It is hard to run a business alone
Running a business requires skills in production, marketing and finances and it is difficult for one person to do it all.
October 13, 2011 - Author: Dan Rossman, Michigan State University Extension
Running a business requires close attention to production, marketing and finances. Successful individuals usually have a passion for and can excel in one of these tasks. Some can handle two, but if one person must constantly perform the tasks associated with all three areas, the business will have great difficulty in expanding or adjusting to changing conditions.
People are wired differently. One person may enjoy analyzing the business numbers, calculating ratios and evaluating performance, but may lack the creativity needed to develop new products or the savvy needed to make new market contacts.
If you want your business to grow and excel, find a family member, partner, employee or service provider that will complement your strengths. A small startup business might not have the means to acquire extra assistance, but can still utilize advisors, mentors, family members and business development agencies for information, direction and support.
Completing a business plan can greatly increase the likelihood that a new venture or expansion will be successful. Business plans help entrepreneurs make certain the key aspects of their business such as production, marketing and finances will be well thought through and covered. Business planning classes and other services are available from the MSU Product Center and other sources.
The MSU Product Center has innovation counselors located across the state that are trained and available to assist you to get started, whether you want to start a new enterprise or expand what you are already doing. To start the process, go to the MSU Product Center website and fill out an application for assistance, or call any of the staff or counselors that are listed there. You can call the MSU Product Center directly at 517-432-8750.