Tuesday, August 2, 2011

Its All About the Business Plan.

As I stumble into the world of entrepreneurship, I have learned a lot about myself and business.  I have also learned how much work goes into a business before a single sale is made.  I put together a board of directors to help me avoid dangerous mistakes and they also helped me put together a primitive business plan.  For those Type-A personalities, the purpose of writing a business plan seems foolish; you have a product and sell that product to others.  The rest is just details.   

What I am discovering is that the devil is in the details.  Without understanding the details of your business or hiring people who understand those details you are doomed to failure.  I realized this when I was being asked questions about my market, what my competition was doing and pricing comparisons between myself and others.  I knew everything I needed to know about my business but nothing about the environment where it would work.  It was humbling but necessary. 
So I am back to the drawing board with my business plan and spending a little more time doing research on where I fit in on the business food chain.  I suppose by sweating the details now I can enjoy better sales in the future.