Daily Magazine

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Success requires the confidence to begin and the humilty to listen when trustworthy people tell you what isn't working.

No one is born equipped with the skills to start and run a business. It takes hundreds of misses and trials in order to get to somewhere close to the initial idea that you have envisioned. Understanding the “why” of your idea is necessary and the “how” to go about it is penultimate. Keeping that in mind, here is a little cheat-sheet on five things that you should absolutely consider while you start a company.

1. Write a business plan.

Your business plan is a formal document that lays the foundation of who, what and why your company is. It is a step-by-step guide that will include your company goals, business model, product cycle and the marketing strategies you will use to achieve traction. It is also a window through which your business is shown to investors and financial institutions to raise funds.

However, an overlooked benefit of developing a business plan is that it gives ‘you’: clarity of thought and vision, more than anyone. Before convincing others, you have to convince yourself about the validity of your company and its raison d'être. Only then can you hope to encourage people to help you, work with you and fund you.

Once you have a well thought out business plan it is time to… Read more: http://snip.ly/3Zk0

Get your Free Business Plan Template here: http://bit.ly/1aKy7km

"The team at Growthink delivered exceptional quality service in every aspect of their client services. Their staff of professionals were extremely instrumental in fine tuning my creative vision into a well developed business plan."
  James E. Spence, Jr, Founder & CEO
At Bread Boutique

Via Marc Kneepkens

Five entrepreneurs offer their tips on how to choose the right investors for your startup.

Investors rarely make or break a startup, but they can make life a hell of a lot easier or harder for an entrepreneur. That's why entrepreneurs need to put some thought into who they want to add to their team, instead of taking the first money that's offered to them.

But how do you choose the right investors for your startup?

There are hundreds of factors to consider, but some stand out more than others. While anybody can give you money, only a few can give you the sage-like advice you need to succeed. And while adding a big name can be helpful to your cause, it isn't as important as working with investors who understand you and your goals.

I'm a professional investor now, so I'm biased when it comes to the qualities entrepreneurs should look for in investors. That's why I decided to ask five entrepreneurs who have raised funding to impart their advice for my Social Analystcolumn this week.

Here are their tips:

Click on image or title to read on.

Get your Free Business Plan Template here: http://bit.ly/1aKy7km

"The team at Growthink delivered exceptional quality service in every aspect of their client services. Their staff of professionals were extremely instrumental in fine tuning my creative vision into a well developed business plan."
  James E. Spence, Jr, Founder & CEO
At Bread Boutique

Via Arnaud Bonzom, Growth Engine Labs, Marc Kneepkens