The popular Shark Tank reality show on TV highlights the lack of business acumen of many entrepreneurs who appear before the Sharks looking for an investment in their entrepreneurial idea.
You would think that anyone contemplating starting a business would have a business plan – right? WRONG!
The well-known statistics are that most new businesses fail within the first 12 to 18 months of their existence. Why is that? Primarily because the founders did not develop a well thought through business plan. In many cases they haven’t even developed a break-even analysis for their first year in business to determine if they can generate enough revenue just to cover their start-up costs and expenses.
Developing a business plan is inexpensive and can be done on paper or a computer these days. In many cases it may save a techie from themselves as most techies are usually experts in their technology, but not in business.
Even tech founders of growing firms need to develop a business plan to insure that their business continues to grow profitably. The whole process of planning is a good thing for any company. The answers to the age old questions: Where are we now? Where do we want to be? And, how are we going to get there? It just makes good business sense.
I always say: “Nobody plans to fail…they just fail to plan”.
Where are you with developing a business plan for the success of your new technological innovation?
Bob Donnelly is an author, educator, and brand builder for businesses and individuals. He is an entrepreneur himself and has started and sold several technology based businesses. He teaches Entrepreneurship & Innovation MBA courses at Saint Peters University, and also for an online global university. His book, GUIDE BOOK TO PLANNING - A COMMON SENSE APPROACH, is available on Amazon in a soft cover edition, an E book, and an audio book. He can be reached at: firstname.lastname@example.org