Creating a great company in a relative vacuum is an exercise in complete trust that the entrepreneur knows what's best for the customer. I've developed the three step dance in order to help form a repeatable method of how to create a great company from an early idea.
Jamaican-born Lowell Hawthorne's recipe for entrepreneurial success has been to offer West Indian natives living in the U.S. a taste of home.
It has been proven time and time again that veterans make very successful business owners. It's about time New York, as well as other states with large veteran populations, understand this and start making efforts to utilize and harness the talent that is already within.
New entrepreneurs who want to survive, and optimize the growth of their startups, need to think globally, and act locally, from day one. This approach, popularly known as "glocalization," means you have to design and deliver global solutions that have total relevance to every local market in which you operate.
When people plan a road trip, they generally like to map out in advance where they would like to go, how much time they will spend, etc. For entrepreneurs, a business plan provides a road map or where you want your business to go.
The first step in building a product people love is to identify a problem that some group of people have. Solutions to clearly defined customer pain points make for the most compelling value propositions. You don't need to start with a "startup idea."
The biggest error in planning may not be spreadsheet calculation error. Or cost estimation. It is most often missed assumptions about the market, the competition, the speed of adoption, or other critical metrics you've researched, or selected, or even just guessed at to create your plan.
Guaranteed lifelong employment and the comfortable pensions enjoyed by our parents and grandparents are rapidly becoming a thing of the past. The once-risky path of entrepreneurship seems increasingly less fraught with peril when compared with the ever-present prospect of layoffs faced by regular employees.
So you've successfully sold your business and have received enough money from the sale to become financially independent, no longer having to work for a living.
A business plan outline is designed to take the stress out of writing your plan. Yes, every small business should have a plan. If you don't, it's like trying to drive to an unknown destination without a road map. It's highly unlikely you'll get there in one piece.