Today’s post is the final installment of a five-part series by guest blogger Alex Papa, a publisher, social entrepreneur and investor based in the U.K.
Every day, new businesses open their doors with the hope of turning over a profit. People of all backgrounds invest into their dreams of running a successful business and acquiring wealth. But the stark reality is that some of these businesses will close before turning a profit.
The success of an entrepreneur in new business start-ups can never be guaranteed. But certain underlying pillars can distinguish a successful business from the one destined to collapse.
Pillar Five: A Sound Business Plan
A business plan identifies the nature of your business and presents a detailed written plan on how each function will be managed. A business plan also provides you with a map that will direct the overall activities of your business.
Another important benefit is that it serves as a point of reference to potential investors. A comprehensive business plan is one of the requirements for CYBF’s programs.
These five pillars (Entrepreneurial Prowess, Strong Business Skills, Access to Resources, Comprehensive Feasibility Study and a Sound Business Plan) identify individual characteristics as well as practical aspects that are essential to every business start-up. By following these five easy steps, you can build the entrepreneurial foundation you need to ensure your new business is a successful one.
Alex Papa is a publisher, social entrepreneur and investor. He often mentors new business owners and speaks in seminars around the world showing people how to find ideas for small businesses. He also writes about Internet Security solutions at the blog.