What TRAPS the Start Up Entrepreneur?[/b]
A leader is one who knows the way, goes the way, and shows the way.
While starting a business isn't the same as crawling on your belly in the mud, on second thought, it might be pretty much the same. It delivers great advice on how to keep your entrepreneurial socks dry and avoid flying shrapnel from potential investors. Critical things needed while starting a business a Plan is obviously the first priority but it isn't a term paper. These days, investors want a tight 15-slide PowerPoint deck, not a paper-bomb with a 40-page throw weight. Messaging is critical. Your business to investors and takes you through what you need to include in your pitch, slide by slide.
Traps like: [/b][/b]
Confusing the size of the market with the addressable size of the market, this is all that really matters;
Sending out your presentation in advance of your meeting with investors, this results in a bored group of investors when you show up;
"Boiling the ocean" -- that is, claiming your startup will generate revenue from myriad sources rather than focusing on one; saying you have no competitors, which can never be true;
Being a great plumber but having no idea how to run a business that sells plumbing.Your former jobs are all an apprenticeship to running your own business. Be an apprentice in all areas, not just in the trade or profession of your business.
Thinking the business idea will make the company. The people who make a business successful, not the product, not the service and not the new invention. Focus on building a great company as much as you do a great product.
Competing on price and price alone. This is by far the fastest way to send yourself into bankruptcy. Business is about profit, and having a smaller revenue with a larger profit margin will always beat out winning tons of business but earning almost no profit. Learn marketing and sales so you can get out of the price wars.
Doing the work once and getting paid once. The key to success is to do the work once and establish a long-term, income-generating relationship. Learn to structure your clients, your business and your income that way, and you’ll build a great business.
[/b]
[/b]
A leader is one who knows the way, goes the way, and shows the way.
While starting a business isn't the same as crawling on your belly in the mud, on second thought, it might be pretty much the same. It delivers great advice on how to keep your entrepreneurial socks dry and avoid flying shrapnel from potential investors. Critical things needed while starting a business a Plan is obviously the first priority but it isn't a term paper. These days, investors want a tight 15-slide PowerPoint deck, not a paper-bomb with a 40-page throw weight. Messaging is critical. Your business to investors and takes you through what you need to include in your pitch, slide by slide.
Traps like: [/b][/b]
Confusing the size of the market with the addressable size of the market, this is all that really matters;
Sending out your presentation in advance of your meeting with investors, this results in a bored group of investors when you show up;
"Boiling the ocean" -- that is, claiming your startup will generate revenue from myriad sources rather than focusing on one; saying you have no competitors, which can never be true;
Being a great plumber but having no idea how to run a business that sells plumbing.Your former jobs are all an apprenticeship to running your own business. Be an apprentice in all areas, not just in the trade or profession of your business.
Thinking the business idea will make the company. The people who make a business successful, not the product, not the service and not the new invention. Focus on building a great company as much as you do a great product.
Competing on price and price alone. This is by far the fastest way to send yourself into bankruptcy. Business is about profit, and having a smaller revenue with a larger profit margin will always beat out winning tons of business but earning almost no profit. Learn marketing and sales so you can get out of the price wars.
Doing the work once and getting paid once. The key to success is to do the work once and establish a long-term, income-generating relationship. Learn to structure your clients, your business and your income that way, and you’ll build a great business.
[/b]