Have you ever had an idea for a business nag at you? Something that you think your community needs or possibly wants? Each month, 543,000 new businesses are started, and even more than that close.*

While there is no guarantee that a business will see the successful side of that statistic, Ron King, PhD, Myron Northrop professor of accounting at Olin, shared some helpful tips on how to set yourself up for success. On Wednesday, May 6, Ron presented Business Plans: Do I Need One? in the webinar series, “Live from Olin Business School.”

Pictured above is Ron King in action delivering his live webinar presentation.

Ron zeroed in on the importance of business plans for the health and longevity of a businesses. As an angel investor, he has seen the life cycle of many businesses. He is currently a board member of Wine Tasting Network, Johnna Marie, and Yurbuds, and he is a consultant for several business start-ups.

Ron noted that business plans are difficult to create which keeps some opportunities from coming to fruition. The importance of creating a business plan is to identify potential hurdles in order to anticipate them ahead of time.

To view a recording of the webinar, click here.

If you are in the Denver/Colorado Springs area, Ron King will be hosting a panel discussion on The Role of Entrepreneurs in Colorado Springs, at 5 p.m. on May 27. Click here to register.

*Forbes.com