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.
How to Build a Winning Team
How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
How to Improve Your Company
How to Improve Your Pitch
How to Start Your Company
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A fair number of really smart, well-prepared entrepreneurs get tripped up, stumble around and eventually fall to the ground when they make their startup funding pitches to the Angel Investment Group that I am a part of.
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.”
It is essential to understand your organization’s dreams for the future, prior to coming up with the pretty words you put on paper and hang in conference rooms. So, how does an organization create an effective vision statement?
“We filter out half of these qualified interviewees in the first minute.”
Avoid the purgatory of being non-fundable. Find out the investor’s view and structure of their balance sheet in an “investor friendly” manner before submitting an executive summary to startup investors.
The words were NOT an accurate reflection of the company I worked for.
You are going to fail! This is the dirty little truth about being an entrepreneur.
FundingSage was founded by a group of Angel Investors with a desire to speed up the pipeline from concept to funding for entrepreneurs. Our resources and strategies are designed to give YOU the ability to build an investible company.