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CHAPTER 5 - SET OBTAINABLE GOALS

Having your short and long term goals set to paper is one attribute of all successful entrepreneurs.

Benchmarks/Milestones
These are critical development stages the company has set to meet. Without these visible and obtainable milestones your company and your investors may lose their way. What are the first ten priority items to be accomplished as soon as your company gets the money? How long should it take to complete them?

Short Term
Near futureOne year success points. Define levels of your projected success that must be obtained in order to allow your pro forma to come true. Set to paper obtainable goals that will show your investors how you plan to keep the company on track.

Long Term
Lenders/Investors don't have your company vision. Here is where you must paint a picture of the future for them. This is the word version that supports what your pro forma has projected will take place over the next five years.

Exit Strategy
Funding Sources want to know how you plan to pay them back. Will the business generate a cash flow large enough to support the debt? Is the product or service so in demand that the company will go public? These questions and more will not only help determine your success, but they will also narrow your search for the lender most likely to fund your request.

Personal
While your personal goals may not matter to your potential Lenders or Investors, they do matter to you and your company. Deciding to be an entrepreneur can have great effects on your life and the lives of those around you. Set down your personal goals just as you are writing this business plan. Discuss them with your family. Take the time to find out what your business associates expect of you.

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