CHAPTER 2 -
DEFINE THE PLAYERS
Funding Sources are going to want to know
with who they are dealing. Important issues become; what are the
qualifications, experience, goals and most of all the character of
those in the management of this venture?
Lenders and Investors are both concerned with whether or not you have
what it takes to be successful. Highlight information that
demonstrates you have the ability to make this business a success.
Detail your education, past successes or failures that made you
stronger. Indicate how you started this business and what makes you
believe it will be a success.
Who are you? Take a deep look inside. Character is not only about
winning. It's about getting up again and again when you've been
knocked down. Will you panic in a crisis? Will you run for cover when
things get rough? Are you the Captain that brings the ship in against
all odds? Character is staying power!
To be a successful entrepreneur you must
not only be able to start well, but you have to be able to finish
strong. For most, running a business is a hard road and not an easy
one. Search your soul. If you don't have this kind of character, do
yourself and others a favor and don't even start.
Good management is essential. Funding Sources desire to see
that you understand your market and have the skills to succeed. Are
you a stand alone player, or are there others helping you? If alone,
do you plan to keep it that way? Who will comprise your management
team? Give detailed resumes of all those involved, along with a
description of the vital roles they will play in the business'
success. If your management skills or your team is weak, take on the
task of building it up in order to support your own success, as well
as the success of your funding request.
Listen to "GOOD" advice, and forget "BAD" counsel. Carefully seek out
and select professionals who can help you. Do your homework in advance
of your need to avoid delays. These legal, financial, tax, marketing,
etc., professionals may be willing to advise your company for a piece
of the glory to come or can act as consultants once you have the money
to pay them.
What plans have you made to ensure your business will
continue to survive without you? Have you trained someone to take
over? Is there going to be key man insurance in place for the
possibility of illness, disability or death? Without you, can the
business continue to survive? Describe how your management team will
be able to step up and work the plan.
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