As I approach the end of my Master’s degree program, a reflection of my learning experiences throughout my time in study is the focus of this write-up. Most recently I have shared my views on a couple of research experts and how they managed to obtain their title. As this month comes to an end, a substantial amount of what Dave Lavinsky and Bryan Howe has advised was covered within my studies. Well, what did I learn?
For starters, having confidence in your brand is key. While this may be true, having confidence and a great business plan is the key to success. The statistical reference of small businesses that fail every year is exponentially significant. I have learned that the statistics for the start-up business failure rate states that 50 percent of businesses fail in the first year and 95 percent fail within five years. It helps to know what investors seek when approaching them for funding; both research experts provided insight into the demands of investors and what to prepare for upon meeting them.
My course director posed a question to the class this week. He asked, “Which sections of your plan do you consider to be the most important to the investor reading your plan?”
The sections of my plan that I consider to be the most important read to the investor reading it is my competitive analysis, my financial overview, and referrals. The competitive analysis will provide details that will assist in the investor knowing what my business’s advantages are over the competition. The financial overview is the major importance of all, as this section will help investors evaluate how to help out, if possible. Lastly, having referrals from more than one trusted source is helpful in establishing credibility within the industry. In the end, the referrals are used as great leverage within the negotiation process.
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