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
| | So You Want To Start A Home Based BusinessWritten by Paul Jesse
Are you interested in starting a home-based business? You may want to work from home for several reasons, including dissatisfaction with your current job, because you have small children or elderly parents that require you to be at home, or you may just need income a home-based business opportunity can provide. Since you have come this far, you are already an Internet entrepreneur ready to take first step in creating a steady income and implementing your home-based business ideas. You can be your own boss and generate steady income with your own home-based Internet endeavors. The first step in starting a home-based business is to develop a business plan. Researching your options thoroughly and making wise decisions can make your home-based business very successful and give you a steady stream of income, all from comfort of your home. There are numerous business opportunities geared towards those who want to work from home. Some promise instant wealth and long lasting success for simply signing up. The truth is that any home business will require effort, marketing, and a network of contacts. The amount of work you are willing to put into your home-based Internet business is directly related to amount of income you may earn. Plan each step of starting your business carefully. Examine your short and long-term goals and plan how you are going to achieve them. Some home business opportunities are free while others require an investment. Check into free affiliate programs, free home-based businesses, and take a look at those which will need an upfront financial commitment from you. It is possible to earn serious cash from home, but you will have to commit to your business plan and follow it closely. A home-based business must follow certain guidelines. The difference is that business is located in your home.
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