Start Your Own Company

Knowing your business plans Audience

chooseyo — Fri, 02 May 2008 15:48:33 +0000

Before you start writing a business plan, ask yourself this question: Who is your intended audience for the business plan? The answer to this simple question can and should greatly affect the way you write the plan as well as what areas you target. Some of the people who could be audiences for your plan could be:

• Yourself and Your Business Partners: For this target audience, the process of writing the business plan will be just as important as the product that results. In other words, the act of writing the plan will help you to clearly understand the challenges and opportunities that your business faces. When you gather data, analyze competition, conduct market research and other activities like that, you will be able to reach a level of comprehension of the plan you could not achieve otherwise. Once your plan is completed it can serve as a reference that will point your company in a tactical and strategic direction.

• Investors: Investors when they read business plans are looking with their eyes for things that will ensure a good return on their investment. They will look closer at your intellectual assets and other assets, financial projections, and the structure of your business model. If your plan can show a long term competitive advantage. Investors often provide equity financing, they will also want to know if your plan will substantiate with the market opportunity. Many will also want to know your ability to get started in the market and grow.

• Lenders. Lenders, (for example a bank), will provide debt financing. If your business plan is targeting lenders, you should try and show how stable the market is as well as how your new business will earn money to pay back the money loaned to you. Bank Loan Officers primary concern is whether or not your venture is a risky one. A equity investor may believe that a high risk venture can also yield a high reward project, but to a lender, they are much more likely to believe that a high risk venture is a high worry venture.

• Advisors: You might consider making a draft of the plan that you can show to people you consider advisors such as professors and mentors. You can also show off areas to them you are uncertain about or places you think could use help.

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Business Plan Competitions!

chooseyo — Wed, 23 Apr 2008 05:57:33 +0000

Do you know if there is a business plan competition at your school? If you look at www.smallbusinessnotes.com/planning/competitions.html you can see a whole big list of current business plans and competitions. In these competitions, you present a business plan or idea to judges, students, business people, alumni and sometimes even Venture capitalist who are looking for the next big thing. These competitions have become quite popular among students because they have huge cash prizes for those who can win these very competitive contest. Wherever you are in the country, there is likely a competition for business plans offered somewhere nearby. Many of these require you to be at least a part time student, but not often do you need to be enrolled at the school hosting the competition. If it is, you can just team up with a student at that school. Want to compete? Here is a list of the biggest competitions

· The best known competition in the entire country is the MIT 100k Entrepreneurship Competition. Six awards are given out at the contest. Two in the Venture completion, and two in the Entrepreneurship for development competition. Each winner of those prizes takes home 30 grand, and the 4 runner-ups each win 10 grand.

· The Stern School of Business at New York University has one of the largest cash purses for a contest. They have over 150,000 dollars up for grabs. The contest is open to the greater NYU area, and offers two tracks. A normal business plan track is offered as well as a Social Entrepreneurship track which has to do with developing businesses that are socially responsible and helpful

· At the Burton D. Morgan Center for Entrepreneurship at Purdue University, the largest business plan competition in the Life sciences field is offered. The competition is open to any service or products in the life sciences industry and has 134,000 in prize money.

· For graduate students who are great at the elevator pitch, there is a contest just for you. Wake Forest University’s Elevator Competition has 65 Grand in prizes for the ultimate elevator pitch.

· All of these competitions so far have been on the east coast. On the west coast, the Venture Challenge at San Diego State University has a traditional business plan competition with over a 15 Grand prize for the top competitors.

AllThese competitions are good for most people. However for some of you who want to make the big bucks, You need to look at Team 16k. I have joined and am already on the path to being one of the 16 new millionaires. Are you going to join us???? Check out Team 16k here

Common Myths about Entrepreneurs

chooseyo — Mon, 21 Apr 2008 17:47:19 +0000

Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. These are the seven biggest myths that I continuously hear.

1. Being an Entrepreneur is too risky for me

Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family too support if you it fails

2. I am too young to start my own company

Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.

3. I have no experience

Again, this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age

4. It is not the right time for me to launch a business.

As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, so there really has never been a better time than now

5. If I am running a business my grades will fall.

Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.

6. Student businesses are just small rinky-dink operations

Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!

7. I don’t have any money! I can’t start a company

Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!

If you want to make alot of money, stop thinking about these myths. You need to look at Team 16k. I have joined and am already on the path to being one of the 16 new millionaires. Are you going to join us???? Check out Team 16k here

Why you should start your own Company in College

chooseyo — Mon, 21 Apr 2008 17:46:19 +0000

If you are a college student and have already launched your own company, or are thinking about staring one, the idea of starting a business while in school may seem like a no-brainer. To other people and generations the idea of a student entrepreneur is a radical one. For decades everyone has been saying that the reason you should complete every level of education is simply to land a great job. The thought was if you went from high school and got a degree you would be a hotter prospect for employers and could set yourself apart from other applicants. But since the 90s things have changed that make that way of thinking obsolete.

· College costs have skyrocketed: Every student knows that money problems can often times be more troubling than math problems in college. The average cost to attend a public college in America for 1 year is 12 grand and 29 grand at private schools.

· Student Loans Have Increased: To pay for the extra cost, many people are taking on huge student loans. It has been reported that the median debt load for college students is 20K for a bachelors and 52 grand for a masters.

· Credit Card Debt is destroying most students: The average student in the US owes 3 grand on credit cards.

· A more competitive Job market: Government figures say the unemployment rate is at 5 percent but it is higher for people fresh out of college. Even those with college degrees are struggling to find good jobs that can pay the bills.

· Entrepreneurship is the new big trend for high school and middle school students. 90% of high school teachers say their students are interested in becoming entrepreneurs

As you can see things are hard out there for college students these days. Its hard and expensive to even get a degree and once you have one, there is no guarantee that it will even mean anything in these job markets. Wouldn’t it be better to become part of the rising trend of becoming an entrepreneur? There are going to be more and more opportunities in the coming years for those who are ready for the exciting world of running your own business. It can help you pay off those expensive years at college, and if it succeeds you have a job guaranteed when you get out of school!

Starting a Company in college is alot of work though, If you are like me you want to discover a way you can put your income on autopilot. You need to look at Team 16k. I have joined and am already on the path to being one of the 16 new millionaires. Are you going to join us???? Check out Team 16k here