Entrepreneurial Process Part Two
Michael continues this afternoon to offer information on the Entrepreneurial process. Right now he is talking about the types of research you need to do to start a business with lots of examples of Veteran businesses. You need to research Demographics – who are your customers, Geographic ‘s, where are your customers and psychographic’s, who are the affinity groups who will be your customers.
Resources for research include: US Census, Business Schools, International Business Intelligence System (IBIS) – accessed through a school of Business, Local government and footwork.
Next Write a
Make it very short and it should create a visual image of what you want to do
The purpose of your business
Need to employ financial, social and cultural capital
Writing a business plan includes
Plan around a 100 day timeline
Need a banker, lawyer, accountant and insurance agent
See the New Business Road test to check and see the chance of success form your plan.
Te Pitch – used to convince your vendors, funders, public and partners that what you do will succeed
LLC protects your personal assets