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Many people have different takes on entrepreneurship, some see it as creating a new and original concept, others might argue that entrepreneurship is simply taking the risk of running a business. However, for the vast majority of people, Richard Branson is the epitome of entrepreneurship. This is one of his quotes on entrepreneurship: I wanted to be an editor or a journalist, I wasn’t really interested in being an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.
Projected Income Statement
Projected Cash Flow Statement
Pro Forma Balance Sheet
Break Even Point Calculator
The purpose of these tools is to help the prospective entrepreneur to reduce the risk in starting the new venture. The process of calculating the financial viability of a business idea forces the entrepreneur to think critically and to consider each aspect of the new business venture. The main goal of any business is profitability and thus the financial planning should be priority number one.
Converting ideas into opportunities requires that one must evaluate each idea. This could be done by a feasibility study which focusses on the ability of the entrepreneur to pursue the idea and to match his or her own skills with what is required of the business to succeed. In other words, it is a general examination of the potential of the idea to be converted into a successful business venture.