MINNEAPOLIS - One resolution that remains popular in January is deciding to start a new business. It's been a part of the American dream since the days of Benjamin Franklin's printing business to own and operate your own business. Yet, most people will not follow through on their New Year's resolution of starting-up. Neil Anderson from
joined us on KARE News@4 to discuss what needs to happen to ensure success.
The two big reasons why people's start-up resolutions go south:
1. Scared of failure
2. Scared of the unknown
The #1 way to keep your start-up resolution? Write a business plan.
Here are the six major reasons why you should:
1. You have never started your own business before
2. You don't want to lose your life savings
3. You don't know, understand marketing and sales
4. You don't know, understand numbers
5. You don't know, understand legal matters
6. You don't know, understand technology
Here are some very wealthy entrepreneurs who thought it was a good idea to write their business plan. And it worked out pretty well for them.
Phil Knight, Founder of Nike/$24B annual revenue/44,000 employees
Fred Smith, Founder of FedEx/$46B annual revenue/300,000 employees
Jim Koch, Founder of Sam Adams Beer/$794M annual revenue/840 employees
Jeff Bezos, Founder of Amazon.com/$75B annual revenue/132,000 employees