How to Be a Successful Small Business Owner

How to Learn To Be a Successful Small Business Owner

I think if Eric were to tell me how to open and run a successful Business he would start by telling me to know exactly what kind of business it is I would want to open. Then that I should do research meet other business owners and talk with them about the different ways to run the business. I also think Eric would tell me that I might want to find a job working for a business that I could one day own. This would not only help me by gaining experience as well as a potential business partner. I think he might also tell me that it takes hard work and determination to be successful. Another thing he might tell me is a little risk is ok but not to get in over my head. To make sure not to borrow more than would be able to pay back, to be sure to keep track of all the company finances account for every penny.

Describe for Eric the purpose for each of the following components of a business plan.

* Cover Letter- a cover letter is important your cover letter is the first thing investors will see along with a lot of others. So you want to make sure your cover letter reveals the main key point in only a short amount of words that makes the potential investor or money lender want to start reading it right away.

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Executive Summary

This is going to be a two or three page summary of your business proposal. This is where you are going to want to give information of what kind of business you plan to open, or buy. You're going to want to be sure to include the major goals and Objectives for the business.

Company Background

In this section you are going to want to have a summary of finances this means past and present balances, you're going to want to have income and cash flow sheets. This is where you get the chance to show how good you files have been kept witch shows the investor you're really trying.

Management Team

In this section you will want to make sure you have all your tope management's records of experience and skills that they have. Investors like to see that you have the right staff to make your business successful. So the more disciplined, and skilled, and knowledgable your team has the better chances for your business.

Financial plan

Your financial plan should cover over the next five years it's were you map out over time the projections for income, expenses, as well as your funding sources. You can also hire an accountant to help drawl up the financial plan.

Capital Required

This section of the business plan is