Richard Branson, the founder of the Virgin Group, once said: “The best, most solid way out of a crisis in a changing market is through experimentation and adaptation.”
When starting a business risks have to be taken. The modern concepts startup and angel investor are not magic wands that guarantee instant success for startup companies.
According to statistics, less than half of new entrepreneurs are in the same business a year later – nothing but debts and obligations remain of their company. Entrepreneurs that have survived the harsh competitive setting must adapt to factors stemming from the changing exterior environment.
A business plan is never “ready” – it is a document that changes over time. Investments must be made in accordance with the plan and the plan must be adapted to suit market situations and changes. You have to be aware of the market situation and demand, competition conditions, the development cost of new products, investment volumes and more.
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