April 18, 2008

True Entrepreneurs Know How to Dream

I read an article the other day that made me think of those who are chasing their dreams. Entrepreneurs are people that never cease to amaze me. They seem to have this fire that grows and grows until it consumes everything and everyone around them. Entrepreneurs are people that know how to persist, work, and influence others. The article I read describes a few people that have worked insatiably to achieve their goal. The name of the show is Oprah's Big Give. In the show Oprah Winfrey gives many contestants money to give away to others. The contestants use that money the best way they can. The contestants win by making it through rounds and cuts. In the final round there are three contestants left, two of the three are small business owners.

In the first round contestants were given $4,800 to use to bless the lives of others. The first entrepreneur finalist is Cameron Johnson. Cameron used that money to raise more money for the Denver's Children's Home. While she was doing the she learned of a father who was diagnosed with cancer. With the bread-winner's health failing she decided to step in and give this family a boost. She worked her networks and was able to payoff the entire mortgage on their home with the help of some big investors - Ford Motor Co., the family's bank, and NASCAR driver Dale Earnhardt, Jr. She then was able to talk the bank into waiving the interest fees and to complete the paperwork in only four days!

In another round contestants were given $100,000 to use to serve others with. Another final entrepreneur contestant, Stephen Paletta, was the only contestant to meet the challenge. He bought a truckload of consumer electronic gear, visited a poverty stricken neighborhood and went door to door distributing the electronic goods. In the semifinal round of the show Stephen was able to raise $43,000 for a local women's shelter by using his network of family and friends. He was also able to engineer specific help to a family that has a child with cancer by securing rental payments for their apartments for a year, decorating the child’s room in pink and white, and talking four car dealerships into paying for a brand new car.

As I read these stories/accomplishments I wasn't very surprised. For the past few years I have worked as an entrepreneur and have worked with numberless entrepreneurs and all true entrepreneurs have the same thing in common - desire. True entrepreneurs establish a vision that becomes their mission. They become obsessed with making their mission a reality and they'll work through night or talk to everybody they know or don't know just to gather the resources and the help to make their vision become a reality. This entry is dedicated to the true entrepreneurs to those who do not know how to give up; my hat goes off to you. Thank you.

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March 20, 2008

Mentors, Templates to Help You Perfect Your Business Plan

For the last two months I have worked closely with a mentor in writing a business plan for a venture in the developing world. Mentors can make the world of a difference when a business plan is so foreign to you. It was nice to have someone with fresh eyes look it over after I had worked so much on it that it was almost impossible for me to see the flaws. Those fresh views help a ton! Another helpful thing is to have some kind of a template or guide.

Continue reading "Mentors, Templates to Help You Perfect Your Business Plan"

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January 25, 2008

Econcomic Stimulus Plan To Stimulate Your Business

Well, I think are news feeds are flooding with recession, unemployment, and now the recent economic stimulus plan presented by the White House. To sum up the economic stimulus plan, basically $150 billion for about 117 million American families by spring. The plan will also include $50 billion in tax incentives for business, mostly through faster tax write-offs of investments.

With that said, what would you do with it? I asked three other people and these were the answers they gave me.

1. "I would put it all into paying rent and my debts."

2. "Finish paying off the credit card debt, put the rest in investment. I have no desire to buy luxury goods at this time in my life; and I have a difficult time believing the bases of our economy is dependent upon idiots buying a bunch of crap."

3. Off the top of my head, I think I would invest it."

I thought that it was interesting that 2 of the 3 mentioned paying off debts, meaning they if the economy does take a dive they want to be as far out of debt as possible. The stimulus will be implemented to so that people will spend it and stimulate the economy, but if people hold onto it or just pay-off their debts the stimulus may be a little too late.

Personally, I think a recession is one of the greatest times to do business. I plan on aggressively moving forward to grow my assets. I've seen many people that begin gobbling up stocks, real estate, and starting small business--all because the recession affords them an opportunity to get into the mix. As we move forward and into a possible certainty be sure to take the time and research the different opportunities that are out there.

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December 1, 2007

Writing a Business Plan: Where to Start

When deciding to write a business plan it's important to decide whether you want a brief or comprehensive business plan. A brief business plan is typically heavy in research and less on writing and can may take about a month (although I did have an acquaintance once do it in one night--definitely not recommended). A comprehensive business plan may take longer and is very thorough. Today I will focus on a comprehensive business plan.

When writing a comprehensive business plan it is important to specifically include the following.

* Clearly defined target audience
* Determine its requirements in relation to the contents and levels of detail
* Map out the plan's structure (contents page)
* Decide on the likely length of the plan
* Identify all the main issues to be addressed.

Another important thing to understand is the big picture, if you can't answer all of the basic points that are typically included in a business plan than it's pivotal to thoroughly do your research. For example if you do not know your competition and what differentiates you from your competition it's important that you take a step back and look at the bigger picture. Take some dedicated time and outline your business plan. This will help you know if there are any major gaps in your business model and business plan.

Writing a business plan can be a dizzying experience, but if you seek help from those with experience it becomes a lot easier. One great place to go is http://www.business-plan-success.com/Features/. Business plan success has official software to help you know where to begin and how to pursue your business dreams. Take if from me, someone who has used it personally.

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