What’s the Purpose of Business Plan Development?

Business plan development is considered a necessary evil by many entrepreneurs – it is the process of creating a document which will help them pitch to investors and lenders. However, funding aside, you will improve your chances of business success if you take business plan development seriously.

Planning Does Help

It is a simple “out” for entrepreneurs to throw their hands up, saying “If so much of business is about flying by the seat of my pants, reacting to opportunities and threats and they arise, and changing plans continuously, there is no reason to plan for my own purposes. Certainly, a plan will be required by funders, but that plan does not have to have any similarity to the tactics which are used in the end.”

However, planning does help, even if the plan needs adjustment down the road. A plan can zero in on alternative strategies which might work and throw out those which do not fit the company’s intended brand, customer markets, or competitive situation. Without a written plan, the company is in danger of trying out strategies which seem to make sense on the surface, but really lack a good fit with the company in the long-run.

Keeping the Team Consistent

Another major reason to plan is to keep all team members on the same track. Without a written guide setting out the mission and strategy to achieve that mission, different managers may develop their own ideas about the priorities of the company and end up working at cross purposes. To serve this purpose, the business plan must be shared between the managers at least. The managers must all work to pass on guidance to their staff based on the plan.

Setting a Reflective Tone

It is extremely easy for entrepreneurs and small business owners to be caught up in the action of running their businesses on a day-to-day basis and consider reflection on where the company has come from and is going to be a luxury. Being serious about business plan development from the outset sets reflection as a priority for the company, and a business launched on this foundation stands a better chance of continuing to use planning as a tool going forward. When taken in balance with action and awareness of the present situation, reflection and planning can serve the business well.”

The Perfect Storm For Business Entrepreneurs

The perfect storm in marketing is here, savvy entrepreneurs have the opportunity to get in on the front side of the curve of an industry that is thriving even in this soft economy. Anybody who goes online theses days must be aware of the number of online businesses there are and the number keeps growing. It is estimated that a new home based business or direct marketing business is started every 11 seconds. While the rest of the economy is soft, to say the least. This is only fueling the drive to entrepreneurship for a lot of Americans. It is this writers opinion, that we have always been entrepreneurially minded as a nation and it will be the small business that pulls the economy out of the current malaise.

So, then having decided that network marketing or direct sales is the route to go as an entrepreneur, the question becomes what to market. The exploding field of personal development and spirituality is the answer. One need only watch television for a brief bit, go to any library, bookstore or major market place to see shelves upon shelves of information on these subjects. The state of the world combined with the aging of the American population has created a return to awareness, spirituality and mind development.

One Scottsdale, Arizona company, which is over 8 years old and has a presence in 147 countries reports an increase in revenues of 50% for the first quarter of 2009 versus the first quarter of 2008. Their mantra is BE, DO, HAVE. By this they mean that to live in abundance, one must act as if already in abundance. This “being” then kicks in the Law of Attraction as found in the book and DVD “The Secret”. By thinking in abundance, abundance is naturally attracted. Like attracts like, as it is often put. With the pattern of this thinking, it is only natural that you will have. It is the universal law of cause and effect.

So, covering the BE and HAVE, the key to “The Secret” is then to DO. This means making the decision then acting upon it with passion. Putting all the unique talents, abilities, interests and values you possess to work to achieve the greatness you were intended to possess. It does take action. One could meditate, actualize, visualize, pray or astral project, but without some action, nothing will happen.

It is much like putting a glass of water in front of a thirsty man. He can close his eyes and actualize, visualize, meditate, pray and try anything else, but until he reaches out his hand and picks up the glass, he will remain thirsty. For those of you contemplating business entrepreneurism, I urge you to pick up the glass and consider the market of personal development and spirituality as the niche to explore. It is “the perfect storm”.

The Single Most Discussed Mistake Among Home Based Business Entrepreneurs

Home based business entrepreneurs are those people who have been successful in the industry and continue to have success within. Based on the success that they have it can be said that these people really know what they are talking about when it comes to the home based business industry. In this article you will be able learn what the most discussed mistake has been amongst these successful entrepreneurs relating to the home business industry.

The most discussed mistake among these entrepreneurs has been a lack of mental toughness that is a result of the mistake that people make when they don’t dedicate enough time to working on your mindset. These entrepreneurs are big believers that your mindset is what dictates that success you’re going to have. So by not dedicate enough time to working on your mindset they believe you’re making the biggest mistakes you can possibly make in this industry.

It is common knowledge that success always starts within your mind and this is why is very important work in your mindset and improving your positive attitude. You can have the best business the best promotional method and everything else but if you don’t work on your mindset you are not going to be successful. So if you are serious about being successful then you have to make sure you dedicate enough time to developing your mind.

Just keep in mind that this process will never be done as you continue to learn everyday but you have to get familiar with the basics first.

Every Business Entrepreneur Should Have a Mentor

A must for any home based business entrepreneur is a mentor. Have you met yours? This is a person with more entrepreneurial business experience than you possess who becomes someone you can trust over a period of time.

You may wonder why having a Home Based Business Mentor is important for the development of your online business. You may have friends and family that you respect their opinion for certain areas in your life but not necessarily for your business. That’s where a Mentor can help guide you in the right direction for your business ventures.

If you are an entrepreneur and have dreams of running a highly successful business, I would highly recommend that you go out and find one. It’s not easy to find a good Mentor but they are out there and are willing to work with you to build you a successful Home Based Online Business. When I found mine it made a world of difference in my approach to having an online Internet business. It has made a huge difference in my success on the Internet and when you find yours you will start having the success that you want for your business.

You might be asking yourself at this point, so how do I find a Mentor?

It’s not always an easy task but one worth researching for the future success of your business.

Here are a few key characteristics to look for in a Mentor:

1) Do they share the same values that you do?

2) Make sure you have good rapport with this person and are willing to listen to them, even if it is something you may not want to hear.

3) Does your Mentor have goals that line up with yours?

4) Are they willing to use their energy and time with you? (Assuming you don’t waste their time)

You may be thinking “Why would someone want to Mentor me, for free?” The answer to this, most of the time, is by helping and guiding you to build a profitable business, this helps them build their business at the same time. So it’s a win, win situation.

There are numerous advantages in having a Mentor at your finger tips:

* They have “been there and done that” on their side.

* They provide this experience to you for “free.”

* They expand your networking world because they may put you in touch with other experienced people you would have never had the opportunity to work with.

* You will develop a long term and trusted relationship over time.

* You will end up with a highly successful home based business.

Once you find your Mentor for your business, I am assuming you want it to be a healthy and long lasting relationship, I highly recommend that you respect them by doing the following:

1) Respect them by not wasting their time.

2) Be absolutely honest with them, even when it might have them respond with something you don’t want to hear.

3) Stay focused on the business task at hand.

4) Show up on time for any appointments with them. Let them know in advance if you can’t make it.

5) Keep all commitments you have made with them.

6) Make sure to finish all projects they have assigned.

7) Come to the table with a positive outlook and be solutions oriented.

If you follow these simple guidelines, it will make for a successful and profitable business relationship for the both of you.

My final thoughts on this subject: “Go find a Mentor if you don’t have one already.They can provide you with a path of prosperity for your business life. As you can see, there can be many rewards and the risk is zero! They are essential for the home based business entrepreneur.