Entrepreneurialism
Business Plans - Beliefs About Projects
Every business works within the context of core beliefs. We have developed beliefs that define how we relate to projects. We consider them to be guiding principles that, if applied, will improve the quality of your business plan as well as the quality of your relationships with others. We share them with you in this article in the hope that you will find these beliefs worthy of adopting in your business as well.
Belief 1: A project is neither good nor bad--only fundable or un-fundable in its present condition.
Some organizations look for a few "good" projects. In reality, they really look for those few projects that are prepared--the ones that are fundable. The reality is that most projects are fundable. They may not be prepared with enough information to be fundable right now. They may have enough information but not be formatted properly. When you take on the role of the investor when looking at your project, you begin to answer this most important question: "Would I feel comfortable investing my own money in this project based only on the information in the business plan?" Remember, investors won't continue to work with you until your project is ready.Belief 2: There are always specific reasons why a project is un-fundable.
Investors don't reject projects just for the fun of it. They look for specific things to convince them a project is worth more time or for things to help them weed out projects to save them time. Make sure they find what they need to convince them you are worth their time.Belief 3: Funding is a task, not an accomplishment.
When a project is funded, many entrepreneurs feel they have accomplished something. They have a tendency to relax and not follow their business plan. The "real" accomplishment comes from using that funding to meet the goals and milestones established in your projections.(c) Copyright 2006, Leonard M. Stillman Jr., All Rights Reserved.
Len Stillman is the owner of Business Plan Tools, LLC and the Thrifty Shoppers Club. He has served entrepreneurs, banks, and investors for over 35 years. You are invited to learn more about the information in this article by visiting his Business Plan Tools blog.
Len Stillman
Tags: business plan, funding plan, venture capital, investment, financial analysis, growth rate, planningSimilar articles
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