10 Myths vs. Reality on Business Plans and Startup Investment
By Tim Berry
I gather from a stream of emails I’ve received that there are a lot of misconceptions on the relationship between a business plan and getting seed money and/or angel investment. So here’s a list of reality checks to apply to all those lists. Business plans are necessary but not sufficient. Even a great business plan... Read More »
5 Things Entrepreneurs Need to Know About Valuation
By Tim Berry
Valuation is one of those four-syllable business buzzwords you’re going to have to deal with, eventually, if you either want to start a business or own a business. If it doesn’t come up when you start, it will come up later. Here is what I think you need to know, in five short points. The... Read More »
Elevator Speech Part 4: Delivery
By Tim Berry
In the real world, you know your so-called elevator speech and you use it when appropriate. Every time you do it, you and it get better. I'd recommend taking time out and working on it, but you probably won't; you're... Read More »
Elevator Speech Part 3: What You Offer
By Tim Berry
Now explain what that person you're selling to gets. Or the organization. You've personalized the need or want, identified your unique qualities to solve the problem, and now you have to put the need or want in concrete terms that... Read More »
Elevator Speech Part 2: Why You?
By Tim Berry
In the next part of your elevator speech address 'why you'? Why your business? What's special about you that makes your offering or solution interesting to the target person or organization you just identified. That was my previous post. This... Read More »
Elevator Speech Part 1: The Market Story
By Tim Berry
If you can't say it in 60 seconds, you have a problem. Your strategy isn't clear enough. Nowadays we call it "the elevator speech," meaning a quick description of the business that you could do in the time you share... Read More »
Which Comes First: Plan or Pitch?
By Tim Berry
It’s not exactly the same as the chicken or the egg, but it has some similarities. I get this question a lot lately, so I decided to take it here to my blog. Don’t pitch a business without planning it first. That’s a lot like trying to film a movie without having a screenplay. You have... Read More »
Your Profits Are Way Too High!
By Tim Berry
The most common mistake in startup business plans is having the profits way too high. There’s no sense whatsoever to priding oneself in projected profits, as in profits you predict your business will have in the future. That’s like having replicas of future Olympic gold medals made and putting them into a trophy case. And... Read More »
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