Do you have a real business in front of you, or just an idea? That's the topic of today's Insights and Opinions article, from Matt Crowley, a Los Angeles author and business attorney, who shares an extract from his new book, Getting Into The Game.
The Right Question
Many entrepreneurs start thinking about how to launch their businesses by strolling down the "Business" aisle at Barnes & Noble or downloading an eBook. It’s easy to get excited just flipping through these books and imagining how life would be as the next Fortune 500 CEO.
There is a nasty topic many of these books gloss over – how many businesses crash and burn. The Small Business Administration issues a report that shows, like clockwork, nearly 550,000 new businesses start ... and 550,000 business close their doors. The SBA likes to say that some of this is seasonal businesses opening and closing in the same year – examples would include the Halloween costume stores or fruit stands. Even factoring these businesses in, the numbers can be intimidating.
How does an entrepreneur succeed against those odds? Do you need a great business plan? (Continued...)
Read the rest of Matt's article, How to Decide if You Have a Business Or Just an Idea.