Launching a New Venture? Articulate Your Goals First

Most newly launched business ventures never get off the ground -- because entrepreneurs often neglect to clarify their strategy. To chart a successful course for *your* new venture, start by articulating your goals for the enterprise. Do you want the rush that rapid growth delivers? Capital gains from selling a successful company? Define the kind of enterprise required to achieve your goals. For example, if you want to sell the business eventually, you'll need to build a sustainable organization that can renew itself through changing generations of technology, employees, and customers. And you'll need a company big enough to support an infrastructure that won't require your daily intervention.

Today's Management Tip of the Day was adapted from the HBR article, "The Questions Every Entrepreneur Must Answer," by Amar Bhide.

For more advice and news about starting your own business visit The Post's Small Business Blog.

By Editors  |  September 2, 2008; 9:00 AM ET  | Category:  Management Tip of the Day
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