Entrepreneurship: Introduction

Introduction

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A well-developed business plan can guide the launch of a new venture. It helps business owners think through each step of starting and running a business, turning ideas into actionable strategies.

What are the first steps to take if you are starting your own business?

You have decided that you'd like to go into business for yourself. What is the best way to go about it? Start from scratch? Buy an existing business? Or buy a franchise? About 75 percent of business start-ups involve brand-new organizations, with the remaining 25 percent representing purchased companies or franchises. Franchising may have been discussed elsewhere in your course, so we'll cover the other two options in this section.

Source: OpenStax, https://openstax.org/books/introduction-business/pages/5-4-ready-set-start-your-own-business
This work is licensed under a Creative Commons Attribution 4.0 License.

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