A simple or common type of business with little investment might only need a short description. The bigger, more unique, and high investment businesses need a more detailed description. How will your business be able to compete? Ask yourself, “What business am I really in?” Some owner-managers have gone broke because they never answered that question. One watch storeowner realized that most of his time was spent repairing watches while most of his money was spent selling them. He finally decided he was in the repair business and discontinued the sales operations. His profits improved dramatically.

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