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This Element is an excerpt from The Truth About Starting a Business (9780137144501), by Bruce R. Barringer. Available in print and digital formats.
A systematic, four-step plan for reducing the risk associated with launching a new business.
The proper sequence in planning and launching a business is as follows: 1. Identifying a business idea. 2. Screening and testing the idea to determine its initial feasibility. 3. Writing a business plan. 4. Launching the business. Complete this process to avoid falling into the “everything about my idea is wonderful” trap. All business ideas have strong and weak points....