There’s good news and bad news when you talk about starting a new business. The good news is that a recent report from the Global Entrepreneurship Monitor (GEM) finds that 27 million working-age Americans—nearly 14 percent—are starting or running new businesses. The bad news is that nearly 50 percent of new businesses fail within five years. There are many reasons for this failure: a product that the market didn’t need or want, insufficient funding, or bad location, for example. How can this happen and what do you need to do to avoid the pitfalls and start a business that will become profitable? What kind of planning is essential and how do you go about doing it? Hal Shelton says “A well thought-out business plan can dramatically turn the odds in your favor.” We’re going to hear more about how to plan for success from Hal Shelton on this show. Every entrepreneur needs to hear what he has to say. So—tune in.