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Friday, February 23, 2007

A Laundry List for the Entrepreneur

A key facts summary from a White paper on Entrepreneurs, written by Ivan Kaye, a VC "Rain maker" based in Australia www.bsi.com.au

Entrepreneurs come in a million configurations, but some of these configurations have been proven to be more successful than others.
· When planning the launch, take advantage of all the entrepreneurial services—BSI – Business Planning , Growth Strategies, Governmentt Incentives, Investors
· Think of every customer as a partner and business as a mutually beneficial relationship
· Avoid being backed—or backing other people—into corners.
· Innovation is the lifeblood of entrepreneurs, but ensure the backroom and systems are strong.
· Anticipate Your Obstacles
· When starting a business, the only certainty uncertainty. Use all the resources at your disposal to prepare for it.
· Your passion won’t be felt by all - handle it
· Secure enough capital to get you through the unprofitable growth period. Entrepreneurs who are too optimistic at the outset can run out of money early on—and watch their enterprises crumble.
· Know your market
· Getting the company off the ground is only the first of many tests to come. The successful entrepreneur is always looking forward and planning ahead for what’s next. Plan each month something new to tell your investors
· keep overhead low during the growth period. Minimal overhead is sure to impress investors down the road.
· Cash flow cash flow cash flow
· Hire people based on your actual needs, not your projected needs. A small, agile company can best respond to the ever-changing marketplace.
· You must earn your customer’s trust, and crisis situations, though harrowing at the time, are the ultimate test of your mettle. If you can perform when the chips are down, your customer will have complete confidence in you when everything is running smoothly. Always be sure your system can handle a breakdown.
This is the link to the whole white paper....a good Sunday read after dinner....

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