“Business is a plan, not a product or procedure.
Good plans expect the unexpected, but remain intact and in use throughout the trying early years. They just keep getting improved upon as you learn more. Your personal plan can be financial freedom- freedom from the day to day grind of working for money. But your business plan has to answer the following questions for investors and lenders:
- Can I make money investing in this business (risk vs. reward)?
- Do I like and understand the business I’m investing in?
- Do I trust the people I am investing with?
It is also important to note that winning in business has much more to do with entrepreneurial spirit than it does with age and gender.
You’re never too old or too young to be a successful entrepreneur.
- Vision: Ability to find opportunities others cannot see
- Courage: Ability to act despite tremendous doubt
- Creativity: Ability to think outside the box
- Ability to withstand criticism: There is not one successful person who has not been criticized
- Ability to delay gratification: It can be very difficult to learn to deny short-term immediate self-gratification in favor of a greater long-term reward
So as you begin to write your plan, ask yourself if you truly have the tenacity to fall and start the challenge again. Nearly all successful entrepreneurs have had many failures.