Follow these SEVEN KEY disciplines.
- You MUST be extremely passionate about your idea and concept, “The Project”; you want to execute this plan;
- You MUST do research to convince yourself and others your Project will be a successful venture; the most noteworthy is proving demand for your product/service with existing SALES or bonafide orders;
- You MUST articulate your Project into a written Business Plan that makes sense; based on your researched and reasonable assumptions; no ‘Pie in the Sky’ delusions; having a sales track record backs you up;
- You MUST leverage all that you bring to the table; who you are & why you? Financial background, Managerial expertise – Start-Up Capital; cash & assets, your ‘Skin in the Game’;
- You MUST be able to explain your Project in sufficient detail to be understood;
- You MUST be knowledgeable about the industry and environment in which you will operate; competition, barriers to entry, regulatory controls, non-controllable factors; how will you battle the negatives?
- You MUST convey the REWARD; what will the return on investment be? Your forecasts based on early track record must prove profitability.
If someone else were asking you for money to fund this project would you buy-in? Know your audience; those who are invited to participate in The Project, friends, family investors and banks will be testing your ability to properly execute the plan. Can you deliver?
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