The second, he’s being picked by his college to be part of entrepreneurs project. In project, they set up a small internet service company providing technology service including web design and domain name registration. With experience from this project, a network of customers and confidence build up, his friends and him open up their own company.

Due to his family members hereditary, his grandpa is also an entrepreneur, his parent is business person so under this kind of surroundings, at age of 10, he decides to build his own business.

After graduating this year, he set up another company, voice over internet protocol service. He’ll not be taking over his parent business and will still continue to in search for more business opportunity.

From above case studies, do you notice that both of their parents are business persons so there’s someone around to guide and advice on their business.

Is it true that to be your own boss need some hereditary reasons?

My father was his own boss once, he rented a factory making furniture. In beginning, he was indeed making some profits, he has skills but due to his little knowledge of handling this business, there was cash flow problems and was force to close up. He don’t have any advice for me then.

I think that you need people to lead you and from their experiences, they can give you advices towards building a successful business of your own.

A business plan is for a business to look further, allocate resources, focus on main points, and prepare for place of improvement and problems. However, many people think that this plan is for new business only. But they are also important for running a business towards success. Business need plans for better growth and development.

A simple plan includes summary, mission, key to success, market analysis and break-even analysis. This result can show whether or not this business is worth to proceed with a detailed planning. But it’s not enough to run a business.

A detailed business plan consists of these points: 1Executive Summary 2Objectives 3Mission 4Keys to Success 5Company Summary 6Services 7Market Analysis Summary 8Management Summary 9Financial Plan

Most important factors in a business plan are cash flow and how you go starting about it.

Why cash flow is important? We need to understand this term for success in business. Cash is often misunderstood as profits. But both are different. Profit is just numbers showing in your account, it’s not real cash in your bank yet. Many profitable companies close down due to cash flow problem.

Next is how we carry out plan. This is where to show that plan works. It is forever easier said than done. Do you agree? The plan is just only words or theory unless you lead or guide your people to get tasks done. Business planning is about knowing outcome and improvement to your business.