Michael Newman’s latest é-Wealth Daily’ article is titled “What Do Spiderman and Too Many Entrepreneurs Have in Common?”. [‘e-Wealth Daily’Article]

Michael Newman’s latest ‘e-Wealth Daily’ article:

What Do Spiderman and Too Many Entrepreneurs Have in Common?

Anybody can come up with a great idea for a business. What separates a great idea from a successful business, however, is an entrepreneur’s ability to plan. Proper planning includes developing a business plan, identifying a target market and coming up with the best sales strategy to attract them.

Starting a new business is something that has to be planned very carefully. If you just rely on that one big idea to carry you through, you’ll likely fall short of your dreams and experience some degree of failure. The key is to identify a sales strategy to best attract customers.

Creating a business plan involves making careful considerations about how you choose to market your business, fund your business and, of course, carry out the functional and day-to-day operations associated with business ownership. To a budding entrepreneur, the planning can prove quite difficult. After all, coming up with a business plan sounds about as exciting as pulling teeth!

To come up with a successful business plan, you’re going to have to do some quality research so you’ll have a better idea of where you need to go and how to get there.

Start out by taking a look at your idea and asking yourself who your customers will be. Now, sure, most entrepreneurs think their product is so great that everyone will want it. This, however, is not the case. Therefore, you have to target the specific group of people who will be using your business.

Is it women between the ages of 30 and 50, men interested in sports between the ages of 20 and 35, or computer technicians working for major corporations? Whoever your product is aimed at will ultimately guide the marketing steps you’ll take. The only way you can get this information is through research, surveys and actually talking to the people you wish to sell to. You may realize that your target market isn’t who you thought it was.

Along with finding the best ways to connect with your target market, you’ll have to make accurate cost projections and establish a budget. Without this, you can get into debt quite quickly.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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