Monday, September 7, 2015
Web links and suggestions for a new Entrepreneur
The economy sucks, you've tapped your family and friends, so where do you look for financing your great business idea?
First Step.......Write a business plan....include budgets and marketing plans
http://web.sba.gov/busplantemplate/GenRpt.cfm
Second Step........ See Step One...... Write a business plan....investors want to gauge your seriousness.
Here is a list of websites that might help provide the resources you'll need......
http://www.kickstarter.com/
http://www.wickedstart.com/public_home
http://www.kiva.org/
http://www.appbackr.com/
http://www.mynewcompany.com/findingthemoney.htm
http://wisepreneur.com/entrepreneurship/new-ventures-is-peer-to-peer-lending-a-good-funding-solution
http://www.newventurementors.org/funding-approach.html
http://usgovinfo.about.com/od/smallbusiness/a/flbusiness.htm
http://www.slideshare.net/Freddy56/new-venture-financing
http://www.entrepreneur.com/blog/223818
http://www.inc.com/guides/finance/20797.html
http://www.instigatorblog.com/how-to-raise-startup-financing/
http://mashable.com/2011/04/12/tech-financing-changes/
http://www.funded.com/?gclid=COve2NTrrbECFQTqnAod-ywAuw
http://www.prosper.com/
http://www.socialbrite.org/2011/04/26/15-ways-to-crowdfund-your-startup-or-project/
Third Step...........
Remember - Never Give up!
Sunday, September 6, 2015
10 Tips for New Entrepreneurs
http://bradpoulos.com/10-tips-for-new-entrepreneurs/
Without a clear, written, well-articulated goal or goals for yourself and your business, how do you know what do when you get up each morning? Too many people today sit around waiting for their email to tell them to do something! Applying the military analogy of “Commander’s Intent”, it is much more effective to empower your team and your company and yourself with three things – purpose, resources, desired endstate – and let them deal with the myriad possibly interim difficulties and required changes to their own plans.
Getting into this kind of routine early in your entrepreneurial venture is important discipline for several reasons. It prepares you for the day when outside investors will demand it. It also helps you quickly test your assumptions regarding what kind of revenue and expenses you will have in your business. Regularly updating a business plan is vital if you are going to seriously use it. At least annually.
I first heard that from my finance professor, Jim Hatch. It basically means cash is more important than virtually everything else. Without cash your business sputters and eventually dies. All the sales in the world won’t help you if they are sitting in a poor quality receivable. And just try to buy a new car with EBITDA or Net Income!
The bank is almost never really your friend. Wall Street Merchant bankers’ greed in the decade or two prior to 2008 created such a huge implosion of available capital, especially to small business, that there is still no end in sight in terms of real commercial lending to small business. What happens in reality is the bank loans the money to the owner, but takes no real risk in terms of the business. Not until your business is much larger and the threat of moving your business is enough to get personal guarantees removed. If you can, bootstrap your venture and don’t load it with debt unless you must.
Thomas Watson, founder of IBM said something along the lines of:
10 Tips for New Entrepreneurs – Sure ways to increase your chances of success. #in
Are you a new entrepreneur or thinking of taking the plunge?
Here are 10 sure fire ways to increase the chances that your new venture is successful.
Here are 10 sure fire ways to increase the chances that your new venture is successful.
1.Make sure you are ready, and other key stakeholders in your life are too!
Owning and running your own business is neither easy nor boring. It surely is not for everyone. Each person’s situation is unique, but most of us need some kind of safety net, whether that be at home to handle overload duties with the family, or financially. Ensure that your income is either not vital to your monthly living, or is going to be covered through savings to the extent that your business doesn’t replace your pre-entrepreneurial income.
You must also make sure you are ready for the time investment which can be immense at times, and for the sacrifices that will surely have to be made. You may not be able to play on that pickup hockey team or sandlot baseball team on saturday mornings any more — but you should try to maintain some balance as much as you can. Finally, ensure that you have the necessary skills, or have ready access to them through your network.
You must also make sure you are ready for the time investment which can be immense at times, and for the sacrifices that will surely have to be made. You may not be able to play on that pickup hockey team or sandlot baseball team on saturday mornings any more — but you should try to maintain some balance as much as you can. Finally, ensure that you have the necessary skills, or have ready access to them through your network.
2. Have a clear vision and make sure it’s understood
Without a clear, written, well-articulated goal or goals for yourself and your business, how do you know what do when you get up each morning? Too many people today sit around waiting for their email to tell them to do something! Applying the military analogy of “Commander’s Intent”, it is much more effective to empower your team and your company and yourself with three things – purpose, resources, desired endstate – and let them deal with the myriad possibly interim difficulties and required changes to their own plans.3. Have a business plan, and monitor/update it regularly
Getting into this kind of routine early in your entrepreneurial venture is important discipline for several reasons. It prepares you for the day when outside investors will demand it. It also helps you quickly test your assumptions regarding what kind of revenue and expenses you will have in your business. Regularly updating a business plan is vital if you are going to seriously use it. At least annually.4. Work your network hard both before and after starting your business
People want to help. Studies have shown that at least 80% of the time people will help you, if you ask! Your personal network is one of your most valuable assets. Use it! One of the biggest mistakes I have made myself, and I have seen made over the years, is not asking for all the help you need. So figure out how your friends and acquaintances can assist your venture and ask for that referral, piece of information or introduction. And don’t forget to work into every networking opportunity an offer to help the other person in some way.
5. Never forget “If it doesn’t jingle, it doesn’t count!”
I first heard that from my finance professor, Jim Hatch. It basically means cash is more important than virtually everything else. Without cash your business sputters and eventually dies. All the sales in the world won’t help you if they are sitting in a poor quality receivable. And just try to buy a new car with EBITDA or Net Income!6. No business is too small to do things right
I was once very impressed to see a restauranteur with one location who had an operations manual that would have impressed Ray Kroc. This was about 17 years ago and for the record that restaurant is still thriving. This man had read Michael Gerber’s The E-Myth and understood that by working “on” his business a little, he could make it so that almost anyone with the right attitude could work “in” it. No one person was or is vital to the operation on a daily basis, including the entrepreneur, once you get this formula right.
7. Put off hiring employees as long as you can, and then hire the best you can find
It takes some courage to consistently hire people who you feel are “better” than you are, but that’s what successful entrepreneurs do. Once you have decided you must take the plunge and hire that first (or next) employee, then be sure you know what you need and want in that position, and be ruthless about not settling for less. A wrong hiring decision is almost never the band-aid you want it to be, and can be expensive and time-draining to make right, not to mention the unfairness to the person that you put in the wrong position. Find the budget to get the person you need and then let them shine. You will make mistakes. When you do fix them swiftly and fairly.
8. Don’t involve the bank unless you absolutely have to (new since 2008)
The bank is almost never really your friend. Wall Street Merchant bankers’ greed in the decade or two prior to 2008 created such a huge implosion of available capital, especially to small business, that there is still no end in sight in terms of real commercial lending to small business. What happens in reality is the bank loans the money to the owner, but takes no real risk in terms of the business. Not until your business is much larger and the threat of moving your business is enough to get personal guarantees removed. If you can, bootstrap your venture and don’t load it with debt unless you must.9. Be prepared to admit mistakes and do it quickly
Thomas Watson, founder of IBM said something along the lines of:
You can’t be afraid to make mistakes, and you have to be able to quickly recognize them and deal with them. Not every idea you try will be successful. But as Mr. Watson said, it’s on the other side of those failures that you will find the right formula.
10. Have Fun!
If you are not having fun doing what you are doing, what really is the point? If money and bragging rights are more important to you than getting satisfaction out of what you do and how you do it, then the grind of the entrepreneurial world may not be the right place for you. Perhaps a corporate job would be better. I have always found that the environments where there is a commitment to results coupled with a positive atmosphere are the high performance places to work.
Friday, September 4, 2015
Developing your Personal Road Map?
If you were planning to drive from Miami to New York, the first thing you might do is look at a map to determine your route. You would need to determine the best route for the trip. You might decide on the fastest route or the most scenic route. Once the route is selected, you might try to figure out a budget. How much gas, food, tolls, rest stops, hotels, sightseeing, etc.
It seems like common sense to develop a plan for the trip, yet most people don't spend any amount of time developing a plan or a Road Map for their life.
Just like the drive to New York, the first task in developing a Personal Road Map....You must determine where you are going. What are your plans, goals, dreams, passions in life? Is it wealth, fame, happiness?
Once you've determined what you want...or where you plan on going in life, you need to develop your plan. I suggest writing down (2) lists.
The first list should detail all the short term things you must do to survive. Reviewing your budget to make sure your rent, food, school, etc is taken care of for a period of time while you work towards your long term plans.
The second list is your "Dream" list or "Goals". This list is your passion that you want to work towards....with LASER FOCUS.
In my opinion, the best book to help you understand these basic concepts is Napoleon Hill's classic book, Think and Grow Rich.
It seems like common sense to develop a plan for the trip, yet most people don't spend any amount of time developing a plan or a Road Map for their life.
Just like the drive to New York, the first task in developing a Personal Road Map....You must determine where you are going. What are your plans, goals, dreams, passions in life? Is it wealth, fame, happiness?
Once you've determined what you want...or where you plan on going in life, you need to develop your plan. I suggest writing down (2) lists.
The first list should detail all the short term things you must do to survive. Reviewing your budget to make sure your rent, food, school, etc is taken care of for a period of time while you work towards your long term plans.
The second list is your "Dream" list or "Goals". This list is your passion that you want to work towards....with LASER FOCUS.
In my opinion, the best book to help you understand these basic concepts is Napoleon Hill's classic book, Think and Grow Rich.
Monday, March 2, 2015
Miami Herald - Business Plan Challenge
You have about two weeks left to participate in the 2015 Miami Herald Business Plan Challenge. If you are on the fence about whether to enter, here are five reasons to get moving:
1. Motivation. You’ve been meaning to write a business plan — this might just be that kick in the behind you need. Or perhaps you have a plan but need to refine your short version — those are in vogue this year. Whether you are entering the Community Track, open to all of South Florida, the FIU Track open to students and alumni of that university, or the High School Track, which is also open to eighth-graders this year, entering the Challenge will help you get moving.
2. Publicity. If you are one of the top three winners in each track or the “People’s Pick,” you will be profiled in a special section of the Miami Herald’s Business Plan Challenge announcing the winners. If you are in the top six in the Community or FIU Tracks, you will participate in the People’s Pick, our popular video contest hosted on MiamiHerald.com. We also announce our first cut, the semi-finalists, to keep the interest going. Social networking is a key component of our contest. Next year, we will look back on our winners and we follow them for years to come.
3. Feedback and education. I will share feedback from the judges with you if you request it, whether or not you are a finalist. If you are chosen for the aforementioned People’s Pick contest, that’s a terrific opportunity to polish your elevator pitch. If you are entering the High School Track, winning sure looks good on a college application. Also, winners receive free admissions to Florida International University entrepreneurship workshops and webinars so the learning will continue.
4. Exposure and connections. It can’t hurt to have your plan read by South Florida’s top entrepreneurial experts, including serial entrepreneurs and investors (judges’ bios are on MiamiHerald.com/challenge). Sometimes long-lasting mentorships are developed. Some winners have been introduced to investors or potential partners; others gained key customers. If you are one of the winners, you will also be honored at a luncheon with the judges and business staff and at FIU’s Hall of Fame reception. FIU’s Pino Global Entrepreneurship Center is our sponsor.
5. Pride. I know you’re passionate about your concept — and aren’t you just a wee-bit competitive?
The deadline is March 16. Contest rules are on MiamiHerald.com/challenge.
If you entered last year and weren’t one of the top three winners, regroup and try again. Business ideas in the dream stage are fine for this contest. Class projects are welcome, and we love high school entries.
Do you have questions? Email ndahlberg@MiamiHerald.com
YOUR QUESTIONS ANSWERED
Q. Is there a required template I should follow for my entry?
A. The short answer is no. Your entry is a three-page business plan, with one additional addendum page allowed for a chart or graphic, and we allow people the freedom to format it as they would like. But we suggest you consider including all or most of this information: brief product or service description, problem it is solving in the market (market need), a little about your target market and competition, relevant experience of your team, your business model (how you will make money) and how will you scale it, your marketing strategy and some financials, for example your startup costs and three years of projections. Keep each section brief — bulleted items are your friend. Many contestants use their extra page for their financial chart.
Some people download templates for business plans (easily found in a Google search) and include the categories most relevant. Some use an executive summary they already have written and add to it. People who already have investor decks have the information in a concise way — just put it into a 3-page word doc and you are done. Creative graphic presentations are fine, too. If you are starting from scratch, good for you! You have probably been meaning to do it anyway, and it will be a roadmap you can continue to update in months and years to come.
Missed our Business Plan Bootcamp? See our recap and full video hereon MiamiHerald.com/challenge.
Q. Why the three-page limit?
A. Short business plans are in vogue, actually. In today’s day and age, investors (and judges) want the information fast and brief and will ask for more info as they need it. They say that in real life, if you don’t capture their attention in the first page or even the first paragraph, they will move on.
Pro tip: Ask someone who doesn’t know anything about your business or business concept to read your plan, or at least the first few paragraphs, to make sure they understand it.
Also, though our judges are almost super-human, we can’t ask them to judge dozens of full business plans.
See more Q&As here on MiamiHerald.com/challenge
Tuesday, January 13, 2015
Advice from the experts
Startup Biz Information
Happy New Year, I hope you are off to a fantastic start! I wanted you to have my new contact information and invite you to reach out to me if i can make an important introduction or advise on any of your initiatives. 2015 promises to be a spectacular year and I've made big changes to take advantage of it. I hope you are doing the same! Please update the contact info you have for me:
Mike O'Donnell
Principal, StartupBiz.com
mike@startupbiz.com
206-930-9121
In Asia, it is the year of the Sheep -- a great year for finance, career, relationships and health. In North America and Europe, 2015 will be the year of the entrepreneur. More viable companies are being started than ever before. More seed capital is available for promising startups than ever before. By 2020, more people will be working for themselves (or for a startup) as 1099 wage earners, than working for established companies as W2 employees. Every facet of how we live, work and play is being reinvented. Hold on tight, it's going to be a great ride!
Let me know if i can help you with your ideas, or perhaps, join me on StartupBiz.com to help aspiring entrepreneurs with their ideas.
Cheers,
Mike
Happy New Year, I hope you are off to a fantastic start! I wanted you to have my new contact information and invite you to reach out to me if i can make an important introduction or advise on any of your initiatives. 2015 promises to be a spectacular year and I've made big changes to take advantage of it. I hope you are doing the same! Please update the contact info you have for me:
Mike O'Donnell
Principal, StartupBiz.com
mike@startupbiz.com
206-930-9121
In Asia, it is the year of the Sheep -- a great year for finance, career, relationships and health. In North America and Europe, 2015 will be the year of the entrepreneur. More viable companies are being started than ever before. More seed capital is available for promising startups than ever before. By 2020, more people will be working for themselves (or for a startup) as 1099 wage earners, than working for established companies as W2 employees. Every facet of how we live, work and play is being reinvented. Hold on tight, it's going to be a great ride!
Let me know if i can help you with your ideas, or perhaps, join me on StartupBiz.com to help aspiring entrepreneurs with their ideas.
Cheers,
Mike
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