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