article thumbnail

10 Key Business Plan Elements Not In A Product Spec

Startup Professionals Musings

As an advisor to new hardware entrepreneurs, I often hear the myth that a business plan is no longer required to find an investor, if your idea is good enough. You may have heard that venture capitalists in Silicon Valley no longer read business plans. Description of the business entity you plan to form.

article thumbnail

8 New Business Keys To Success For Real Entrepreneurs

Startup Professionals Musings

Of course, that’s both the good news and the bad news for aspiring entrepreneurs, since it means more competition, and the business landscape is changing faster than ever. But for founders who do their homework, the cost of entry is lower and the opportunity is higher than ever. The cost of social media done well is low.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

10 Common Startup Mistakes That Are Rarely Admitted

Startup Professionals Musings

It’s important to learn from your own mistakes, but it’s even smarter to learn from someone else’s mistakes, without paying their high price in time lost, cost, and pain. In that spirit, I offer my perspective on ten common startup failure sources that rarely get admitted by entrepreneurs: Choose to skip the written business plan.

article thumbnail

8 Tips For Getting Your Startup Right The First Time

Startup Professionals Musings

Of course, that’s both the good news and the bad news for aspiring entrepreneurs, since it means more competition, and the business landscape is changing faster than ever. But for founders who do their homework, the cost of entry is lower and the opportunity is higher than ever. The cost of social media done well is low.

article thumbnail

10 Key Business Founder Checks Needed Before The Plan

Startup Professionals Musings

Most business advisors I know will say that writing a business plan is the first step to starting your own business, but I believe that a better first step is to do a self-analysis of your real drivers, strengths, and assumptions before committing to this lifestyle. Check your tolerance for risk, uncertainty, and change.

Founder 262
article thumbnail

5 Equity Distribution Parameters For Key Contributors

Startup Professionals Musings

Building a new business is quite different from an executive role in a mature company, so people from these backgrounds are often a liability. Value is embodied in previous success with investors, proven problem-solving ability, and having built and executed a business plan with minimal resources.

article thumbnail

10 Popular Business Strategies That Most Often Fail

Startup Professionals Musings

It’s important to learn from your own mistakes, but it’s even smarter to learn from someone else’s mistakes, without paying their high price in time lost, cost, and pain. In that spirit, I offer my perspective on ten common startup failure sources that rarely get admitted by entrepreneurs: Choose to skip the written business plan.