It has become increasingly attractive for people to pursue the dream of becoming an entrepreneur. The perception of being your own boss seems to mask the hard work that goes into making a company successful. Opening a small business, or sole proprietorship, can be a very successful and rewarding venture if managed correctly. Sole proprietorships succeed in today's economy with a business plan, financial accountability, and marketing tools. Whether the doors of a small business haven't opened yet or the company is opening additional stores, there's always time to write a strategic business plan. A strategic business plan “provides an excellent opportunity to take stock of the company's current situation and identify specific ways to improve (Hayhoe, 1).” Having a business plan drawn up will provide the owner or manager with important information they may need for meetings with investors, bankers or other sources of financing for the business. It highlights the company's positive factors, provides an opportunity to address weaknesses, address external opportunities that can strengthen the company, and even contemplate possible threats. A well-written business plan may not necessarily guarantee success, however it will help reduce the chances of failure. In addition to having a successful business plan, an entrepreneur's success is determined by financial planning. Every year thousands of potential businesses fail due to poor financial management (Hormozi et al, 9). A five-year projection is recommended to address key figures. In the five-year projection, a monthly projection is used for the first year of business, quarterly projections for the second and... half of the document... some marketing knowledge, can be a negative. In today's economy, many people are at risk of becoming sole proprietors, and with a little research and education they can be successful with their endeavors. Works Cited Garg, Rajendar and Kenny Chan. “Service orientation and marketing for small businesses.” Journal of Professional Services Marketing 15.1 (1997): 13. Web. February 26, 2014. Hayhoe, George. “Practical Practice: Writing a Strategic Plan for a Small Business.” Technical Communication 41.2 (1994): n. page Network. February 18, 2014.Hormozi, Amir, Gail Sutton, Robert McMinn, and W Lucio. “Business Plans for New or Small Businesses: Leading the Way.” Management decision. 40.7/8 (2002): 9. Web. 26 February 2014. Karr, Frederic. “Powerful Marketing for Small Businesses.” Commercial law bulletin. 16.1 (2001): 22. Web. 26 February 2014.