An essential ingredient to any start-up business is passion and drive. The founders must have sufficient energy and conviction to carry them through the ups and downs they will inevitably face in starting and growing a business. From my own experience, the extreme highs and extreme lows of a start up can quickly take a toll on the founder / entrepreneur.
Tag Archives: Business Plans
Lesson 7 on Business Plans: Economy
As an entrepreneur (and sometimes investor), I want any funds invested in a business concept to be spent on realizing the potential we see in them, not on perks or savings plans for employees. Company founders and CEOs should set the example for their employees by drawing modest salaries and by saving money in all areas that are not critical to the company’s mission.
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Lesson 6 on Business Plans: Wisdom
I’m always look ing for entrepreneurs who are aware of the challenges they are facing and who do not seek to conceal them. On the contrary, they know what they are good at and they are looking for partners who can make up for their shortcomings and help them to address and overcome these challenges
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Lesson 5 on Business Plans: Competitive Advantage
What makes up a competitive advantage? The answer is relatively simple. In order to have a true competive advantage, the entrepreneur’s idea or concept has to be rare, difficult to imitate, valuable to the customer who will purchase it, and sustainable over time.
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