouflage the hard work that is needed to make a business successful. Opening a small business, or sole proprietorship, can be a very successful and rewarding endeavor, if it is run properly. Sole proprietorships become successful in today’s economy by having a business plan, financial responsibility, and marketing tools.

Whether the doors to a small business haven’t been opened yet, or the business is opening additional stores, there is always time write a strategic business plan. A strategic business plan “provides an excellent opportunity to take stock of business’s current situation and identify specific ways to improve (Hayhoe, 1).” Having a business plan written out will give the owner’s or manager’s the important information they may need for meetings with investors, bankers, or other sources of funding for the company. It emphasizes the businesses positive factors, gives the opportunity to address the weaknesses, address the external opportunities that can strengthen the company, and even contemplate the possible threats. A well written business plan may not necessarily guarantee success, however it will help to reduce the chance of failure.

Aside from having a successful business plan, an entrepreneur’s success is determined by financial planning. Every year thousands of potential business fail because of poor financial management (Hormozi et al, 9). A five year projection is recommended to address key figures. In the five year projection a month-to-month projection is used for the first year of business, quarterly projections for the second and...

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...some knowledge of marketing, it can be a negative one. In today’s economy, many people are taking the risk to become sole proprietors and with some research and education they can become successful with their endeavors.

Works Cited

Garg, Rajendar, and Kenny Chan. “Service Orientation and Small Business Marketing.” Journal of Professional Services Marketing 15.1 (1997): 13. Web. 26 February 2014.

Hayhoe, George. “Practicalities: Writing a Strategic Plan for a Small Business.” Technical Communication 41.2 (1994): n. pag. Web. 18 February 2014.

Hormozi, Amir, Gail Sutton, Robert McMinn, and W Lucio. “Business Plans for New or Small Businesses: Paving the Path.” Management Decision. 40.7/8 (2002): 9. Web. 26 February 2014.

Karr, Frederic. “Power Marketing for Small Business.” Commercial Law Bulletin. 16.1 (2001): 22. Web. 26 February 2014.

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