A business plan isn’t just a tool for wooing investors. It’s also the roadmap for guiding you through the rugged terrain every new company must cross.
Every startup begins with a great idea. Ask the founders of a lot of young companies, and they’ll tell you theirs is the product that will change the industry and lead the market on its next logical leap forward. Sure, first-time entrepreneurs get excited when they realize their concepts have potential, but many of them quickly learn that promise alone can’t carry an idea to its apex.
Envision your business as you would an intricate, delicate immune system. Taking a macro view of your business won’t immediately reveal the effects of day-to-day micro decisions, but each step and decision impacts its holistic health. For tech startups, the balancing act is especially delicate as the company evolves.
Calling tax law “vast and complex” is an understatement. It’s also a reality that can lead to confusion when trying to interpret any and all related regulations. Just look at some of the acronyms: AMT, DPAD, NOL. It all reads like a bowl of alphabet soup — and makes about as much sense as one.
When you’re in the startup stage, everybody has advice: Do this, don’t do that, look out! Knowing which voices to listen to and which to block out can make or break a young tech company.
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