Prior to preparation of a business plan, the entrepreneur should ask some hard questions. Hundreds of thousands of new businesses are organized in the United States each year; unhappily, most of them fail within the first year or so. Since the great majority of start-up companies are financed out of the pockets of their founders, the high failure rate should be a sobering statistic for would-be entrepreneurs. It may be fortunate for the economy as a whole that so few are daunted by the sober statistics, but it is hard on the individuals who do not make it. Nonetheless, available literature on the business aspects of organizing one's own firm rarely inquires into this threshold issue of whether one should set out on one's own in the first instance.
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