Note: We asked several BAC mentors about the single-most effective piece of business wisdom they’ve shared with aspiring entrepreneurs. This is the second of their reflections. This is from Ken Anderson, veteran marketing professional, who offered the memorable experience below in his own words.
Perhaps it goes without saying, but a person starting a new or “greenfield” business needs to have a comprehensive business plan with particular emphasis on identifying the market in terms of size and characteristics (customer profiles, competition, etc.) and the financials (revenues and costs). […]