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The Second Step: Evaluate your
ideas.
Identifying business opportunities requires
an approach that combines systematic analysis with
unstructured creativity. Remember that it is always
cheaper to examine an idea thoroughly in advance
than to incur the expenses of a business
failure.
The Third Step: Prepare a business
plan.
You have now selected an opportunity as the
basis for a new business venture. There are several
reasons for preparing a thorough business plan
before you proceed.
Why prepare a plan?
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The business plan identifies the amount and
the type of financing or outside investment
required.
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A plan makes it easier for a lender or
investor to assess you and your proposal.
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It encourages realism.
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It helps you to better identify your
customers, your market, your pricing strategies
and the competitive conditions under which you
must operate to succeed.
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It improves your ability to manage your
business.
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A business plan provides an outline of your short
term and long term business goals.
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