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Internet Business Strategy: The Aftermath Of Failing To Plan

Aug 31, 2007
A solid business plan accounts for more successes for new businesses than just about any other consideration. There's a reason for that. The very first thing a business plan defines is WHY the business exists. If all you want to do is make a lot of money, go get a job that pays a lot of money. If you really, passionately need to be in business for yourself, your reason for doing so will be more important than the income.

Self-employment is not for the faint of heart. Entrepreneurship is a vocation, not a job choice. You need to have a powerful calling to be your own boss if you expect to succeed. Desperation and necessity are no substitute for the real motivation of business ownership. No matter how badly you need money, being unsuited for this way of living will doom your efforts.

Business has an element of social responsibility and "higher purpose" at its foundation. Based on that foundation, the business has a right to expect a profit for its efforts. Your mission, as a business founder, is to come up with a mission statement that sums up the contribution your business will make to the world. This is not an optional part of the plan - it's the heart of it.

Too many would-be entrepreneurs come up with an idea or action plan that leaves out this element. They think that a cool idea or can't-fail method of raking in cash is enough to get started and win big. Unfortunately, the realities of doing business mean failures, setbacks and obstacles will challenge those ideas and methods. Without a clear vision of the future, which includes the benefits for society and posterity, making a buck fails as a motivator.

Once you've struggled with the main reason for being crazy enough to go into business for yourself, the rest is simply a matter of identifying what can be measured and getting it on paper. A good business plan will account for all the systems, practices, methods and cash management the business will need and use. A great business plan will be worth copying by others who want to duplicate the success of the original planner. Blockbuster Movie Rentals' business plan was based on the McDonald's restaurant business plan!

You, as a fledgling business planner, need to examine and absorb the ideas contained in other people's business plans. Find as many good plans that are similar to the business you want to start and tear them apart. Make copious notes about how each plan covers all the aspects of the business. Become an expert at creating a business plan for your type of business.

This may seem like a lot of effort just to get something on paper that may or may not work in real life. The preparation will be worth it. The more clearly you can visualize the end result of your plan, the easier it will be to zero in on what you need to do next, every day you are in business. A vague plan that does not account for all the chores and duties that must be performed will cripple a business, just at the time it needs to be leaping ahead.

The boldest and best business plans will allow the boss to design a business that runs itself. The "leader" spends no time on the work to be done FOR the business. This allows the leader to spend time working ON the business. Employees handle chores and duties. The boss handles planning and strategies. The ultimate strategy is the absentee owner, who does zero work for the business. That's the power of a truly effective business plan!
About the Author
Jo Han Mok is the author of the #1 international business bestseller, The E-Code.
He shares his amazing blueprint for creating million dollar internet businesses
at: http://www.InternetMillionaireBlueprints.com
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