ABSTRACT
Most people will advise you to start a business by planning financing or researching taxes. These are important but not the first tasks to be done. Before you deal with these issues, you must address the following issues: 1. Know your product or service. Ask yourself, “What business
am I in?” The answer requires a degree of specificity. (In a large corporation, the board of directors should ask this question at every quarterly meeting.)
2. Know your customers or clients. You cannot determine your needs for money, work space, or time to launch your business until you answer these questions accurately. Clearly defining your business means asking more questions:
What is the nature of your business? Be specific.• Who are your customers or clients?• Where are your customers or clients?• Why should they buy your product or service?• Why should they buy it from you?•
If you don’t have customers, you don’t have a business!
