7. Building a business takes up a
lot of resources, but planning
effectively cuts down on the
unnecessary spending by giving
the entrepreneur clear details
on where he/she should invest.
21. During the early stages of the
business growth, the
entrepreneur pours his time
and attention to the daily
operations of his/her company
or business.
23. Once business popularity and
presence starts to rise, the
entrepreneur begins to realize
that he/she will need a
budgeting system in order to
keep expenses and profits in
place.
25. At this point, the company has
already established a name for
itself in the community, so the
entrepreneur begins to draft
annual plans to maintain the
operations of the company.
27. Once the company reaches the
enterprise point, the
entrepreneur begins to draft
long-term plans that could be
adjusted to whatever conditions
may come the company’s way.
44. 1. What is unique about my product/service?
2. Who are my competitors?
3. How will my customers buy?
4. What is my share in the market?
5. What is the market potential?
6. Who are my customers and where are they
located?
7. Where will I put up my business?
8. How big should be my plant or place of
business be?
9. What equipment will I need and what size?
10. How will I create customers?
11. How will I organize my enterprise?
12. What personnel do I need?
13. What kind of records do I need?
14. How much capital do I need?
15. How profitable will the business be?
16. How financially healthy will I be?
17. What is break-even point?
47. Determine whether you have
the skills and resources to
successfully start and run the
business, as well as whether or
not you really want to enter
that field.
51. Visit the place so you can see
whether or not it is easily
accessible not just to your
potential customers, but also
to your resources. Always be
conscious of things like water
and electricity supply, as well
as the cost of buying or
renting that place.
55. See if it is better to purchase
or rent production equipment,
and make sure that you will
have enough of them to make
sure that you produce enough
products to satisfy the
demands of your target
market.