Essay on Objectives Of A Business From The Ground Up

772 Words Apr 11th, 2016 4 Pages
Thesis statement: In order to successfully start a business, three elements are essential in planning, financial management, products or services, and market strategy.

One of the first critical pillars of starting a business from the ground up, will be the financial planning of the operation or business. This is where having in-depth research into your costs, albeit fixed or fluid are essential to making the business survive during it’s infancy. Cynthia McCahon, founder of business-plan software company Enloop was quoted as saying "One of the main reasons most small businesses fail is that they simply run out of cash” (Arline, 2015). Now that an entrepreneur has the knowledge of where the money is going for expenses, they must also research and obtain investment. This can come in any form, from their own savings, banks or a true investor. But in order to go any route other than personal savings or funds, clear projections or financial assumptions must be available to those lenders for review. This should include, rate of return, potential losses, percentage of company being sold and the viability of your product or services. Only then can an objective outsider with capital funds make a sound investment decision into your fledgeling company (MaRS Discovery District, 2013). One largely untapped resource in business start up funding is government funding, albeit not primary source funding. Municipal, Provincial, and Federal Governments are willing to provide some…

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