As I make my way around the business and investment communities, too often I see and hear examples of businesses that have terrific potential but just need a boost to turn potential into reality. More often than not, what they need MOST is a plan to move from concept to commercial success.
Getting Your Business on the Fast Track to Success Takes…
Capital
I can’t recall a conversation with an entrepreneur where the subject of money or Capital has not come up. It usually goes something like this…
“If we had the money we could…”
“If you invest in our company we will…”
“We would have hit our goals if we had the capital for …”
Yet when I ask to see the business plan and the other information that is REQUIRED for access to capital by almost any bank or investor, the conversation suddenly goes a different direction.
So hint #1 – If you need CAPITAL to Fast Track your business, you need a SOLID plan to demonstrate that you know how to not just grow your business, but also how to PAY BACK the investor or bank.
You need that thought process in place and you need it written down so others can see it.
Cognition
The next step in the process is the cognitive step. Cognition is the process of perceiving, thinking, reasoning and analyzing. This forms the foundation of ANY plan.
As my friend Francine Hardaway says:
“It’s not enough to know just technology or science. To be successful, you need to understand the business behind it. “
Here in Arizona, a great example of a tool to move your business forward is a program for business plan training that includes the FastTrac® programs of the Ewing Marion Kauffman Foundation of Kansas City, cosponsored locally by Stealthmode Partners.
You can find the
Arizona Winter 2010 Schedule here!
Some of the areas this program covers include: How do you generate interest? How much is it worth? How do you profit from it? How do you sustain ongoing growth? How do you get the needed financing? That’s where FastTrac® TechVenture™ makes a difference. Here’s what Francine had to share…
“Just as you thrive on the frontier of technology and life sciences, we operate on the cutting edge of business and entrepreneurship. During FastTrac TechVenture, this knowledge is shared with you. Learn how to determine the best way to apply it to your situation to produce a product, build your company, and fulfill your vision.
This program will be offered by Stealthmode Partners under the auspices of the City of Tempe, and best of all, thanks to the City of Tempe, Arizona, the course is free to Tempe based companies or other local companies who commit to create jobs fro Tempe residents(except for the cost of materials $150) . Begins March 8 at 5:30 PM. Register at http://www.tempeft.com“
Collaboration
Last but not least – you need to get others on board. Collaboration is key to fast tracking ANY business. Whether it it effectively building high performance teams inside your business, or finding other businesses or community resources to partner with, NO ONE succeeds alone. When it comes to moving a business along the growth path you have to collaborate to get things done. Don’t just take my word for it … ask ANY successful entrepreneur.
Thanks for stopping by. Stay Tuned…
Joan Koerber-Walker
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