Subscribe to Newsletter Want to be up-to-date with the latest news and updates from Kauffman Entrepreneurs? It argues that entrepreneurs should focus their company-building efforts on such tasks as creating a Web site that communicates their business model, obtaining publicity, keeping the finances under control, and making sales before thinking seriously about writing a business plan. Thumbs Up Thumbs Down. The plan we actually followed was a slow-growth plan that wasn’t part of our write-up. A lot of potentially deserving entrepreneurs never get their plans funded, and many others that do obtain funding actually do so without ever writing a business plan.
Those write-ups got the phones ringing with new prospects, several of which turned into clients that generated additional sales. My point in recounting our financing experience is twofold. Kauffman FastTrac can help you clear the path from idea to business start. But we had recruited a board of advisors with broad experience in growth-company strategy, finance, and marketing, and the members advised us to spend less time massaging our business plan and more time making sales. Even as the business grew, though, we were vigilant about monitoring our expenses and aggressively collecting receivables. Burn Your Business Plan!
Thought you might like this: Kauffman FastTrac can help you clear the path dvaid idea to business start. Professional investors don’t want to back a company that actually needs money.
So we made a few sales, enough to stay afloat through Once again, our advisory board told us not to bother. Your message was sent successfully. Find ways to grow the business without financing or fold up the tent.
Burn Your Business Plan! They’re like bankers in that they like to support companies that don’t necessarily need the funds. Second, it’s often amazing what you can accomplish without the financing you are convinced is essential to stave off failure. Increasingly, though, I am convinced that the key to the success of most young businesses is to ignore all the venture capital statistics and admonitions to write business plans, and instead use all the creativity and diligence you can muster to tend to your business.
After we sold NetMarquee, I decided to revisit the whole subject of business planning.
Business Plans That Win : Stanley R. Rich :
The realization about planning was especially important to me, since prior to launching NetMarquee, I had authored two widely read books about how to write a business plan: Rethinking the Plan My point in recounting our financing experience daviv twofold.
Thumbs Up Thumbs Down. We dusted off our old business plan from a couple years back and spent many hours rewriting and updating the document.
Want to be up-to-date with the latest news and updates from Kauffman Entrepreneurs?
At one point, we partnered with another agency, with venture backing, which confided that many of its receivables were six months or gu,pert past due. Business is quite difficult in many industries, and financing seems to be unavailable to young companies. Those write-ups got the phones ringing with new prospects, several of which turned into clients that generated additional sales.
Business Plans That Win $: Lessons from the MIT Enterprise Forum – Stanley R. Rich – Google Books
Down certainly described our feeling, since it seemed that every new Internet-related venture in the world was obtaining financing. The financing will come later, they suggested. While it rch have seemed back then that nearly every business that wanted it was receiving venture capital, the reality is that most entrepreneurs have the same experience my partner and I had: Get out there and promote yourselves and make more sales, they advised us, in what was becoming a regular refrain.
You have an idea for a business. A lot of potentially deserving entrepreneurs never get their plans funded, and many others that do obtain byy actually do so without ever writing a business plan.
Gumpert President Gumpert Communications. Isn’t that what the business media recommend in hundreds of articles and books?
Burn Your Business Plan!
My point in recounting our financing experience is twofold. My partner and I sent our plan around to venture capitalists and met with several to make presentations.
Get caffeinated at your local 1 Million Cups On Wednesday mornings – learn, engage and connect with entrepreneurs in your community over a cup or two of coffee.
No money came of this effort, and at several points stanleu we contemplated giving up on the venture. This time, we figured, financing should be easier to obtain, since we were fairly well established. We took the first choice, and lo and behold, the business began to gain traction.
Even as the business grew, though, we were vigilant about monitoring our expenses and aggressively collecting receivables.