In life, whatever it is we are seeking will not arrive in the form we are expecting. Such is the case with raising equity in a post JOBS Act market -- something that fascinated but at the same time confused many business owners.
Most people have a plan for everything these days -- a business plan, marketing plan and even an editorial calendar for their blog. It's not easy to sort out what you actually need initially in business, but I'm telling you your first focus should be on having a life plan.
Starting without cash in the bank is possible, but it takes an approach that is both practical and inspired. Since my business journey began with little more than an idea, I wanted to share three pieces of advice with you for making it big when starting with nothing...
Now that you have taken some of those steps, you're ready to start visualizing what your business will look like with a one page business plan.
Starting a new business, be it big or small, is far from easy. In the early stages you will inevitably drift between periods of certainty and uncertainty about your decision. You will feel like you are constantly swaying with the wind of opinions from your peers.
I'll begin where the majority of successful entrepreneurs begin--"follow your passion." It may be a shopworn phrase, but this advice is as valid today for how to succeed in business as it was a hundred years ago, and it has certainly proven true for me.
Business plans can attract new investors to your idea, or they can serve as an excellent platform if you're seeking grants. No matter what your eventual goals are, having a solid business plan is absolutely essential.
NFTE business plan competition finals grow all the more selective as four from the original cohort of 39 young entrepreneurs move on to last round.
Part V, The Road to Nationals: How NFTE Graduates Around the Country Are Getting Ready for October 3
We're almost there -- October 3rd, when 39 students representing 35 businesses from around the country will contend for top honors and for the chance to win over $25,000 in cash and prizes from Mastercard to help bring their business ideas to life or advance their education.
Part IV, The Road to Nationals: How NFTE Graduates Around the Country Are Getting Ready for October 3
Students will gather from all corners of the country for the competition and the southeastern region will be represented by student entrepreneurs dealing in everything from web design to fashion to software.
In my work launching new businesses (or fixing businesses that have plateaued), one place I see entrepreneurs in every industry get stuck, frustrated, or misguided, is in attempting to apply old models to new business.
Of course you should know your business, your team, your strengths and weaknesses, and your market. That's absolutely essential. But do you take the business time to describe it in comprehensive detail, with edited text, statistics and formal research? No.
Of course, there are a variety of skills owners need to know in order to make a business work. But after many decades of running my own successful businesses, I have come to the conclusion that these facts are the seven essential concepts needed to create a successful business life.
Have you had it with your 9 to 5? Stop dreading Monday mornings and start planning your exit from corporate America. Why not capitalize on the newness of the year and put together a solid plan to activate your dream of starting your own small business?
What's the point of a business plan if you can't seem to get your startup off the ground? If you find your company struggling, you might end up throwing that business plan out the window anyhow.