If you’re looking to gain anything over 25$, you’re going to be asked where the money is going. This fact can be applied towards family and friends, but especially if you are asking for a loan from a bank.

Customer Discovery is not a static operation. It is a continuous flow. The more you know about who will use your product, the greater the likelihood of success.

There has been a trend to try to create one overarching company mission statement. However, they often become “wall art” hanging in the office of little practical use in operating the company.

Every company is composed of individuals with different skill sets and has different roles that must be filled in order to succeed.

Most Businesses fail… sooner or later.
They fail in all sorts of ways: collapsing from the inside, succumbing to outside pressures, etc. In fact, there are far more ways to fail than succeed.

There are many ways for a startup to fail. Some factors, like regulatory changes or input cost increases, are beyond the founder’s control. However, there are three significant actions that entrepreneurs are often guilty of that can kill your company as fast as anything.

There are many motives to start a business. In a market system at its simplest form, the purpose of a business is to make money. However, you must never forget your “raison d’être,” your company’s real reason for being.

A simple business plan template to follow is to develop a “sniff test.” Hold up the fish (project) – if it doesn’t smell right, throw it away. This is simply a short-hand way to tell if a project is worth a more detailed look.

Strategic thought requires thinking “conceptually” as opposed to “sequentially.”  Sequential thinking weighs the pros and cons of each step against its immediate surroundings. Conceptual thinking requires that each step be measured against the larger goal. Perhaps this is best understood with an analogy.  Imagine going on a trip from point “A” to point “B.”

After twenty-five years as an entrepreneur, the most common misunderstanding is the difference between “lifestyle” and “scalable” businesses.