If you're thinking about starting a business, or maybe you already have and you're stumbling a little, you may want to pause and ask yourself two very important questions. One, have you done a Feasibility Assessment to see if your business makes sense? And two, do you have what it takes to be an Entrepreneur? If the answer to one or both of these questions is "no" or "maybe", I invite you to take a journey with me for a while that may save you a whole lot of money and heartache. It begins with an examination of what it means to be an owner and Entrepreneur and ends with a Feasibility Assessment of Robust Coffee, a potential new retail coffee shop. The work is all done in a spreadsheet model (see the Download link below), which serves as a template for analyzing and assessing new business opportunities. 

 

First, we explore the vision, passion, knowledge, and skills required to own and manage a business. Then, we review a preliminary business plan, which includes financial goals, a timeline to launch and grow the business, an analysis of industry and economic conditions, and performance output for three operating scenarios on a one-year steady state basis. We talk about how to prepare a plan and quantify expected results with financial projections. We learn how to measure results using key performance indicators (KPIs) and how to benchmark results against competitors. And finally, we walk through the Feasibility Assessment for Robust Coffee and learn how to make a "Go" or "No-Go" decision on a potential new business.

 

By the time we are done, you will understand what it means to be an Entrepreneur, know how to write a business plan and run financial projections, and will have a valuable spreadsheet tool to help you make a "Go" or "No-Go" decision on a new venture. Join me for an introductory video (click on the You Tube link below).

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