You have probably heard about an elevator pitch. Believe me. It’s important to be able to explain your business quickly. When you first meet an angel, you need to get them initially excited about your business, so that they really want to know more about it. I know it sounds impossible, but you really can do it this quickly.
Having all your business plan material organized into the fundamental areas is not all you need to do. Being prepared for your audience and delivering your story effectively is equally important.
Approximately 26,000 new companies are formed each year in North Carolina. In that same year, over 23,000 companies fail due to poor management and operational mistakes. The statistics are worse in rural and minority populations. Other states have similar statistics about failure rates. This means that good ideas go to waste along with the grant and investor funds that helped get these companies started. As a result, the potential growth of revenue and new jobs is also lost.
If we had assistance for entrepreneurs who are struggling to create successful businesses, the failures should decline considerably. Entrepreneurs should be seeking out business mentors that can help them through the early years of their business.
Here's an article published today and worth your time reading from the Harvard Business Review, talking about the basis for tough love and how it applies to the business world.
Business mentors don't need to be Scrooge, but they are quite impartial, confrontational and have a deep love for what they are doing. They are devoting their own time to helping others become successful. Some people call it "give back time."
If you are starting or running a business, getting a mentor might be the best thing you ever did.
Most of our communities, especially large metropolitan areas, have hundreds of seasoned business executives. It is also true that the heart of our economy is the small business owner. EntreDot calls them "Main Street" businesses. If you look at the statistics concerning annual business failure you will find that almost as many businesses fail each year as are started. Why?
Paladin and Associates provides business guidance and business advice in writing a business plan, including market research, strategic planning, business modeling, business planning, competitive analysis, marketing strategy and planning, sales strategy and planning, financial forecasting, investment strategy, financing strategy, funding sources, funding plans and expansion capital by providing business mentoring, executive coaching and general business guidance. We are often called upon for writing a business plan and the strategic planning process to business start ups, emerging growth companies, as well as existing businesses. We help clients prepare for business turnarounds, loan workouts, private placements, mergers and acquisitions, commercial bank loans, private equity lending, venture financing, asset based lending, investor and financing presentations by providing business plan presentation preparation coaching, including investor strategy development, investment transaction analysis, identification of angel investors, private investors and sources for business loans, introductions to investors and bank loans, and investor and loan negotiations. We also do strategic business planning, business process consulting, business mentoring, sales consulting, and executive mentoring. Business management consulting and sales process consulting are also common services. We each have over 30 years experience in the role of executive coach, business mentor and business coach.