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How Many Entrepreneurs Really Need a Business Plan?

Startup Professionals Musings

On a regular basis, I am approached by entrepreneurs who assert that business plans are a waste of time. They cite sources like a recent BusinessWeek story, “ Real Entrepreneurs Don’t Write Business Plans ” and this NY Times article. For the rest of you entrepreneurs, consider the value of a business plan when it is not required.

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Here’s Why a Booming Tech Market May Fool You into Thinking You’re Successful

Both Sides of the Table

For what ever reason we’re wired to have amnesia during the run up and prescient memories of how we ‘knew it all along’ as soon as the slide begins. Create company measures for success that go beyond financial metrics. You manage what you measure so be careful about having too narrowly defined of performance metrics.

Marketing 354
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6 Steps To Move From Inspiration To Business Reality

Startup Professionals Musings

Thus, I’m more impressed with entrepreneurs who ask me to review their implementation plan, rather than listen again to their idea. Present at trade shows and network with your ten-slide pitch to build your following. There are lots of resources available for the challenge of that activity, including the Internet and mentors like me.

Ideas 94
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How To Take Your Business Idea From Dream To Reality

Startup Professionals Musings

Even if it’s only a few PowerPoint slides or typed paragraphs, writing something down is the first step toward making it real. Before you know it, you will have a ten-slide pitch that you can use to gauge interest from potential customers, as well as friends, family, and early investors.

Ideas 99
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8 Ways An Investor Pitch Differs From A Product Pitch

Startup Professionals Musings

When pitching to investors, entrepreneurs always seem to start with a customer pitch, then add a slide or two about the business. In reality, they need a separate pitch about the business, carrying over only a slide or two about the solution. A great entrepreneur has both, with the ability to tell the difference.

Product 103
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The Four Main Things that Investors Look for in a Startup

Both Sides of the Table

But in my experience as an entrepreneur and now spending my time amongst investors I can generalize that almost all VC investments in early stage technology & Internet investments come down to just four key factors. This post was prompted by an email exchange I had with a young entrepreneur. I was interested in learning more.

Startup 360
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How Great, Operationally-Focused CFO’s Can Transform Your Business

Both Sides of the Table

It’s the nature of most entrepreneurs, honestly. Another thing entrepreneurs f**k up? What I used to do is pencil out my plans for the board deck and strategy topics and my CFO would then pull together the slides and analysis. The full financial details and metrics were in the deck. They can help you with pricing.