The start of summer is officially here.
That also means some time to spend reading by the pool or the beach if you are lucky enough to get to spend the three day weekend relaxing.
If you are looking for a business read, then let me throw out, Preparing Effective Business Plans: An Entrepreneurial Approach by Bruce Barringer. I’m going to be honest and tell you that I have not morphed back into enjoying the typical pool reading of romantic comedies, historical biographies, or even People magazine. I can only guess because I find most of them uninteresting, lacking original storylines, or simply, I like reading business books more because it’s like filling in new pieces of the business puzzle.
Who should read this book? If you are an entrepreneur, or possible entrepreneur looking to start a business, if you need to write a business plan, or if you simply thought you may want to start a business. This is a small book with 270 pages total that basically tells you everything you need to know to write a business plan. Which also tells you everything you need to know to start and operate a business, at least the items you need to think about and make your own business model for success.
What if you don’t need to write a business plan? I recommend it even more because it walks you throuh the main components of starting a business, from management team and company structure, daily operations, product design and development, marketing plan, industry and market research, operations plan, and financial projections. If you want to start a business, then you need to consider these different topics. This is what I would consider the “MBA for Entrepreneurs Book: Condensed Version”. There’s also a sample fitness center used as an example throughout the book so that you can see a final version of the business plan as well.
Examples: I required that my MBA entrepreneurship students read this book and I think it helped them tremendously as I had some really well-written and well-thought out business plans. Let me give you an example of how the business plan must integrate. If you want to operate a restaurant but the market trend is moving towards home-cooked meals, you may want to reconsider. If you want to open a bar in a small town, then you can’t expect that the average nightly attendance will be 300 people. If you are currently a retail business, you more than likely will pay above minimum wages to retain good workers since the unemployment rate is low. Finally, at the end of the day, you have to be able to make money. Otherwise it is a hobby, not a business.
If you do not know how to set up your business, this book can help. If you have never taken a business class before, this book can help. If you need to write a business plan to secure financing, this book can help. If you have never written and executed a marketing plan, this book can help.
If you like this post, please share with your followers as well. If you have any specific questions about business, please email me at firstname.lastname@example.org. I’m not teaching any classes right now and may be able to offer advice or guidance.
Thanks and have a Happy Memeorial Day!