Being an entrepreneur is almost like being an artist. Whatever one entrepreneur can imagine, he or she can often make it an actuality in the business world. However, it may take a certain amount of business planning in order to turn an idea into reality. One entrepreneur in Michigan has discovered this secret which she has used to start a commercial real estate consulting firm which has evolved into a variety of other creative business ventures.
When starting a new company, an entrepreneur must take into consideration any laws and regulations which could apply to the type of business contemplated. One entrepreneur and her sisters initially failed to do this when they attempted to start their new business in Michigan. The three sisters envisioned opening a raw juice business, but did not take into consideration the state's laws on selling food, which caused them to rework their business plans.
Before Chrysler was bought by Daimler, the company had plans to produce a car especially made for the Third World which utilized a two-piece body which had been injection molded out of specialized thermoplastic polyester. The company even went as far as to begin test production of the vehicle in Michigan, but ultimately the new vehicle was never brought to market. However, now an entrepreneur has came up with a new business planning idea for a lightweight vehicle that would utilize similar plastic technology.
It is one thing for entrepreneurs to come up with a good idea which could become a profitable business, however it is another for a startup business to be both profitable as well as emphasize helping the community. One recent Pure Michigan Social Entrepreneurship Challenge focused on startup ideas with this emphasis. The winners of the challenge were awarded a total of $93,000 in venture capital in order to help initiate business planning and formation.
Making a business plan is important for an entrepreneur, especially when he or she is in the beginning phases of a new startup company. However, business planning is also important when selling or purchasing a business which has already been operating for some time. One closely-held company, Syncreon, which is headquartered in Michigan and specializes in logistics, is now doing this type of planning as a result of intentions to sell the company for potentially $1 billion.
Scientific advancements have greatly benefited society in a variety of ways. Science has made life easier, while also providing lucrative business opportunities for others. Entrepreneurs who are able to find their specific niche may also be able to start a new business and capitalize on their innovative ideas with effective business planning . One man in Michigan decided to do this in 1991 with his research company that specializes in developing technology and engineering uses for hydrogen.
Start Garden, a venture capital project in Michigan, is backed by $15 million provided by a family that is earmarked for individuals to compete for investment money. Entrepreneurs participate in Start Garden by laying their ideas out on the table for a chance to win $5,000 in investment funds. Three participants have been declared winners of this weekly project and will receive $5,000 in funds to help get their idea up off the ground and move forward with their business formation and planning.
An important part of launching a business in Michigan, or elsewhere, is creating an effective business plan and taking the steps to see it through. An essential part of business planning is locating new injections of cash so the business has the funds to expand.