ABSTRACT
This chapter offers a framework that helps the entrepreneur to integrate a personal assessment with the business planning of the entrepreneurial venture. Many nonfinancial goals involving family, hobbies, friends, religious commitments, and community groups are important as well. It is critical for the entrepreneur to understand that there are two types of financial goals to be considered: income and wealth. By understanding how a business creates income and wealth, the entrepreneur is better able to engineer personal financial goals into the business plan. The entrepreneur should integrate nonfinancial goals into business planning. Many nonfinancial goals revolve around the ability to dedicate time to family, friends, or other interests. Rapid business growth is one of the major drains on the entrepreneur’s time. Changes in lifestyle can also create new nonfinancial goals. Setting financial goals is the foundation of entrepreneurial financial management. The business plan is a comprehensive document describing the intended course that the entrepreneur wants the business to take.
