By Peter Justen –
One of the debates I hear most often revolves around the need for a Business Plan. Love them or hate them…everyone has an opinion. I’ve heard VC’s say they never do anything without one, and I’ve heard them say they are a waste of time.
My opinion? Yes. No. Absolutely. No way. Without a doubt. Maybe.
I think it all depends on what you are going to use it for. I’ve seen hundreds (and written dozens) of business plans over the years and I can’t think of one where everything went according to the plan that was so carefully written. So why bother with them? Simple. I think the highest value to be gained from putting thoughts to paper lies in helping the writer think through their models.
Top 5 Reasons to Write Them
1. Make mistakes on paper before you make them with dollars. It’s a really good exercise to really think through your business model. (more…)
The risk and stress involved can be overwhelming and can take it’s toll on the entrepreneur. At the end of the day, if all goes well it will be the most rewarding decision an entrepreneur will ever make.
Giving up a comfortable corporate job with excellent benefits and perks is truly a tough decision. A decision not to be lightly.
Transitioning out of the military and not having a job lined up can be extremely stressful. For many Veterans this is the reality. Especially for an Army Reserve or National Guard soldier that has just returned from a long deployment.
Many of the soldiers today find it hard to maintain long term employment because they don’t know if/when their next deployment is going to happen. A lot of young soldiers have taken on the role of a part time Active Duty soldier bouncing from deployment to deployment. Eventually they tire of the life or the deployments dry up and they are forced to seek full time employment. (more…)
In a recent study published by the Kauffman Foundation, young people listed two main challenges in becoming entrepreneurs: access to entrepreneurial training and access to capital.
There are many resources for young entrepreneurs to gain knowledge about starting their own business. The idea of funding your enterprise through sales is “The Lemonade Stand”approach. This idea can also be applied to funding entrepreneurial learning. Here are seven ways to get affordable entrepreneurial enlightenment without risking it all.
1. Work for another entrepreneur to learn the ropes.
2. Read as many books and publications about entrepreneurship, start-ups and business as possible.
3. Volunteer for a company that needs extra assistance. See if there is a problem you can solve in a unique way, and take action. (more…)
What runs through your mind when you flip on the evening news or catch the headlines on your mobile device and see that another tornado or hurricane has devastated town “X”, leaving countless businesses, not to mention residents, in dire straits? I’m guessing you feel empathy, perhaps followed by the question, “Wow, if that happened to me, would my business survive?”
Well, these are actually really important questions to be asking yourself, regardless of whether you live in an area prone to natural disasters. Disasters can happen anytime, anywhere, and they’re not just physical. Virtual disasters that wreak havoc on IT networks can be just as destructive as physical catastrophes, paralyzing businesses and threatening their survival.
In fact, the U.S. Department of Labor estimates more than 40 percent of businesses never reopen following a disaster and, of the remaining companies, at least 25 percent will close in two years. Furthermore, with fewer resources than larger corporations, SMBs have a harder time recovering from virtual and physical disasters than their larger counterparts. (more…)