Construction Business Plan Page 10
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14Avoid
optimism.
In
fact,
to
offset
optimism, be
extremely
conservative in predicting
capital
requirements, timelines,
sales
and profits. Few business plans
correctly
anticipate
how much money
and time will
be required.
Do not
ignore spelling out what your strategies will
be in the
event
of business
adversities.
Use
simple language in explaining
the issues.
Make it
easy to
read and
understand.
Don't depend entirely on the uniqueness of your business or
even a
patented invention.
Success comes
to
those who
start
businesses
with
great economics
and
great passion
for
what
they
are
doing and
not
necessarily
great inventions.
Necessary Factors to Produce
a
Successful
Business:
• A sound business concept. The single most
common
mistake made by
entrepreneurs
is not picking
the
right business to begin with. The best way to
learn about
your prospective business is to
work
for
someone else
in that
business before beginning
your
own. There
can
be
a huge gap between your
concept of a
fine
business and reality.
• Understanding of your market. A good
way
to
test your
understanding
is
to
test
market
your product or
service
before
you start. You think
you have
a
great
kite that will capture the imagination of kite flyers throughout the world? Then
hand-make
some of
them
and
try
selling
them first.
• A healthy, growing and stable industry.
Remember
that
some of
the great
inventions of all
time,
like
airplanes
and
cars,
did not result in
economic benefit
for
many of those
who tried to
exploit
these great
advances. For
example,
the
cumulative earnings of all airlines since
Wilbur Wright
flew
that first
plane
are
less than
zero. (Airline
losses
have been
greater
than their
profits.) Success
comes
to
those
who find
businesses
with great
economics and
not necessarily
great inventions or advances
to
mankind.
• Capable management. Look
for
people
who you like
and
admire,
have
good
ethical
values,
have
complementary skills
and
are smarter
than
you.
Plan to hire
people
who have the
skills that
you lack. Define your unique
ability and seek out
others who
turn
your weaknesses
into
strengths.
• Able financial control. You
will
learn later the importance
of
becoming qualified
in
accounting, computer software and cash flow management.
Most
entrepreneurs
do not
come
from accounting backgrounds and must go
back
to
school to learn these skills.
Would
you bet your saving in a game
where
you
don't know how to
keep score?
People
mistakenly
do
it
in
business all the time.
• A Consistent
business focus.
If
you
think
of
specific
products or services, you
will find
that specialist will outperform
non-specialists.
Zero
in
on something
you
can do so well
that
you will
not
be subject to competing with someone with
a
lower
price.
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