Susan T. Allen
Abstract
This paper explores what an entrepreneur does to increase the success rate of his or her small
business whether it’s new or established. Also, the role of the business plan and examination of
it. Some of the organizations in this area that assist small businesses are listed as well.
Ferrell, Hirt, Ferrell (2018) suggest the critical element of business success is the
business plan. Therefore, an entrepreneur should establish a healthy business plan to increase the
success rate of his or her small business. Even a well-established company can benefit from a
robust business plan. Planning reduces the likelihood of failure by foreseeing the future and
eliminating potential obstacles early. Selecting the form of business ownership (sole
proprietorship, partnership, corporation, franchise) best suited for the business reduces taxation.
The selection of financial resources to use promotes the growth of the company and
sustainability whether new or established such as startup capital, equity financing or debt
financing. According to Mariotti (2015) “the entrepreneur sacrifices time, energy and money in
the present in order to create a more profitable future” (p. 20). For example, an owner may
borrow against assets, bank or from friends and family to obtain funding for business, yet saving
could eliminate the need. Also, starting from scratch with a company or buying an existing
business, research is necessary as to the viability of the industry, cost analysis, product analysis
to prevent the firm from failing. As in life, without a plan, the objective is destined to fail.
Business Plan. The business plan is a roadmap and reference document to guide a
business to success (as cited in Ferrell et al. (2018). The business plan allows companies to
assess market potential, determine price and manufacturing requirements through careful
research, identify the best level of distribution channels, and cultivate the best product selection.
The project/plan should consist of a detail of the business structure, the study of the competition
(market research), financial statements, contingency for obtaining and sustaining sufficient
funds, executive summary, legal structure, regulations, service line, intellectual party rights, and
research development.
PLANNING FOR A SMALL BUSINESS 4
Port Charlotte is a satellite center of the Florida SBDC at Florida Gulf Coast University. It
provides no cost consulting, low cost training, business data, and research resources. It offers
specialized services such as capital access, market growth, government contracting, international
trade, business continuation, cybersecurity, disaster planning, and recovery. The Charlotte
County Chamber of Commerce and the Punta Gorda Chamber of Commerce are organized to
advance the prosperity and general welfare to its business members. Charlotte County Economic
Development provides business recruitment, expansion, and retention, demographic and market
data support to prospective businesses. Business Building Blocks for Women helps with
navigation of the initial stages of creating and running a business. Enterprise Florida recruits
new business and works to retain and expand existing industry and business.
PLANNING FOR A SMALL BUSINESS 5
References
Ferrell, O.C., Hirt, G.A., & Ferrell, L. (2018) M starts here. Business 6/e. New York, NY.
McGraw-Hill Education
https://ebookcentral.proquest.com
https://flvec.com/charlotte/
https://www.sba.gov/starting-business/write-your-business-plan