Retro01

Great Idea! Now What? The Entrepreneur’s Challenge

admin — Sat, 19 Jan 2008 20:01:50 +0000

You’ve done it! A brand new product idea. Or, perhaps, a new service, based on a need you’ve spotted which no one else seems to have noticed. Possibly even a unique and different way to accomplish an older idea. You can see it’s effects, know that it’s a multimillion dollar market winner, in the vanguard of that industry, international in scope. You’re energized, excited, enthusiastic.So what?Yes, dear reader, I said “So what?”I’m not trying to bring you down. But you’ve probably heard the old saying that “great ideas are a dime a dozen.” Unfortunately, that’s all too true. Great ideas are merely a beginning, especially where business is concerned. If you can’t deliver on the promise of that idea, you’ve gone nowhere. It was merely a daydream. So now the serious work begins. The Company Leader’s Business PlanThe first step to be confronted by any company leader is the business plan. What is it you want to accomplish? How will you go about it? Who will you need for help? Where will you do it? How much money will be needed? How long will it take? All these questions, and many others, have to be organized and answered. Further, if you want to get funded, you’re going to need a written business plan. Without it, as I’ve said elsewhere, you’re simply not ready for prime time. Without that plan, no one in business is going to be prepared to seriously consider your “great idea.”What IS a Business Plan?Simply put, it’s your road map, both the general and specific roads you’re planning on taking to get to your Golden City. Is it set in stone, rigidly fixed? Hardly. It should be flexible, ready to alter to meet changing conditions. Oddly, most entrepreneurs simply use it to raise capital, then forget all about it. It should be used for the life of the company, being updated at regular intervals. Further, it should be readily available to any of your key employees so that they can see what company intentions are at all times. In this way, they can contribute efforts and ideas which no one had thought of. It would also make sense to have a web site version available by invitation to your investors. There’s nothing which makes investors more comfortable than being thought of as part of the family. They should not have to wait until the annual meeting to find out what’s going on. They, too, may make valuable contributions since many investors are or were in business and will understand what you’re trying to accomplish.Your Executive SummaryThis is possibly the most important document you can prepare. Why? This is the first thing your potential investor will see. And, if you don’t grab his attention on that first page, it’s quite unlikely he’ll read further. The current statistic states that only one in ten thousand business plans is ever funded. Kind of a stunning statistic, but understandable in the wake of the dot com debacle, still fresh in the memories of venture capitalists and angel investors.Your Executive Summary is just that, a summation of your business plan. In 4-6 pages - no more - you lay out the overall grand plan. While you have to give the reasons for why this will work, or is working, the details are left to the business plan.Your Phone NumberI know it may sound silly to tell you, but the cell phone contact of the key principal must be on the top of that first page. (I received one today which didn’t have any name or contact number anywhere in the document!) If the investor feels he wants more information or, lucky you, that he wants to meet with you personally, he should not have to scramble through pages to find out where to get to you.How Much Do You Want?No more than than at the end of the second paragraph, you must state how much money you are seeking. This is critically important. I have seen summaries where the amount being sought was on the very last page! If the investor only invests in projects over $10 million, why waste his time - and possibly gain his enmity - with a project which only needs $5 million? And an investor who risks only $1 million or less at a time will also become annoyed. “So what?” you might ask. The answer is that you just might have to approach that same investor again for a different amount. Wherever possible, leave a good taste in people’s mouths.What To AvoidThis one is easy: Hype! Your Executive Summary is not a customer sales piece. You need facts, some excitement, reasons why your project will work. But if the investor senses that you’re doing a sales or marketing job on him, he’ll just put the plan on his “return” pile and reach for the next one. So go easy on the superlatives.Who Will Do It?This can be a real sticking point. Writing, like film reviewing, is something that everyone believes they know how to do. The truth is, not a lot of folks know how to put words together well. I’ve had business plans and executive summaries submitted to me which were actually embarrassing to read. Bad English, poor sentence structure, incorrect usage of words…and many other things which showed me the wrong person had put the package together. You’ve got to be brutally honest with yourself. If writing is a long way from your strong point, get someone else to do it. And don’t for a moment believe that some software program will give you a powerful presentation. That’s what everyone else is using, too. Plans developed from such software tend to be canned and flat. Not exactly what you want to present.At the very least, spend some money to have a professional edit your work, make suggestions and, if necessary rewrite the piece. If you’re looking for millions and saving a few thousand by doing a poor writing job, you’ve wasted all the time and effort you’ve spent…and your “great idea” won’t get funded. Yes, We’ll HelpWe are experienced writers of both business plans and, especially, executive summaries. We won’t charge you an arm and a leg for consulting on your executive summary. If your business plan needs work, we’ll quote you a price. Contact us and ask. Additionally, if you can qualify for their program, we represent an excellent source of equity investment. Visit our web site. Talk to us.What Now?What are you waiting for. If you’ve got that “Great Idea,” start writing!

Article Source: www.iSnare.com

The Online Business Quandary

admin — Sat, 19 Jan 2008 19:01:50 +0000

Building an online business is about as simple as re-building the Coliseum. Type any combination of “online business programs” into Google and watch all of the latest get rich quick scams populate the search engine results. These companies are geniuses at Internet marketing, but they all fail to produce real results that are quantifiable and measurable over an extended period of time. They would certainly prove their online business client’s success if they could.For many entrepreneurs, the sheer thought of building an online business is quickly broken down into thoughts of failure and misery. It seems as though the Internet is only a playground for net geeks these days. There are plenty of scam companies ready and willing to take the hard-earned cash for those not lucky enough to be net-savvy. It’s a sad story that has been told a million times.In any entrepreneurs search for truthful, honest and profitable business ventures there comes a point in which they must make an important decision. Choice “A” talks big, promises huge results, and sounds the most appetizing. Choice “B” mentions hard work, building a solid business, and personal responsibility. Both sell the same product, but only one can produce results of successful clients and offers a money-back guarantee.Choice “A” is unfortunately the preferred choice of many small business entrepreneurs. The thought of paying a few bucks for a domain name, a few more bucks for hosting, plugging in some code, and setting up a shopping cart sounds too good to pass up. They invest minimal time into an online business because they have become brainwashed by the hosting company. After all, if they build it the customers should come. Right? Ask for the proof of client success.Choice “B” is for the intelligent entrepreneurs. It is the choice that recognizes a true business person. An online business is just as much work as an offline business. A business person would never think to go with the cheapest quality businesses essentials in the off-line world. Why would they choose to online? Again, look for solid quantifiable proof just like you would in an off-line business world.The truth is there is a lot more to building an online business than just creating a website. No one searches for a particular website, unless you are Amazon.com or another big-name site. Instead searchers need information. They need answers to their questions and their concerns. They go to their trusted search engine and type in their query. The search engine scours its database looking for relevant results to make its customer happy.An online business should aim to be in the search engines top 30 results for a particular query. If not, the business is basically invisible. An online business that is invisible means it is not profitable. Next thing Choice “A” websites know, it is time to close the ethereal doors. Choice “B” automatically submits each new and updated page to the major search engines. Choice “B” even tells its customers if a page was written poorly. All of this is a part of building a sustainable online business.Building a profitable online business does not have to require loads of geek knowledge. In fact, there are companies out there dedicated to bringing the online business world to hopeful entrepreneurs. The tough part is weeding thought all the get rich quick schemes waiting to tempt you. Choice “B” does exist. Choice “B” is more than willing to share its client’s success rates with the world.Before any online entrepreneur jumps into get rich quick territory, they should research and read about all kinds of online business companies. To receive a host of free online business ebooks for free, please visit the author’s link.

Article Source: www.iSnare.com

Ringtones The Multibillion Dollar Business

admin — Sat, 19 Jan 2008 18:01:50 +0000

Yet another year’s growth in the mobile ringtone market has confirmed its position as a major force in the music industry.Once considered a passing craze, ringtones now account for more than 10% of the global music market and are overtaking CD sales sooner than expected. Few thought that the monophonic tones of the late 1990s would evolve into the multi-billion dollar market that exists today. But, following the advent of true polyphonic ringtones in 2003, the realisation of their potential has developed a fresh momentum.Unable to ignore the ringtone market, the music business has come to embrace its future and its influence on youth culture. This is especially true of the hip-hop industry whose output makes-up more than half of all downloaded ringtones. Successful artists such as 50 Cent, Mariah Carey and Kanye West have all learnt that ringtones are by no means a niche product.If there is a key to this success then it is probably the creation of a ‘total product’, that is, the full customisation of phones with ringtones, wallpapers, screensavers, logos, picture messages and games. This has led to huge consumer choice and demand, with endless catalogues of music and themes now available on both mono and polyphonic phones. Another factor has been the obvious media impact, with the likes of the infamous Crazy Frog ringtone experiencing unprecedented coverage.This popularity should continue for a while yet, thanks to advances in sound quality and the use of MP3 and Real Music by the current generation of phones. There are still new markets to explore as well, with the music-loving Latin Americans expected provide the next big growth area.Ultimately, the long term success of the ringtone market could depend on the ability of the major phone manufacturers like Nokia, Motorola, Sony Ericsson and Samsung to combine the very latest technology with wide-ranging compatibility; a balance which is becoming increasingly important in this truly global industry.

Article Source: www.iSnare.com

Go East, Young Entrepreneur, Go East! The Money Is There

admin — Sat, 19 Jan 2008 14:01:50 +0000

Though Asia and the Orient are considered to be West of North America, they long ago acquired the descriptive term, The Far East. Without going into a lot of deep research, my guess is that since England, in it’s colonial expansion centuries ago, had many ships sailing to those areas, the concept of Far East made sense. They got there by sailing around the tip of South Africa, proceeding east from there. And by sail, that must have indeed seemed a very far voyage eastward. INVESTMENTS WESTWARD, NEW SOURCE OF PROJECT FUNDINGChina is currently very big in the daily news and likely to remain so. Its huge population, rapid economic growth and burgeoning military presence all claim a lot of media attention. Much of that media is specifically investment oriented and billions of dollars are being invested there. That situation is going to expand in the future.But what about investments reversing direction?POTENTIAL GOLD MINE FOR ENTREPRENEURSHong Kong, for instance, has been a major financial center for over 100 years. And since China has regained control of it from the British in 1999, its influence in the Far East has grown still further. And lately, with the onset of the EU and other countries destroying any form of bank secrecy, more billions of dollars have been heading for Hong Kong and other Far East financial centers. As well, Asian millionaires and billionaires, which is a fast-growing segment, are choosing to place many of their investments “offshore” (outside of China) for tax reasons, much as their Western counterparts have been doing for the last generation or two.My point?Virtually every Canadian and US entrpreneur is already delivering his business plans to Angel Investors and Venture Capitalists located in those two countries. And only about one in 10,000 of those submissions is likely to be funded. Doesn’t it make entrepreneurial sense to look elsewhere, even if also submitting to those sources? Don’t creative entrepreneurs keep their eyes open for unusual opportunities to benefit their projects?FINANCIAL SERVICES AND FINANCIAL CONSULTANTSIf you’re a serious entrepreneur with a great package, a question you must ask yourself is: What do I know about finding funding? If you’re honest with yourself, the answer will probably be: “Next to nothng.” Or: “Not any more than most other entrepreneurs out there.” With that sort of reality check, shouldn’t you also be looking for some help?There are many financial services and consultants to be found on the net. Beware, however, since many of them will make the most fantastic promises, assure you that they can get you the funding. They will also ask you for up front monies. If you happen into any of those, run, do not walk, to the nearest exit.Unless you’re asking them to do you some specific service, such as rewriting your executive summary or business plan, do NOT pay out a any fees. However, if you feel they are very good and want to meet with them for further due diligence on their knowledge and contacts, you will be responsible for their travel and living expenses during the trip, including a per diem allowance to cover food and transportation cost. If they’re really good at what they do, it’s money well spent.GOT ASIAN CONTACTS?If you are seeking Asian investors, you will need to find consultants who have those specific connections. Doing business with Asians is very different than doing the same business with Canadians, Asians or Europeans. A good consultant will be able to guide you in precisely what you need to know. Procedures, attitudes, culture, all of these are important. How you present yourself may be critical.A TALE OF STUPIDITY AND ARROGANCE Capital Funds Group works with just such an Asian investment group. One client asked to meet with them and offered a good quality Executive Summary. Beyond that, they failed to ask a single question about the investors, assuring us that “we’ve done over a hundred presentations.” Though I’d suggested he come in a day earlier to locate himself in relation to the meeting hotel, he had ignored that advice and arrived late the evening before and had no chance to identify where he was in relation to the meeting hotel.As a result, on the day of the meeting, he1. Arrived 45 minutes late2. Was wearing mismatched pants and slacks, badly in need of a pressing3. Wore an open throated shirt with no tie4. And defended all this vigourously, saying that he’d have had no problem if the meeting had been in the Silicon Valley.I tried, without success, to get through to him that the Asian culture is very different, that his lateness upset a very tight schedule on which the funder worked and that lateness, his dress and his attitude were an insult to the investor.Needless to say, he was not offered an investment…and blamed me! CONCLUSION?If you’re seeking funding for a major project, you’ll have to expand your ideas of where those monies might be found. The Far East is the new contender.

Article Source: www.iSnare.com

Hello world!

admin — Sat, 19 Jan 2008 09:50:57 +0000

Welcome to Actualblog.net. This is your first post. Edit or delete it, then start blogging!