Designing A Business Plan For A Entrepreneurial Experience Under His Belt

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CHALLENGES With 30 years of entrepreneurial experience under his belt, Schneider easily can reflect on the challenges brought up in the early years of his first venture. His first challenge was securing the initial investment for his starting-up the business. It was with the financial contribution from his father, back in Germany, that help the young entrepreneur initiated his first sole proprietorship, United Guide and Outfitter in 1987 (Schneider, 2016). The second challenge the entrepreneur encountered was that he had possessed a business plan. He continues on to note that he did have a business plan but it was simplistic and was written in the wrong context (Schneider, 2016). His business plan was used only for the sole purpose of immigrating into Canada. “It did the job. I got in!”, he jokingly says, (Schneider, 2016). However, as a result of having a simplistic plan with very little fundamental elements of business such as marketing and financial, this led to financial struggles for Schneider and his newly established Canadian business. RISKS Schneider’s migration to Canada was the riskiest actions he has even taken to this date (Schneider, 2016). At the time of the move, the then 19-year-old entrepreneur felt prepared and well ready to open his business. However, in reality, Schneider was not at all prepared. This led to him facing a few bumps in the early years as mentioned previously. Being young and naïve, Schneider tolerance to risk was higher than

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