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mple springs to mind a few years ago whe
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gsnoopy520

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PostPosted: 30 Jun 2020 08:06:44    Post subject:  mple springs to mind a few years ago whe
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You have a concept for a business
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, you have written a detailed business plan, and you have submitted it to literally hundreds of banks, financiers and venture capital companies and everyone has declined any further interest.


You cannot understand why absolutely no one is interested in your business venture. After all your concept is unique and the financial statements that you have put together, as part of your business plan, shows that the proposed business venture is going to make millions of dollars.


In the mind of any financier
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, be it a banker, angel investor, or venture capitalist, first and foremost is the qualifications of the management of the new company. The best idea in the world will not be successful if the management is not capable of implementing it.


The first thing that a potential investor considers is the background of the proposed management.


? Do they have a history of success in implementing new businesses?


? What, within their background
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, will provide them with the expertise to manage the money that they want us to invest?


If you and if you have any, your partners have little or no business experience, you immediately have two strikes against you and if you do not present a plausible management structure for your new business venture, you will probably have a better chance of finding the funds you require by buying lottery tickets.


Identifying weaknesses within your management capabilities is not necessarily seen as a negative. In fact, it is generally seen as a positive
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, providing you propose solutions to the weaknesses. You cannot change your background or expertise. It is what it is.


However, you can augment or supplement the management of your proposed venture in a couple of ways.


? You can add staff or proposed partners that will fulfill and provide the necessary management expertise that is lacking. This can be difficult, as listing someone that would be hired, with the details of their expertise and background, should funding be arranged
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, requires that the individual literally be on stand-by for what could be an extended period of time.


? You can list a group of credible advisors or create an advisory board, who believe in you and the business concept and who will provide their expertise to you, at least during the initial start-up phase of the new venture. As an example, if you or your partners do not have any financial experience and the company cannot afford or it is not rational to have an experienced CFO on day one, you might list as an advisor a senior partner of one of the major accounting firms.


A paragraph outlining the management capabilities or proposed management of the new venture should always be included in the ?Executive Summary? of the business plan.


In summary
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, you are asking people to give you money. People you don't know and don't know you. To be successful in obtaining that financing, you must convince people that their investment is reasonably safe, will be utilized in the best methods possible to achieve the goals of the proposed venture and will not be squandered.


Over the last month, I have come to hate emails and answerphones; not because I get 100 emails every day but because emails and answerphones are fast becoming the tool of the coward. At Beyond Philosophy we worked with a client a while ago whose account managers and sales teams never used to speak to anyone! They just used to send emails. If the customer called in they were greeted by answerphones which were kept on all day. You see the sales teams were all busy doing 'real? work. The customers were just interrupting them. Surely this must be the height of ?inside out? behaviour.


But why do people do this?


Primarily, it is because we all feel we can say things in emails that we would never say face to face. In my experience this never works how people would expect. No matter how hard you try
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, you think you have written one thing and the person reads something else. Before you know it you have lost a customer or lost a friend. We seem to forget that that all important 'relationship? with the customer is built on human contact, not emails!


One example springs to mind a few years ago when I worked in a multinational organisation and was involved in a large internal project. Things were not going well. I decided to send a ?broadside? to the party who were driving me nuts! I took great delight in constructing the email. It was actually quite therapeutic. I worked on it to get the right message across so they would absolutely read between the lines and understand what I thought. I pressed the button and off into the ether it went. I remember thinking, ?Great I have told them what I think?. COWARD! How stupid I was, how naive, how self-righteous I was
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, and how wrong I was!


I lived to regret it. The email caused a big argument. I had said things that were misinterpreted despite my best attempts to be clear. I ended up upsetting a lot of people. I ended up regretting sending it. I was wrong. Since that day I now have adopted a few rules with emails that I would like to share with you.


1. Insist that all calls are answered by people and answer phones are banned other than outside office or opening hours.


2. Never reply to an email when you are emotionally charged. DO NOT type a reply and press the send button, until you have had a cooling off period. Put it in your ?Draft? emails and look at it the next day. I always end up changing mine.


3. When you think ?Shall I talk to them or shall I send them an email? It is at that moment when that little voice in your heads says; ?No, just send them an email that'll be simpler, you don't want to talk to them it may be embarrassing?..? That is exactly the time I know I MUST talk to them. So pick up the phone and talk! It's never as bad as you expect and people always appreciate it.


4. Finally a plea. When anyone sends you an email, please.
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Adv



PostPosted: 30 Jun 2020 08:06:44    Post subject: Adv





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