Business Planning for College Students and First-Time EntrepreneursWritten by Dave Lavinsky
More and more students, both in undergraduate and graduate institutions, are deciding to launch their own ventures upon graduation rather than taking traditional route of working for another firm. Likewise, more and more individuals are leaving their jobs to fulfill their entrepreneurial dreams.While these ventures may ultimately be very successful (e.g., Google and Microsoft were both launched by students), they face certain challenges in their business plans and capital raising processes. The foremost challenge is overcoming lack of experience of management team. A classis chicken-and-egg problem presents itself – management team has no past company successes to point to, and can’t prove itself unless given opportunity to launch business. While this problem is nearly always case for graduating students, it also presents itself to many entrepreneurs, particularly those who are launching their first ventures. To overcome this challenge, these ventures must represent themselves as having a great team by attracting a stellar management team and/or advisors. By attracting a quality management team, even if team will not start until after financing, it gives investors that confidence that plan will be properly executed. It also proves that entrepreneurs have ability to “sell” others on their vision. The management team need not be complete before seeking capital, since additional members will most likely be added after capital is raised. For instance, shortly after Google raised capital from Sequoia Capital and Kleiner Perkins Caufield & Byers, Omid Kordestani left Netscape to accept a position as vice president of business development and sales, and Urs Hölzle was hired away from UC Santa Barbara as vice president of engineering. Attracting high-quality advisors builds great credibility since if respected individuals are willing to risk their reputations by taking an advisory position, venture must have some merit. Advisors can also help with execution of business and sometimes will also provide needed capital. In Google’s case, when no major portal was interested in partnering with or funding company, Larry Page and Sergey Brin were able to convince Andy Bechtolsheim, one of founders of Sun Microsystems, to become an advisor and investor. Bechtolsheim contributed initial $100,000 to company.
| | 10 tips to help you pack more power into your business writingWritten by Suzan St Maur
1. Before you write anything down define not what you want to say, but what your message must achieve. Keep that firmly in focus at all times and use it as main goal for everything you write. Ask yourself “does this concept/approach /clever headline/earnest mission statement/ really help message achieve its objectives?” If honest answer is no, alter it or rethink it completely. 2. Identify your target audience and get to know them very well. No matter how beautifully structured your message is if it doesn’t take into account real circumstances and needs of audience, it won’t work. Align your message’s objectives with these circumstances and needs. 3. Study media you’ll be using; be aware of how people will receive your message and where your message will be competing for their attention, use your common sense and creativity to make it stand out in crowd. (Or if crowd’s too big, reconsider choice of media if that’s within your power.) 4. Now develop your message based on these issues, and add in final magic ingredient … “what’s in it for them?” Successful business messages are always based on benefits for target audience – either actual or implied. Ensure you know difference between features and benefits, and how to convert features into benefits. 5. Research way your target audience speak and communicate, and phrase your message in their language – which may not necessarily be yours. Avoid corporate pomposity and unnecessary jargon. Talk to “you,” not some vague third party, and keep your English as simple as possible, especially when your message is going to people who originate from other cultures. 6. Traditional grammar and even spelling mostly have been thrown out of window. However there are still a few grammar rules you need to follow if you don’t want your message to look amateurish. Your knowledge of audience and how they communicate will dictate your writing style to a large extent. Don’t let catchwords, “internet-speak,” emoticons, etc. obscure your message or its benefits.
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