THE BIG WORLD OF SMALL BUSINESS

Defining Small Businesses

No single definition, but for general discussion:

Independently owned and operated

Fewer than 500 employees

Not dominant in its market

Specific criteria vary for government programs like contracting

U.S. Small Business Administration (SBA) sets limits on:

Number of employees

Annual revenue

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Economic Roles of Small Businesses

Provide jobs

Employ nearly half of private sector workforce

Generated over 60% of net new jobs in past 25 years

Introduce new products for unmet needs

Entrepreneurs identify and fill overlooked market niches

Meet needs of larger organizations

Act as distributors, service providers, suppliers

Take risks larger companies avoid

Test unproven ideas

Provide opportunities for diverse range of people

Important avenue for economic advancement

Characteristics of Small Businesses

Many are single-person "lifestyle" businesses

Others have potential for growth under right conditions

Some start small but plan rapid growth from outset

Compared to large firms, small firms tend to:

Have narrower focus

Get by with limited resources

Be more flexible and quick to react

Innovate frequently

The Entrepreneurial Spirit

For some, working independently comes naturally

Others find it too risky or challenging

But entrepreneurial spirit vital to economy and large firms too

Why People Start Companies

Desire for control over their future

Can't find suitable corporate jobs

Passion for an unmet market need

Tired of working for others

Pandemic pushed many to start businesses

Traits of Successful Entrepreneurs

Confidence

Sense of control, comfort with risk

Decisive, curious, adaptable

Passion

Love their work, inspire others

Visionary, committed, achievement-driven

Drive

Persistent despite setbacks

Self-reliant, hard working, disciplined

Intrapreneurs

Innovative employees who bring entrepreneurial spirit within a

company

Can be key sources of new products and business processes

Help companies disrupt themselves before competitors do

Need support to innovate in bureaucratic organizations

Planning a New Business

Ownership Options

Create new independent business

Advantages: Flexibility, control

Challenges: Lack of track record, limited resources

Buy existing business

Advantages: Inherits customers, operations

Risks: Potential unknown problems

Buy a franchise

Advantages: Established model and brand

Tradeoffs: Less flexibility and independence

Elements of a Business Plan

Guide to turn idea into reality

Persuade lenders and investors

Test feasibility of concept

Typical sections:

Executive summary

Company mission

Description of product/service

Management team

Target market

Competitive analysis

Marketing strategy

Operations plan

Financial needs and projections

Concise executive summary ideal for initial investor pitches

Lean Business Planning

Some advise focusing on quick prototype over detailed plan

Business Model Canvas and Lean Canvas provide one-page business

model overview

Nurturing a Young Business

Causes of Failure

Lack of demand

Poor business model or strategy

Failure to pivot when needed

Managerial incompetence

Lack of funding or cash flow management

Ineffective marketing

Poor location

Neglecting customers

Uncontrolled rapid growth

Pivoting

Adjusting business model when better opportunity emerges

Common path to success for start-ups

Requires close monitoring of market response

Sources of Support

Government agencies (SBA, SCORE, MBDA etc.)

Educational institutions

Business partners

Mentors and advisory boards

Entrepreneur networks and support groups

Incubators and accelerators

Key Takeaways

Small businesses vital to economy and innovation

Planning and preparation increase odds of success

Numerous sources of advice and support available

Pivoting to take advantage of opportunities can be key

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