What’s the Purpose of Business Plan Development?

Business plan development is considered a necessary evil by many entrepreneurs – it is the process of creating a document which will help them pitch to investors and lenders. However, funding aside, you will improve your chances of business success if you take business plan development seriously.

Planning Does Help

It is a simple “out” for entrepreneurs to throw their hands up, saying “If so much of business is about flying by the seat of my pants, reacting to opportunities and threats and they arise, and changing plans continuously, there is no reason to plan for my own purposes. Certainly, a plan will be required by funders, but that plan does not have to have any similarity to the tactics which are used in the end.”

However, planning does help, even if the plan needs adjustment down the road. A plan can zero in on alternative strategies which might work and throw out those which do not fit the company’s intended brand, customer markets, or competitive situation. Without a written plan, the company is in danger of trying out strategies which seem to make sense on the surface, but really lack a good fit with the company in the long-run.

Keeping the Team Consistent

Another major reason to plan is to keep all team members on the same track. Without a written guide setting out the mission and strategy to achieve that mission, different managers may develop their own ideas about the priorities of the company and end up working at cross purposes. To serve this purpose, the business plan must be shared between the managers at least. The managers must all work to pass on guidance to their staff based on the plan.

Setting a Reflective Tone

It is extremely easy for entrepreneurs and small business owners to be caught up in the action of running their businesses on a day-to-day basis and consider reflection on where the company has come from and is going to be a luxury. Being serious about business plan development from the outset sets reflection as a priority for the company, and a business launched on this foundation stands a better chance of continuing to use planning as a tool going forward. When taken in balance with action and awareness of the present situation, reflection and planning can serve the business well.”

Youth Business Entrepreneurs – Useful Tips

Who is a Youth Entrepreneur?

A youth business entrepreneur is a passionate industrialist, who produces certain selected products and distributes them to consumers to make a handsome profit.

Youth entrepreneurs are usually more energetic to take part in all the commercial activities of their entrepreneurship. They work hard to establish themselves from a very young age in the commercial sector.

The legitimate acceptable age for youth business entrepreneurs to start any commerce is 16. The ideal time for youth entrepreneurs to undergo business training is during their academic term, when they are pursuing a degree or diploma.

Health of young enterprisers has to be stable since, business activities are demanding and can have a bad effect on the health. They are also required to work for longer hours, to achieve the set objectives of the day.

Youth entrepreneurs need to supervise almost all the business activities, and hence they have to be accessible at any time. They also need to prepare themselves to work and conclude the task effectively and successfully.

Important Factors:

Entrepreneurs have to take lot of risks, if they wish to grow and establish themselves in the market. For this, it is important that youth business entrepreneurs prepare themselves mentally to take tough trade decisions.

To start with, entrepreneurs can examine the administration and technical support system of a couple of small business development centers and participate in special management programs. Several universities, colleges, and business schools around the globe conduct venture capital forums, youth business programs, and entrepreneurship seminars.

With the assistance from several collegiate entrepreneur associations, youth business entrepreneurs can educate themselves on myriad topics. Such associations, notify, encourage, and support youth’s business ideas to mold them into successful capitalists of tomorrow.

Further, they can also extend their commercial talent by surfing the internet. They can browse several sites devoted to tips and tricks related to youth entrepreneurships, to educate both the business and mind. Some sites also entail inspirational stories of victorious young entrepreneurs to inspire upcoming youths.

Youth entrepreneurs can hone their skills for executing the business by undergoing training for manufacturing the goods, marketing, packaging, and managing good customer rapport

Youth entrepreneurs need to march beyond the boundaries to achieve huge success in their industrial venture. Therefore, it is essential for them to gain knowledge through reading, experimenting, studying, and observing.

Youth Entrepreneurs Program:

Youth entrepreneurs program motivates young people to initiate their own full-time businesses and pursue self-employment as a career option. Such program accepts applications all through the year from youth aging between 18-29 years.

Young entrepreneurs under this program are eligible to meet a grant of up to $4000 to aid in paying their business start-up costs and capital expenses.

Youths interested in such a program are required to submit a complete program application and a business plan.

The young entrepreneurs program offers grant to repay approved applicants, for suitable business startup costs and capital investments. The grant depends upon the capability of the applicant.

Four Tips For the Online Business Entrepreneur

It truly is a great time to be an entrepreneur.

Technology has leveled the playing field and there are online business opportunities for all budgets and knowledge levels. There are so many online business opportunities offering to help the budding entrepreneur make money online that it can be a bit over whelming and this is one of the first hurdles that the new entrepreneur has to overcome.

The online business entrepreneur now has more information on hand than ever before in history. You can Google search just about any topic and come up with more information than you can deal with in a day.

Making money online may not be as easy as just searching on a search engine but there are numerous opportunities out there for the entrepreneur that has a discerning eye.

The speed of the internet development and the speed of online business development means that the online business entrepreneur is better placed to identify and take advantage of online business opportunities than large corporations, that have multiple layers of policy and procedure. There are some things to consider as you develop your entrepreneurial online business though.

1. When should you become fully dependent on your online business for income?

I have heard of some people that had one good month from their online business and then quit their job only to find that within another month they are out beating the pavement for a new job because they didn’t make enough money to keep the momentum of their business going. This is another example of people failing to plan and so planning to fail.

You need to have a business plan that gives you clear indication as to when you are safe to leave your current job. This may mean long hours for the first few months and may not be as fast an exit from your old life as you would want but it is better than having to go ten steps back and then probably loose momentum and leave your online business venture for good believing that it didn’t work for you.

2. Decide on what you want to sell before you get online.

You need to know what areas interest you and what product lines you will be following before you even get online. This will help you maintain your focus because as soon as you get online you are going to be swamped with online business opportunities that could suck all the money from your wallet before you even get your first product on the shelf.

Know what you want to sell and then go and search it out. This is called ‘finding your niche’ in some circles and it is an important part of the online business development.

When thinking about your niche you may want to examine the competition on the internet in your chosen areas. It is very difficult for the small guy to come in and corner a niche that is already over full with experienced and often wealthy entrepreneurs.

Look for a niche that is not covered by the big guys, something that is selling at a reasonable pace but doesn’t have too many affiliates.

3. Make sure that you spend time developing your online personality.

Your online personality is your presence.

It maybe you have some accounts on Facebook, Twitter, YouTube and other social networking sites. It is imperative that you nurture your contacts on these sites in a way that you generate respect in your chosen area of online business growth and development.

Even before you start to promote your chosen products you can be involved with groups and be adding valuable information to forums and blogging sites.

Get yourself known as someone that people can turn to for support and help. Write articles, create blogs and squidoo lenses. Promote yourself and your presence at every opportunity.

4. Finally the last thing that you should do or not do is give up. One of the analogies that I like is the one degree it takes to get hot water boiling.

At 100 degree Celsius water boils but at 99 degree it is just hot. Many online marketers give up just at the time that the water is going from hot to boiling.

They put in so much energy and then they drop out before the surge takes place. You will get frustrated and you will feel that you are wasting your time but you should never give up on trying to make your online business venture successful.

There is nothing wrong with failure; we just don’t want to repeat the same mistakes twice. There is nothing wrong with falling flat on our face; so long as we get up and move forward.

How Home-Based Business Entrepreneurs Think

Too many people are trying to start their home businesses with an ordinary employee’s way of thinking. This has become a common reason why not long after sitting down and giving it a fair look into even the most lucrative business opportunity they bump into, they put it away and decide not to take any chances.

What has happened here is that the most lucrative business opportunity has been looked into by an ordinary 9-to-5-worker, who appears NOT to be business-minded.

If you are like most people, you have probably considered starting your own business yourself. But above all, you have to understand that to make into a successful Business Entrepreneur, one has to change their way of thinking first.

1. DO NOT EXPECT FAST CASH!

Besides gambling or winning a lottery, working as an employee is the only way to get ‘fast’ cash… ‘fast’ as in ‘in-25-working-days’. This kind of cash is always certain to come in as long as you work from 9 to 5 for your boss. But as you probably already know it, as soon as you stop, the money stops. (See FinancialFreedomAwaits.com).

True entrepreneurship-minded people know that it takes time to develop an ‘attack plan’ for their businesses. It takes time to build a strong and solid business, which delivers ongoing income through many years.

True Business Entrepreneurs hold on to this truth, “We reap what we sow, but the harvest is never in the same season as the planting.”

Change your way of thinking:

DO NOT EXPECT FAST CASH!

2. AIM FOR JOB SECURITY OR FINANCIAL SECURITY?
Employees would rather have job-security. Why? Simple: the income is secure. As long as you loyally work from 9 to 5, you will for certain get your cash! The problem with a typical job is that when you stop, the money stops.

The stark fact is: one day you might get sick and won’t be able to go back to work. Sooner or later you will retire. Companies get broke and have to release their employees. No matter what the situation, as soon as you stop working, the money will stop coming.

So much for secure income…!

A job with secure income is necessary for those who has not set up their own business yet. True. But a true Business Entrepreneur won’t settle merely for job-security. He aims for much more, such as financial security. No, he won’t have fast cash. And no, he won’t have any secure income yet – at least not in the beginning. And often, he won’t have any income at all from his new business for the first few months.

Business entrepreneurs think of the big picture. What they do is building assets from which his money will come in month after month, year after year from work he is doing now! The money will not come now. It might not even come for the next few months. But as soon as his business is up and running, it will keep generating income for him, even when he chooses to stop working!

And THAT is financial security!

Change your way of thinking:

THINK OF THE BIG PICTURE: AIM FOR FINANCIAL SECURITY!

3. GENERATE PASSIVE INCOME

Financial freedom is not measured by how much money you earn by working, but how much money comes in with only little or no work at all. This later kind of income is called passive income. This fact has been known for decades by real wealthy people.

Successful and wealthy entrepreneurs do only little work and sometimes it is even possible to do the work only once but still generate recurring income on it. Imagine a song or a book writer. They write their songs or books once but get paid forever on it. This do-it-once-get-paid-forever type of income is called residual income.

Most people who have attained financial freedom have other people working to generate income for them. Earning money by other people’s effort is called leveraged income.

As hard as it may seem, to create leveraged income, you need to have your own business where other people work to generate income for you. Any business. Whether it is a traditional business, franchise, small business, internet based or home based.

Employees work to generate secure income. Business Entrepreneurs work to build assets with income streams which generates for him ongoing passive income (either residual or leverage income or both). In other words Business Entrepreneurs work to build himself -what I would call- a ‘money-machine’ which is designed to generate ongoing income.

Whereas the Employee can not stop working because otherwise he will lose his income, the Business Entrepreneur will have money coming in constantly, even when he chooses not to work, simply because it is his assets that generate residual and leverage income for him.

Change your way of thinking:
TAP INTO PASSIVE INCOME BY GENERATING RESIDUAL & LEVERAGED INCOME!

4. INVESTMENTS

It is common for people who seek job security to hesitate to invest. The reason is understandable: for some of us the risks of investing in a business are just too much to handle.

A true Business Entrepreneur understands that in order to build -what I would call- a ‘money-machine’, investments are necessary. There is just no such things as businesses without investments. He knows that it takes time and effort to develop a successful business. But he also knows that investing money is just as important!

Sometimes it takes the Business Entrepreneur a year or two before he can finally reap the big success. Sometimes even a bit more. It takes a couple of years of investing time, effort and money. But this is not too hard for him to handle. A true Entrepreneur thinks long term. He knows that in the end, his working and money investing will finally pay off!

A Home Based Business Entrepreneur would only have to invest just 5-10 hours a week for a couple of years and he would only have to make low budget investments into his home based business. And at the end of the time of working and investing, our Entrepreneur would have turned it into a significant amount of residual income stream!

I’m not talking about money that comes in today and is gone tomorrow but income that keeps coming in month after month, year after year… money that -as Gery Carson has put it- “when you’ve left this planet continues to provide for your spouse, children, or grandchildren.”

By then you would think that all your valuable time and money you have spent would be worth it.

Commonly an ordinary employee, who fears too much to invest, works hard to receive his pay check every month. Most likely he even retires broke. Before he knows it, he leaves the planet with nothing to leave for his family.

A true Business Entrepreneur is prepared to invest. He knows by investing in his business he is building assets that would generate passive and residual income for him throughout his years on this planet and the years of his grandchildren.

Change your way of thinking: THINK LONG TERM: START INVESTING!