Then a surprising thing happened. The majority of my new clients wanted to start a business. That was unexpected. Many had been dissatisfied with their job for some time. Others still had jobs but did not believe the job would be long lasting. Some had a hobby that they would love to somehow turn into a business. Others just wanted to create a second revenue stream. Some saw opportunities in certain markets. Entrepreneurship was “alive and well” in 2020.
FEAR and FAIL are two four-letter words that often haunt entrepreneurs and small business owners. However there are many other four-letter words that are cause for inspiration.
A huge part of business planning is actually spent in research, testing and pivoting. One of the primary reasons for business planning is to prove the the model is financially viable. That work is not for the bank, it is for you. REMEMBER – You are your first investor. You are investing time, money, energy and passion. It is critical to ensure it is the right investment for you and your family.
Finding investment for your start-up or growing business is not always easy. The Denver Metro SBDC has created a Trout Tank to bring potential investors and entrepreneurs together. Learn what questions were asked, so you can prepare for your own pitch.
We all get stuck. The Definition of Insanity fits here – “Doing the same thing over and over again, expecting different results.” In the above situation, the owner spent all of his time IN his business instead of LOOKING AFTER his business.