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2 vital questions for your business plan

1. What does success look like?
An important question many people failed to define for themselves. Because for each individual it may be different. For some success is having a flexible work schedule, for some it is driven by a goal to achieve a certain level of power or financial success, and for others for a specific goal to work independently. To accurately define this will help you to focus on why you want to be an entrepreneur and create a business plan that will satisfy your expectations.

2. Do you need an investor?
If you don’t have a resume of start-up experience it is often difficult to get angel investors. Some people have been successful through kickstarter.com, where projects are funded by anyone who has an interest in seeing the product made. Another aspect to consider is investors become partners, and to some extent bosses. You can’t have investors and complete independence. Although it is often too difficult to build a business without more resources than you can create by yourself. Here, too, there are significant tradeoffs, and it depends on who you are, what your business will be, and what you want. Otherwise the other way is bootstrapping. Bootstrapping means doing it yourself. Borrowing money that has to be repaid, where the lenders has no real ownership of the business.

Answering these 2 vitals questions will make it easier to generate the basic numbers and strategy in your business plan.

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