A.1. DEVELOP A BUSINESS PLAN

If you're like most entrepreneurs, about the last thing you want to do is create a business plan — that is, a formal statement outlining your business goals, why you believe those goals are attainable, and your plan for reaching those goals. No doubt, you just want to get started!

But the fact is that, especially if you will be seeking outside financing to get your business underway, you need a business plan. Not having a business plan is a little like casting off on a trip around the world without a map. Sure, you might have fun for a while — but eventually, you'll get lost and run out of gas. Indeed, your failure to create a business plan may well result in the ultimate failure of your business.