CateCosta commented on the following stories on BizSugar
Hi Heather - Absolutely, there are "instances when an entrepreneur should give his or her business plan a second glance and decide that, in fact, they really aren't ready." That's why step 5 is to dig in and do some real business planning. It's in that step that an aspiring entrepreneur should hash out an operational plan, financial plan, and marketing plan and see if their business is really feasible for them right now. This "launch" is about getting a landing page up so you can start collecting the contact info of potential customers as soon as possible and not miss out on any time there. The actual business launch should only happen if, after the real planning, it makes sense. One super quick gut check on if you're ready for a business - this "launch" plan should cost under $200 and if you don't have $200 to spare so that it would be a major issue for you to build the landing page and then end up not launching the business, you're not ready to launch the business. You need a bit more financial security than that to weather the storm of the early stages of entrepreneurship and be successful. "
Hi Heather: Yes, in fact, in the full version of the post I specifically say this info will get you to the point of being able to understand what your accountant is saying to you, it's not going to get you to the point where you can skip having an accountant. I'm a believer in getting help as soon as you can. For most entrepreneurs, meeting with an accountant to discuss a strategy for the year and then going back to that accountant come tax time (which is 4 times/year, not once/year for most entrepreneurs) is the minimum you should do to make sure you're not making any major mistakes. Often, the savings the accountant can find for you on your taxes will pay for his/her fee anyway. In terms of how to decide when the books are too much for you to handle - if you're watching my video about the basics of the income statement, the books are too much for you to handle. Even if you think you can't afford to hire an accountant on your own, try hooking up with your local SBDC, WBDC, or other entrepreneurship support organization. They typically have partnerships that allow their clients to access free or heavily discounted professionals like accountants and lawyers. "
I don't think social and tech will lead to a paradigm shift at all - they're just things to consider as you analyze the 5 forces. All of the 5 forces are still relevant and any new tech doesn't create a new force, it just changes the way the already identified forces act on a particular business in a particular industry. "