Preparing to Be an Entrepreneur
Michelle Thornhill is the Senior Vice President and African American Segment Manager at Wells Fargo/Wachovia. Michelle has over 15 years of experience developing consumer initiatives for diverse audiences in the financial services and non-profit sector. Michelle earned a Bachelor of Science from Virgina Polytechnic Institute and State University, a Master of Science in Administration from Central Michigan University and a Master of Public Administration from Harvard University, the John F. Kennedy School of Government. Michelle resides in Charlotte, N.C. with her husband and two sons.
Getting a start in the world of entrepreneurship can be risky, but those risks can garner great rewards. One of the first things you should prepare is a business plan. The Small Business Administration or your local Small Business Development center can help you create one. Your plan should include the overall business concept with your priority goals and strategies for success clearly defined, as well as a vision statement describing the business you want to create, the services you will be providing, the customers you plan to cater to, and an analysis of your industry and the competition. Even when the economy is strong, it is good practice to have a plan in case there is a downturn. Having a solid plan, strong work-ethic, and positive outlook greatly increases your chances of entrepreneurial success.
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