CHAPTER 5 - SET
Having your short and long term goals set
to paper is one attribute of all successful entrepreneurs.
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?
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.
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.
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
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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