Fran Tarkenton, the football-pro-turned-businessman, tasted failure straight out of the entrepreneurship gate. "When I was 27, a lawyer friend told me he could help me start a business, and he could run it, and I should use my money," Tarkenton says.
If you're running multiple business projects, you've probably been stumped on what's the best way to structure all these ventures. Should you form one corporation to cover them all? Should you form an LLC for each one?
A common question I get is "How do I get a bank loan to fund my startup?" The default answer is that it probably won't happen, because most banks just don't make bank loans to startups. The failure rate is just too high, and startups typically don't have the assets or revenue stream to back up the loan. That's why Angel investors are so sought after by entrepreneurs.
Over the past few weeks, I've written a number of posts about Value Propositions and Pricing. They've generated a lot of conversation in various venues. One of the things that's struck me is the lack of discussion on differentiation.
If you’re running an early-stage startup, chances are there are some knowledge gaps in your core team. You may be strong on the technical side or a product whiz, but what about financial strategy, administration, HR? Are you prepared to manage the day-to-day of your startup, from recruiting new talent to bookkeeping to financial planning?
Power to the mompreneurs indeed! Being both a parent and owner of a small business is not without its daily balancing act. As both a CEO and mom to two very active sons, I know all about the art of time management and taking care not to spread myself too thin with the activities I participate in. I love being a mompreneur and find it to be the gift that keeps on giving for both my children and the company.
It’s always exciting to think about the idea of having your own new start up. You hear about stories where entrepreneurs started with just $300 and a cardboard box and then turned their business into millions. In reality, having worked with many types of business owners, the first mistake made by most is simply not having enough capital or access to capital while growing your business.
If you are bold enough to really position yourselves as leaders in your fields you can develop powerful relationships. Most companies simply follow the leader and their brands and brand images reflect this. These are short lived differentiators developed with little thought but appreciated by competitors who appreciate how bold branding can really benefit them.
Many people dream of owning their own businesses, but never actually make it happen. There’s always an excuse as to why: You don’t have the money. You don’t know anything about business. The list goes on and on. But if running your own business is truly something you’re passionate about, any of these obstacles can be overcome with a little effort.
At age 47, Anjezë Gonxhe Bojaxhiu, the woman we know as Mother Teresa, decided it was time to do something different. She’d been teaching in a private school for years and thought she might have more impact elsewhere. I’m going to go out on a limb and say that listening for her next calling was a good idea.