IT'S COOL TO BE AN ENTREPRENUER

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1. Develop financial independence. Financial independence means different things to different people. To some, it means having the cash to buy what they want. To others, it means saving for retirement or a new home. And to some others still, it simply means being able to pay the bills.

2. Set your own schedule. For the most part, entrepreneurs have greater command of their schedule. They will likely have many more demands on it, however, and they need to manage their time well.

3. Bring your ideas to life. If you know that you will not find peace in your life until your vision becomes a reality — and that you are willing to invest valuable resources in your vision — it could be time to start your own business

4. Have creative freedom. An entrepreneur’s creativity is not defined or constricted by corporate red tape.

5. Release the fear of being fired. You won’t likely fire yourself.

6. Finally be challenged — in a good way. Entrepreneurship is challenging and rewarding. Challenges breed solutions and equip you with the potential to innovate and be successful.

7. Create a legacy. As an entrepreneur, you can build something that will last a lifetime.

8. Think globally. My business went from one product and no customers to operating in 14 countries. If I can do it, so can you.

9. Gain personal fulfillment. Entrepreneurs aren’t stuck in a career they aren’t passionate about.

10. Make an impact. Entrepreneurs identify a problem then start a venture to solve that problem. You can impact the lives of many through entrepreneurship.

11. Contribute to the economy. Entrepreneurs can hire employees and contribute to economic growth.

12. Call the shots. Starting a business will yield the opportunity for you to become a leader.

13. Become involved in every aspect. Starting a business will give you the ultimate crash course in what it takes to build something from nothing and turn a profit.

14. Put a personal touch back into doing business. Many entrepreneurs have cited their reason for starting a business was to improve upon the existing way of doing business.

15. Improve upon old ideas. Entrepreneurs are complainers with solutions. They feel they can do it better than the next person.

16. Celebrate massive accomplishments. Starting a business, turning a profit and surviving the journey are huge accomplishments.

17. Improve your quality of life. Being an entrepreneur enables you to provide a better quality of life for you and your family.

18. Invest in you and your future. Consider your small business as an investment. Entrepreneurs not only reap the financial rewards of building a profitable company, but also gain tremendous insights into the most important investment of all — themselves.

19. Design your own lifestyle. One of the perks of entrepreneurship is the ability to live the lifestyle that best suits your desires.

20. Enhance your personal power. Let’s be honest. When you build a business from scratch and earn appreciation and gratitude along the way, it is empowering. You feel significant.

#Rhett

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PITCH YOUR BUSINESS

                               

                                           

So you have a great idea and need some money to start a company? Well, so does the rest of the world! If you’re going to get that money, you’ll have to have the perfect pitch. For many entrepreneurs, having the perfect pitch is a big challenge, as they struggle to communicate their message to people outside of the business in a clear and comprehensible way. Here’s how to nail it:

• Practice your story with a timer next to you so you know how much time to spend. It’s terrible to be in the middle of your story and then suddenly realize that you have only one minute left to go through four slides. The only way to prevent this is to practice.
• Watch yourself. Borrow, rent or buy a video camera and tape your presentation. Watch yourself to see how you can improve. This does miracles for your presentation.
• Test your story. Call your mother and explain your story over the phone. If she gets it, you are ready to talk to your investors. If she doesn’t get it, go back to the drawing board.

• Have answers to key questions beforehand. Who is your audience? What is your marketing plan? How much money do you need? What percentage of your company will you give away for investment? These are all questions investors will ask, and you must be ready to answer them.

• Don’t bluff, lie or make things up. Other things you shouldn’t say: “Our exit strategy is an IPO or acquisition by Google,” “We don’t have any competitors,” and “This is a sure thing.”

• Be prepared for anything. Travel to your presentation location the day before so you know where it is and you won’t get lost. Arrive early and inspect the conference room. Use the restroom before the meeting.

• Do your homework. Research each potential investor so you know if they have kids, play football, like to ski and if they are male or female, tall or short, fat or thin and might be interested in your company or not based on earlier investments. Find out what their latest successful deal was and congratulate them on it.

The purpose of a pitch is to get interest in your business so you can get a second meeting. You won’t be able to cover every aspect of your business in the short time you have, so what you do say has to have an impact. Here are some key elements your pitch should have:

• Problem/Opportunity: What is the problem you are going to solve? What is the joy you will bring to your customer’s life?
• Value proposition: How does your product or service solve a problem?
• Product: What is the product or service and what makes it magic?
• Business model: How will you get your customer to buy this product and how will you then deliver it?
• Marketing plan: Who are your customers and how will you reach them?
• Competitive landscape: Who are your major competitors? What are they doing? How are you different?
• Management team: Who are your people? Why are they the right fit for the company?
• Financial projections: What will your company’s budget look like for the next three years?
• Current status: What have you accomplished so far? How have you used funding to date and how you will use the money you are trying to raise?

#Brashear

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RAISING FUND FOR YOUR BUSINESS

                                                    

                                          

One of the most common questions I get from entrepreneurs is how to go about raising funds for a new venture. They often have an idea they love, and maybe a prototype, but no idea how much money they need to raise, where to find the funds or how to even prepare for “the ask.” Here are my tips:

• Pitch your needs to friends and family. As a general rule, professional investors will expect that you already have commitments from family and friends to show your credibility. If your friends and family don’t believe in you, don’t expect outsiders to jump in. This is the primary source of non-personal funds for very early stage startups.

• Join a startup incubator or accelerator. These organizations are very popular these days and are often associated with major universities, community development organizations and even large companies. Most provide free resources to startups, including office facilities and consulting, and many provide seed funding.

• Trade equity or services for startup help. This is most often called bartering your skills or something you have for something you need.

• Start a crowdfunding campaign online. This newest source of funding, where anyone can participate, is exemplified by online sites such as Kickstarter and IndieGoGo. Here people make online pledges to your startup during a campaign, to pre-buy the product for later delivery, give donations or qualify for a reward, such as a T-shirt.

• Negotiate an advance from a strategic partner or customer. Find a major customer, or a complementary business, who sees such value in your idea that they are willing to give you an advance on royalty payments to complete your development.

• Solicit venture capital investors. These are professional investors who invest institutional money in qualified startups, usually with a proven business model that’s ready to scale. They typically look for big opportunities, needing a couple of million dollars or more, with a proven team.

• Apply to local angel investor groups. Most metropolitan areas have groups of local high-net-worth individuals interested in supporting startups and willing to invest up to a million dollars or more for qualified startups.

• Seek a bank loan or line of credit. In general, this won’t happen for a new startup unless you have a good credit history or existing assets that you are willing to put at risk for collateral.
• Fund your startup yourself. These days, the costs to start a business are at an all-time low, and more than 90 percent of startups are self-funded (also called bootstrapping). It may take a bit longer to save money before you start and grow organically, but the advantage is that you don’t have to give up any equity or control. Your business is yours alone.

#Rhett

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INVITES FRIENDS!!!!

TIPS FOR BUSINESS STARTERS (FIRST-TIMER)

                                              

 I believe there are far too few resources directly addressing the nonacademic trials and tribulations young entrepreneurs face along their journey. Whenever possible, I encourage up-and-comers and established entrepreneurs to mentor the next generation of dream-seekers; for it is this insight and insider education that will provide the foundation for the entrepreneurs of tomorrow. With that, here are 10 pieces of advice that I wish someone had given to me before I launched my first venture.

1.    Focus.
Many first-time entrepreneurs feel the need to jump at every "opportunity" they come across. Opportunities are often wolves in sheep's clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.

2.    Know what you do. Do what you know.
Don't start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It's not only important to create a profitable business, it's also important that you're happy managing and growing it day in and day out. If your heart isn't in it, you will not be successful.

3.    Say it in 30 seconds or don't say it at all.
From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.

                                       

4.    Know what you know, what you don't know and who knows what you don't.
No one knows everything, so don't come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.

5.    Act like a startup.
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company's life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.

6.    Learn under fire.
No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don't spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.

                                           

7.    No one will give you money.
There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.

8.    Be healthy.
No, I'm not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don't make excuses. Eat right, exercise and find time for yourself.

9.    Don't fall victim to your own B.S.
Don't talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.

10. Know when to call it quits.
Contrary to popular belief, a smart captain does not go down with the ship. Don't go on a fool's errand for the sake of ego. Know when it's time to walk away. If your idea doesn't pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.

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