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Entrepreneurship

Entrepreneurship. The beauty of entrepreneurial enterprise is that there is no “one best way.” To be sure, there are multiple strategies that can easily be identified as “bad,” however, even those instances have (though rare) been successful.

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Entrepreneurship

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  1. Entrepreneurship • The beauty of entrepreneurial enterprise is that there is no “one best way.” To be sure, there are multiple strategies that can easily be identified as “bad,” however, even those instances have (though rare) been successful.

  2. Unfortunately, too often many start with “how much money they are going to make” and ignore the first of our practical tips. BE REALISTIC While $billions (or $millions) may well be in the cards for you and your endeavor, it is important to build your business plan with a sense of realism and practicality. Your business plan has to be a well thought out practical document. SUGGESTION: Choose what it is that you want to do and DO NOT allow money to be the primary influence on you choice. Practical Tip #1

  3. Another common mistake is to make undocumented assumptions and claims that are based on individual fantasy more than fact. DOCUMENT CLAIMS This is one of the most painstaking parts of a business plan. However, since you are not psychic, your claims about market size, a reasonable measurement of the competition and projections about market response to your goods or services, must be grounded in independently verifiable evidence. You must research carefully using a wide range of resources (university studies to newspapers) Practical Tip #2

  4. You may be surprised to find out that someone, somewhere has already had your great idea. That’s good to know. You may choose to stop or you may work to develop a better product or service Be Persistent It seems odd now to remember that K-mart was well established when Wal-mart because such a force in the retail world. Just over a decade later, K-mart is bankrupt and Wal-mart is stronger than ever. Oftentimes, the “same thing, is not really the same at all. Practical Tip #3

  5. Case Studies Let’s look at a few examples: E. JOSEPH COSSMAN http://www.entre-ed.org/cossman.htm RUSSELL COX http://www.entre-ed.org/cs-cox.htm STEVE ACHELIS http://www.entre-ed.org/cs-achel.htm No matter how you “relate” to the case studies above, the point is to see that business ideas can come from anywhere and from individuals in a variety of situations.

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