Run the numbers one more time
As an entrepreneur, it’s easy to run into the mistake of having an idea and passion which exceeds the actual success of the business. Everytime I have a business idea I first run a SWOT Analysis of the business and begin to approach the business plan. This will usually give me some ideas as I approach writing the business plan.
I recently had an idea that might work in the industry i was thinking but after finding out the expenses of the business I was able to take another approach toward the business concept. I tend to hop right into business ideas without giving the finacial side enough attention – I’m learning though. After talking with my entrepreneur professor, Dr. Jeff Cornwall, he helped me take a different approach toward my business ideas. It’s great to have a someone like him to toss ideas at and let him give me feedback.
