This week I have learned about the importance of business plans, and some common mistakes to avoid. In this week’s case study I felt I learned the importance of considering funding. While money isn’t always the point of business, there is a reason they say it takes money to make money. Taking the time to not only plan for how to adequately deal with money, and also prioritize it correctly is one of the most important steps in a new business.
I also really enjoyed the reading from E-Myth this week. One thing that stood out to me was that companies are often either growing or shrinking. If one doesn’t plan correctly for growth, and be involved in the most critical aspects and entrepreneur can easily lose control of the business they have created. It is important to plan with the end in mind when starting a business. This allows for the right culture and priorities to be built in from the beginning, and for the entrepreneur to be successful.
$100 Challenge – This week I completed my business model. I have made solid decisions about what my business will be doing and forecasted how I would like to achieve the goal of profiting $100. This plan has helped me not only outline what I want to accomplish, but made me consider the many facets of my business. I have truly learned that there is much to consider when starting a business venture.
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