HOW TO WRITE A WINNING BUSINESS PLAN BY STANLEY RICH AND DAVID GUMPERT

Find ways to grow the business without financing or fold up the tent. I spoke with entrepreneurs who had obtained financing, and I surveyed venture capitalists to learn the real role of business plans in raising money. Put another way, you should be doing, rather than writing about what you will do. I came to realize then that in three potentially significant financing-related events for our company, namely seeking financing in and , and then selling the company in , a written business plan had been of absolutely no use to us. My partner and I sent our plan around to venture capitalists and met with several to make presentations.

Subscribe to Newsletter Want to be up-to-date with the latest news and updates from Kauffman Entrepreneurs? Increasingly, though, I am convinced that the key to the success of most young businesses is to ignore all the venture capital statistics and admonitions to write business plans, and instead use all the creativity and diligence you can muster to tend to your business. On Wednesday mornings – learn, engage and connect with entrepreneurs in your community over a cup or two of coffee. Thumbs Up Thumbs Down. Our conference room chairs were mostly desk chairs we wheeled in from vacant workstations for meetings, and then wheeled back out when meetings ended. No money came of this effort, and at several points during we contemplated giving up on the venture. Put another way, you should be doing, rather than writing about what you will do.

They’re like bankers in that they like to support companies that don’t necessarily need the funds. Down certainly described our feeling, since it seemed that every new Internet-related venture in the world was obtaining anr. It argues that entrepreneurs should focus their company-building efforts on such tasks as creating a Web site that communicates their business model, daviid publicity, keeping the finances under control, and making sales before thinking seriously about writing a business plan.

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Find ways to grow the business without financing or fold up the tent. I came to realize then that in three potentially significant financing-related events for our company, namely seeking financing in andand then selling the company ina written business plan had been of absolutely no use to us. After we sold NetMarquee, I decided to revisit the whole subject of business planning.

Isn’t that what the business media recommend in hundreds of articles and books?

how to write a winning business plan by stanley rich and david gumpert

The financing will come later, they suggested. Thought you might like this: Thumbs Up Thumbs Down. We took the first choice, and lo and behold, the business began to gain traction. The realization about planning was especially important to me, since prior to launching NetMarquee, I had authored two widely read books about how to write a business plan: My point in recounting our financing experience is twofold.

Once again, our advisory board told us not to bother. Act, Don’t Plan I decided to write a book challenging the preeminence of the written business plan, with the same title as this article: Increasingly, though, I am convinced that the key to the success of most young businesses is to ignore all the venture capital statistics and admonitions to write business plans, and instead use all the creativity and diligence you can muster to tend to your business.

Business Plans That Win : Stanley R. Rich :

Subscribe to Newsletter Want to be up-to-date with the latest news and updates from Kauffman Entrepreneurs? Second, it’s often amazing what you can accomplish without the financing you are convinced is essential to stave off failure. Professional investors don’t want to back a company that actually needs money. Our conference room chairs were mostly desk chairs hkw wheeled in from vacant workstations for meetings, and then wheeled back out when meetings ended.

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how to write a winning business plan by stanley rich and david gumpert

Rethinking the Plan My point in recounting our financing experience is twofold. Get caffeinated at your local 1 Million Cups On Wednesday mornings – learn, engage and connect with entrepreneurs in your community over a cup or two of coffee.

Business is quite difficult in many industries, and financing seems to be unavailable to young companies. So we made a few sales, enough to stay afloat through First, the venture capital route is closed to the vast majority of businesses that seek it out – even during good times. I decided to write a book challenging the preeminence of the written business plan, with the same title as this article: Inwhen we made a major change in our strategy and product offerings, and sales failed to grow as quickly as we expected, we decided to try the financing route again.

Even as the business grew, though, we were vigilant about monitoring our expenses and aggressively collecting receivables. Kauffman FastTrac can help you clear the path from idea to business start. Access the tools, resources and guides necessary to start and grow your business — anytime, all online, at your own pace.

how to write a winning business plan by stanley rich and david gumpert

You have an idea for a business. Once again we had to chuckle, because we had become obsessive about phoning clients on day 31 if invoices weren’t paid, and thereby maintaining a healthy cash flow. No money came of this effort, and at several points during we contemplated giving up on the venture.

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