Did you know over 50 % of small business fail within the first year and over 95% in five years? With that in mind, you have just been promoted to a new role as an "Entrepreneur Business Coach" and I am your first client. I am looking to start a small firm that will make an innovative new product called The Widget but don't know a think about running my own business.
Here is some background on where I am today. I have been working off and on with The Widget for the past year, but I want to get serious about it now however I only have a few thousand dollars to invest. I currently am the only one working on the business and I run it out of my basement in the evenings and on weekends when I am not working at my full time job. I would love to work full time in my business, but in order to do this the business must be at a level that it could at least replace the income I earn at my full time job.
As you can see, I am at the very beginning of this process and need your guidance. Please provide this to me the following in an original response that is at least four paragraphs in length and addresses:
What questions I need to provide answers to when starting a new business and why?
What a business plan is, and what are the critical elements that it needs to address (with a focus on creating one based on my current circumstances).
What is the best business structure for me now and why?
Any other good advice you can provide so as to maximize the chance that I will still be in business a year from now.
Be sure to support your writing with references to your textbook, class readings, or at least one outside source in APA format (in-text citation and an accompanying reference list at the end of your post).