MaineBusiness.com

The recession is tough on businesses with weak business models. That doesn't mean you can't succeed with a new business. You have to have a good plan and work hard. But it is possible.

Scott Shane lists several factors that contribute to small business success. Ironically, starting big is one of them. Note the blog entry isn't a formula that guarantees success. It's a look at what factors contribute to a business lasting more than five years.

Shane also makes the point that not all factors are required. Starting a business in a risky industry or starting part-time won't doom you. Think carefully what will work for you.

And that seems to be the key factor that can't be skipped. Shane refers to it as "Writing a business plan."

I can hear the groans now. "No one cares about business plans." Maybe. And some entrepreneurs claim that it's more important to just do it. Maybe. But when they do it, they have put a lot of thought and planning into it. They just don't recognize it as a business plan.

Attempting any kind of business plan is going to increase your chances of success. You need to understand what kind of business that you are going to own. And writing it down forces you to really think about it.

Start with these 17 planning questions. Some have to do with valuation and attracting financing. But there are basic questions about your industry and customers that you need to answer. You can't start any kind of businesses without knowing these things.