A Street Urchin's no cash, no credit, Business Plan

Written by Harry S Richards


The true story of a Street Urchin who made a fortune from nothing. (c) Harry S Richards

As kids in a poor part of town, we collected all kinds of junk to sift through and hopefully resell. Sometimes we were lucky, but mostly we were told to "get lost" with unprintable words to that effect. There was no spare cash at all, so we just had to use our wits to make some. Fortunately, I banded with a group of similar street urchins who were reasonably honest. We just wanted to get some cash without any hassle fromrepparttar cops.

Our primary source of income came from collecting old newspapers door-to-door. We bundled and tied them into manageable bundles to resell torepparttar 139454 waste-paper and scrap dealers ofrepparttar 139455 day. We knew that as kids we wouldn't get a fair price because we watched adults being paid double what we were forrepparttar 139456 same weight. Being wise to this, we loaded our bundles with a few bits of scrap iron, until we learned that it was easier to soak half of each bundle in water, making certain thatrepparttar 139457 wet half was positioned inrepparttar 139458 center to make it undetectable.

That’s how we gotrepparttar 139459 right price for our wastepaper collection withoutrepparttar 139460 dealer being anyrepparttar 139461 wiser. He was happy to believe that he was ripping us off, and we were more than happy to be ripping him off – forrepparttar 139462 rightful price due to us.

Often we would come across some valuable lead-pipe or copper. The same thing applied. We were just ragged kids, sorepparttar 139463 scrap dealers would pay us less than adults forrepparttar 139464 same weight. We learned to fill our scrap lead or copper pipe with wet garden soil, or sand if we could find some, to increaserepparttar 139465 weight and our cash as a result.

Asrepparttar 139466 years passed I got work as a teen in all kinds of different places, and much to my surprise my workmates were all so very negative about any mention of making money or starting a business. Up to that point in my life I had always believed that everyone had similar views, but it quickly dawned upon me that most people lackrepparttar 139467 belief in themselves to take any kind of risk. I suppose that’s why so many good people suffer needlessly in mundane work-a-day jobs without any future prospects. One day inrepparttar 139468 workplace, I simply happened to mention that I would like to start a business, but you would have thought I had said something grossly insulting. The responses were amazing, such as:

“What business can you start these days? Everything has already been thought of” and,

“If there was any chance for a business it’s already being done” and even,

“If ever you go into business you’ll go bankrupt, it happened to my uncle”

“ My wife said don’t ever think of going into business as you cannot trust anyone”

At that point I decided that this wasrepparttar 139469 wrong place for me, even though I needed a regular pay check, I was becoming depressed withrepparttar 139470 charged atmosphere of negativity. I really had no idea what kind of business I wanted, but I thought that perhaps a starting point would be to get a job in selling or sales.

Atrepparttar 139471 time there were large advertisements running inrepparttar 139472 national presses inserted by a well known business machine manufacturer for Trainee Sales Representatives. I applied and got a job, but left a few months later because I just could not sell anything, I followedrepparttar 139473 scripts and did all that they said I should do, but I just could not make a sale. I had failed as a salesman. However, I saw so many other people who hadrepparttar 139474 talent to sell, so I took a job with no pay check so that I could go around with these talented guys and try to learn from them. It was so demoralising, they would go from place to place, giving outrepparttar 139475 same old spiel, and I just could not understand their job at all. Little did I know at this stage that in just a few years I would be votedrepparttar 139476 top salesman for a multinational company, and later as my own boss, would you believe – in business selling office machines! Ironically, doingrepparttar 139477 identical job I had failed so miserably earlier?

Show me the Money!!

Written by Skip Shuda


Show me the money!!! Are you ready to raise money for your startup? Leslie Mitts, Managing Practice Leader at the Wharton SBDC and Lead  Advisor for the Wharton Venture Initiation Program, tells us that most  entrepreneurs coming through her programs are focused on raising  capital, even though there are higher priorities in many of their  businesses. Since fresh dollars help drive the business engine, this is  a natural entrepreneurial concern.  But are you ready to raise money?  Going to investors before you are really ready can damage your  reputation and may actually hinder future funding efforts.  Team and a Dream uses a unique Fundability Diagnostic to help companies  assess their strengths in four key areas:  Team - This is the most frequently cited attribute examined by  investors. Many investors will invest in an A-level team and a B-level  product, but not the opposite. Having your Seed Team nailed is crucial.  Traction - Showing momentum is a critical element to demonstrating  progress and your ability to execute.  Perceived Pain - Do people really need your product? Why? Will they  need it in the future?  Product Eco-system - How does your product fit into existing and  emerging landscapes? Who else is out there and how big will this market  grow?  Find out what you need to succeed and discover your roadmap to getting  there. Take the quiz below to see how well you might expect to score  with investors.  For each of the four sections outlined above, see  which hurdles you can clear given the current state of your business. PROCEED WITH CAUTION: Only self-aware entrepreneurs should take these  results seriously.    ASSESSING YOUR TEAM Part A:  If you or any member of your current team are not planning on being the  CEO, give yourself two points and proceed to Part B. If someone on your team IS planning to continue on as CEO, then youÂ’ll  need to answer yes to both of the next two questions in order to score  two points; otherwise, take a zero.  A1.Our CEO has significant, previous management experience in a startup  or comparable operating environment (i.e. middle management in a large  company doesnÂ’t count!) ( 1 point) A2.Our CEO is able to rapidly assess and prioritize our work with the  respect of the team ( 1 point) Part B: Score one point for each answer. B1.Someone on my team has significant experience in the domain space in  which we are starting the company  ( 1 point) B2.Our team understands and acts as if they understand the difference  between tasks that are urgent, urgent and important, important, and  none of the above ( 1 point) B3.This team has terrific chemistry ( 1 point) Your score (0-5) is your Total Team Score.   If you scored three or more, you pass the Team Hurdle. TRACTION Score one point for each item you can answer positively. 1.We have made a few initial sales and have positive indicators from  the marketplace for additional sales growth ( 1 point) 2.So many good things are happening I am bouncing off the walls with  excitement ( 1 point) 3.I have added a significant team member (besides myself!) in the past  two months ( 1 point) 4.In the past two months, I received press coverage that would be  acknowledged by my prospects as legitimate business coverage ( 1 point) 5.We recently have achieved a significant product or marketplace  milestone (includes a single, initial sale) ( 1 point) Your score (0-5) is your Total Traction Score. If you scored three or more, you pass the Traction Hurdle. PERCEIVED PAIN Award your Team the number of points indicated after each question that  you answer positively. 1.My product or service solves an important problem for a well defined 

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