to the world of entrepreneurship. Also, it is vitally important for one to fully understand every aspect of the product he or she plans to market. Knowledge is the key to success. After one has successfully answered the three basic economic questions, one must formulate a business plan. There are several steps to a business plan, each just as important and should not be overlooked in the process of starting a new business. First and foremost, one must ask, who are the potential customers? One must ask this question because if the product which is going to be sold is used by only a small percentage of people, it may not be worth the risk of lost revenue. As opposed to deciding who the product will be sold to, one must consider a vendor(s). It is important to find a vendor who is fair and will produce quality products which will be used to produce the product planning to be marketed. Another large factor that one must consider is expenses. There are many expenses to take into account: employee salaries, materials and supplies, tools, advertising costs, phone bills, bills paid for an office building (rent, electrical, etc.), taxes, freight charges, a licensee, etc. As opposed to expenses, one must also consider finance. How will he or she develop funds to support starting a new business. Funds can become available through personal finance or loans from banks. Other factors to be considered are those decisions to be made within the office. First, one must assign duties that he or she will need to complete every aspect of the business=92 operations. There will have to be a boss, salesman (phone or door-to-door), assemblymen, and so on all the way down to maintenance. This organization technique will easily assist one in determining how many employees will be needed to run the company. One must also think of a strategic place to locate the new office building. An office building in the middle of a rural town will not be nearly as successful a...
