The Most Important Considerations for Starting Your Own Business: The Feasibility Study and Business Plan

This Element is an excerpt from The Truth About Starting a Business (9780137144501) by Bruce R. Barringer. Available in print and digital formats.

A systematic, four-step plan for reducing the risk associated with launching a new business.

The proper sequence in planning and launching a business is as follows: 1. Identifying a business idea. 2. Screening and testing the idea to determine its initial feasibility. 3. Writing a business plan. 4. Launching the business. Complete this process to avoid falling into the "everything about my idea is wonderful"trap. All business ideas have strong and weak points....