Startup myth: The one about founders having to work for free to impress angel investors. This supposedly shows passion. Don’t believe it. Investors want people committed to working their startups, and that usually takes getting them paid. I’ve been getting a lot of upvotes on my answer to this question in Quora: How do entrepreneurs […]
Over the weekend I was asked what advice I’d give to founders of a startup seeking angel investment. Here’s my list. First, make sure you really want angel investment. Read 10 good reasons not to seek investors for your startup. Take it to heart. If you don’t need investment, really, you are better off without it. […]
I was glad to be asked about common mistakes with financial projections. I read about 100 business plans a year for angel investment and business plan competitions. Most show unrealistic profitability. More people doing business plans should realize that most startups are unprofitable at the beginning; and that high growth correlates with losses, not profits. […]
Is “conversational commerce” the next big improvement in online shopping? I hope so. I’m closely following the success of the new Octane AI conversational commerce app. It was announced this week along with convincing data on significant sales increases it generated by actual users. It works with Shopify, the shopping cart platform used by half a million […]
My thanks to customlabels.net for this useful infographic on brand identity for small business. Earlier in my career I consulted for Apple Computer. I watched how zealously they guarded all the details of the big brand identity. It’s refreshing to see in this infographic some useful tips for minding branding for small business and startups.
The need for good business planning is as strong as ever, and the potential benefits are as important as ever. Every business owner ought to have a business plan. But the best strategies for business planning are different than they used to be. And these 10 pervasive business plan myths get in the way, much […]
My favorite five secrets of a great business team? This list came to me first as an answer to the question how do you build a great business team on Quora. These five points aren’t something from the business school curriculum. They come from the experience of actually doing it, recruiting a team and growing a business […]
(Note: I posted this earlier this week on the SBA Industry Word blog. It’s reposted here for your convenience.) What do you think of when you hear the phrase “business plan?” Does that bring to mind a formal document that starts with a summary and includes modules describing your business’s products, market, strategy, team, and essential […]
I was asked recently for a list of things that annoy me in angel investment pitches from startups. I’ve done this before, so there will be some duplication here. But here is my top 10 pitch fails list. Profits. Talk of profits, overestimated profits, the failure to understand that investors make money on growth, not […]
My thanks to Bristol Strategy for this infographic. It strikes me as a good summary of the fundamental concepts, much like an online marketing primer for 2018.