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Tuesday, February 19, 2013

Importance of A Business Plan

HISTORY/BACKGROUND

Many dainty barteres argon struggling to brook because of the competition in the marketplace and the recent downturn on the economy. In fact, according to the Strategies for Startups: Its All About The invent article, A study by the U.S. small Business draw finds that only two thirds of small business startups survive the prototypical two years and less than half last cardinal years. A sobering thought indeed (Cullen, 2008, para. 1). With this in mind, champion should spend just as much time on the reach strategies of a small business as atomic number 53 would when starting a small business.
The entrepreneur needs to intention for the throttle strategies during the beginning phase of the small business. According to the article, When do you need an exit plan? Right now, Small-business owners should create an exit plan for themselves as soon as they open a company or shortly afterward (Harrison, 2007, para. 24). There are many entrepreneurs that are unaware of and that do not direct the time to educate themselves on how to exit a small business. Liz Illgen, president of Practical Management Solutions (PMS) says, There are a number of ways to exit your business, unfortunately most nation choose the default method, meaning they either die, become disabled, or go bankrupt (Cullen, 2008, para. 26).

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Throughout this report, there will be helpful exit strategies provided to educate the entrepreneur on how to plan the exit for the small business, as well as what directions to hold back when exchange the business.




ANALYSIS


According to Sandra OConnell, Its best to own your exit strategy planned from the day you start that business (OConnell, 2007, para. 1). Having a well thought out and planned exit strategy from day one can benefit the entrepreneur in the future if anything were to occur, such as the four Ds, which will be discussed in the report. When in the process of selling the small business, there are short-term and long-term move to...If you want to get a full essay, order it on our website: Ordercustompaper.com



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