Tags |
|
|
Links |
|
|
Digg it UP - Show Me the Money!
A shocking 80% of Americans all have something in common. Can you guess what that is? They hate their jobs! Imagine this scenario. It’s 6:00 A.M. The alarm clock starts its Incessant buzzing. How many people do you know jump out of bed excited that they are going to work that day? Why should they be happy? Here’s what they face. Their job actually starts with the process of getting ready for work. No pay of course. Personal grooming, eating that important first meal. Locking up and making sure the home front is secure. Dropping the kids off to school or the babysitter. Then the dreaded commute. Have you noticed no one in the other cars is smiling? There are the miles and miles of road construction and all the early morning accidents to contend with. Of course, we might as well throw in the having to stop for gasoline. Nothing like spending $30.00 or $40.00 before wo
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a lot of work to do. Perhaps you just know you want to start a business and are looking for ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale – you just can’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be
Lack of understanding and old thinking has long cost small business owners their competitive edge and despite a steady stream of research proving the effectiveness of Internet marketing, yet again, it has mostly been larger firms taking advantage of this new advertising medium.According to projections by eMarketer.com, online ad spending in 2005 grew by more than 30%, surpassing the $10 billion mark for the first time. But many small and medium-size business owners (SMEs) are still wary of introducing Internet marketing to their business plans. If you listen to their reasoning, the Internet might be considered as the fax machine once was: unnecessary, unproven and not cost effective.Well, today ignoring the benefits of an Internet marketing strategy can cost them far more in lost profits than choosing postal mail over faxes. Recently a study was done to determine the top 3 reasons small businesses have been reluctant to fully emb
Leslie Mitts, Managing Practice Leader at the Wharton SBDC and Lead Advisor for the Wharton Venture Initiation Program, tells us that most entrepreneurs coming through her programs are focused on raising capital, even though there are higher priorities in many of their businesses. Since fresh dollars help drive the business engine, this is a natural entrepreneurial concern.
But are you ready to raise money?
Going to investors before you are really ready can damage your reputation and may actually hinder future funding efforts.
Team and a Dream uses a unique Fundability Diagnostic to help companies assess their strengths in four key areas:
Team - This is the most frequently cited attribute examined by investors. Many investors will invest in an A-level team and a B-level product, but not the opposite. Having your Seed Team nailed is crucial.
Traction - Showing momentum is a critical element to demonstrating progress and your ability to execute.
Perceived Pain - Do people really need your product? Why? Will they need it in the future?
Product Eco-system - How does your product fit into existing and emerging landscapes? Who else is out there and how big will this market grow?
Find out what you need to succeed and discover your roadmap to getting there. Take the quiz below to see how well you might expect to score with investors. For each of the four sections outlined above, see which hurdles you can clear given the current state of your business.
PROCEED WITH CAUTION: Only self-aware entrepreneurs should take these results seriously.
ASSESSING YOUR TEAM
Part A:
If you or any member of your current team are not planning on being the CEO, give yourself two points and proceed to Part B.
If someone on your team IS planning to continue on as CEO, then you’ll need to answer yes to both of the next two questions in order to score two points; otherwise, take a zero.
A1. Our CEO has significant, previous management experience in a startup or comparable operating environment (i.e. middle management in a large company doesn’t count!) ( 1 point)
A2. Our CEO is able to rapidly assess and prioritize our work with the respect of the team ( 1 point)
Part B:
Score one point for each answer.
B1. Someone on my team has significant experience in the domain space in which we are starting the company ( 1 point)
B2. Our team understands and acts as if they understand the difference between tasks that are urgent, urgent and important, important, and none of the above ( 1 point)
B3. This team has terrific chemistry ( 1 point)
Your score (0-5) is your Total Team Score.
If you scored three or more, you pass the Team Hurdle.
TRACTION
Score one point for each item you can answer positively.
1. We have made a few initial sales and have positive indicators from the marketplace for additional sales growth ( 1 point)
2. So many good things are happening I am bouncing off the walls with excitement ( 1 point)
3. I have added a significant team member (besides myself!) in the past two months ( 1 point)
4. In the past two months, I received press coverage that would be acknowledged by my prospects as legitimate business coverage ( 1 point)
5. We recently have achieved a significant product or marketplace milestone (includes a single, initial sale) ( 1 point)
Your score (0-5) is your Total Traction Score.
If you scored three or more, you pass the Traction Hurdle.
PERCEIVED PAIN
Award your Team the number of points indicated after each question that you answer positively.
1. My product or service solves an important problem for a well defined group of people ( 2 points)
2. My product or service will be in great demand in the future in order to solve problems emerging from a new trend that has a large population of prospects ( 2 points)
3. My product or service takes advantage of newly available market forces (technology, demographics, societal). The result is an offering that will clearly appeal to an existing, well-known market demographic ( 1 point)
Your score (0-5) is your Total Perceived Pain Score.
If you scored three or more, you pass the Perceived Pain Hurdle.
PRODUCT ECO-SYSTEM
Score the stated number of points for each item you can answer positively.
1. My product is unique in a clearly defined (i.e. I can describe the difference in one or two clear sentences) and useful way ( 1 point)
2. My product is patented or can easily be patented or I have another competitive barrier (e.g. trade secret, unique manufacturing process, etc.) that will make it difficult for others to compete directly ( 1 point)
3. My marketplace is well established but fragmented or my product has “category killer” potential because it is so unique to the market ( 1 point)
4. My marketplace is either very big (> $5 billion/year in sales) with clear room for a product like mine or is rapidly growing with well documented trend lines ( 1 point)
5. My marketplace is wide open and there are no competitors ( subtract 1 point)
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a lot of work to do. Perhaps you just know you want to start a business and are looking for ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale – you just can’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be
We all know them. Perhaps you are one (I am!). What makes people love what they do and others hate it? Why are some seemingly lucky enough to get up and do what they love each and every day; while others struggle to get out of bed and count the seconds until they can go home?Have you ever had a job that you hated, while a coworker loved the same job? Come on, be honest. Maybe you are in that situation now. I’ve been there. Did they look at you like you were crazy when you admitted that you didn’t, in fact, share their passion? There’s just no way explaining to these people why you feel the way you do, they’ll never understand. They love it too much. And a tiny part of you hates them for it.People who love their jobs have this unstoppable passion, and just can’t imagine doing anything else. And do you want to know a secret? They aren’t in it for the money. Most couldn’t care less.One study has found four things
PROCEED WITH CAUTION: Only self-aware entrepreneurs should take these results seriously.
ASSESSING YOUR TEAM
Part A:
If you or any member of your current team are not planning on being the CEO, give yourself two points and proceed to Part B.
If someone on your team IS planning to continue on as CEO, then you’ll need to answer yes to both of the next two questions in order to score two points; otherwise, take a zero.
A1. Our CEO has significant, previous management experience in a startup or comparable operating environment (i.e. middle management in a large company doesn’t count!) ( 1 point)
A2. Our CEO is able to rapidly assess and prioritize our work with the respect of the team ( 1 point)
Part B:
Score one point for each answer.
B1. Someone on my team has significant experience in the domain space in which we are starting the company ( 1 point)
B2. Our team understands and acts as if they understand the difference between tasks that are urgent, urgent and important, important, and none of the above ( 1 point)
B3. This team has terrific chemistry ( 1 point)
Your score (0-5) is your Total Team Score.
If you scored three or more, you pass the Team Hurdle.
TRACTION
Score one point for each item you can answer positively.
1. We have made a few initial sales and have positive indicators from the marketplace for additional sales growth ( 1 point)
2. So many good things are happening I am bouncing off the walls with excitement ( 1 point)
3. I have added a significant team member (besides myself!) in the past two months ( 1 point)
4. In the past two months, I received press coverage that would be acknowledged by my prospects as legitimate business coverage ( 1 point)
5. We recently have achieved a significant product or marketplace milestone (includes a single, initial sale) ( 1 point)
Your score (0-5) is your Total Traction Score.
If you scored three or more, you pass the Traction Hurdle.
PERCEIVED PAIN
Award your Team the number of points indicated after each question that you answer positively.
1. My product or service solves an important problem for a well defined group of people ( 2 points)
2. My product or service will be in great demand in the future in order to solve problems emerging from a new trend that has a large population of prospects ( 2 points)
3. My product or service takes advantage of newly available market forces (technology, demographics, societal). The result is an offering that will clearly appeal to an existing, well-known market demographic ( 1 point)
Your score (0-5) is your Total Perceived Pain Score.
If you scored three or more, you pass the Perceived Pain Hurdle.
PRODUCT ECO-SYSTEM
Score the stated number of points for each item you can answer positively.
1. My product is unique in a clearly defined (i.e. I can describe the difference in one or two clear sentences) and useful way ( 1 point)
2. My product is patented or can easily be patented or I have another competitive barrier (e.g. trade secret, unique manufacturing process, etc.) that will make it difficult for others to compete directly ( 1 point)
3. My marketplace is well established but fragmented or my product has “category killer” potential because it is so unique to the market ( 1 point)
4. My marketplace is either very big (> $5 billion/year in sales) with clear room for a product like mine or is rapidly growing with well documented trend lines ( 1 point)
5. My marketplace is wide open and there are no competitors ( subtract 1 point)
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a lot of work to do. Perhaps you just know you want to start a business and are looking for ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale – you just can’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be
It is very important for an accountant to possess knowledge, skills and experience when dealing with customers and their money.First off, here are some of the required qualifications, Skills and Experience you'll need to attain to realize a career in accounting: 1. Bachelors degree in Business or a related field. 2. Good communication and interpersonal skills are required in the candidates. 3. It very important to posses an effective managerial and planning skills. 4. I hope you like arithmatic because you'll need advanced mathematics knowledge for setting up formulas, pivoting and charting of data. 5. Minimum of two years of related work experience is almost compulsory in accounting jobs, a good portion of this you'll gather from work experience while in school. 6. Lastly the candidate should be able to work independently as well as in groups with others. 7. The candidate should have the ability to maintain a reputable work schedule.rtant, important, and none of the above ( 1 point)
B3. This team has terrific chemistry ( 1 point)
Your score (0-5) is your Total Team Score.
If you scored three or more, you pass the Team Hurdle.
TRACTION
Score one point for each item you can answer positively.
1. We have made a few initial sales and have positive indicators from the marketplace for additional sales growth ( 1 point)
2. So many good things are happening I am bouncing off the walls with excitement ( 1 point)
3. I have added a significant team member (besides myself!) in the past two months ( 1 point)
4. In the past two months, I received press coverage that would be acknowledged by my prospects as legitimate business coverage ( 1 point)
5. We recently have achieved a significant product or marketplace milestone (includes a single, initial sale) ( 1 point)
Your score (0-5) is your Total Traction Score.
If you scored three or more, you pass the Traction Hurdle.
PERCEIVED PAIN
Award your Team the number of points indicated after each question that you answer positively.
1. My product or service solves an important problem for a well defined group of people ( 2 points)
2. My product or service will be in great demand in the future in order to solve problems emerging from a new trend that has a large population of prospects ( 2 points)
3. My product or service takes advantage of newly available market forces (technology, demographics, societal). The result is an offering that will clearly appeal to an existing, well-known market demographic ( 1 point)
Your score (0-5) is your Total Perceived Pain Score.
If you scored three or more, you pass the Perceived Pain Hurdle.
PRODUCT ECO-SYSTEM
Score the stated number of points for each item you can answer positively.
1. My product is unique in a clearly defined (i.e. I can describe the difference in one or two clear sentences) and useful way ( 1 point)
2. My product is patented or can easily be patented or I have another competitive barrier (e.g. trade secret, unique manufacturing process, etc.) that will make it difficult for others to compete directly ( 1 point)
3. My marketplace is well established but fragmented or my product has “category killer” potential because it is so unique to the market ( 1 point)
4. My marketplace is either very big (> $5 billion/year in sales) with clear room for a product like mine or is rapidly growing with well documented trend lines ( 1 point)
5. My marketplace is wide open and there are no competitors ( subtract 1 point)
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a lot of work to do. Perhaps you just know you want to start a business and are looking for ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale – you just can’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be
It is no secret that surgeons earn a hefty $189,590 annual salary on an average in the United States today. But the most unexpected news is the salaries of physicians assistants whose yearly average annual salary is an astonishing $63,490. The Bureau of Labor Statistics reports that their minimum qualification is a college degree and in addition a mandatory accreditation course. It is interesting to know which jobs are the top 10 paying ones in America. There are many surveys producing different results. Although there are some minor differences, most of them agree at least 7 out of 10 times.The Best Paying Jobs in The United StatesInterestingly, surgeons scored 7 points over CEOs, whose average annual salary was $134,960. The skill and the complex nature of the work contributes to their high salaries. That they carry a student loan of upto $100,000 is another factor that contributes.The top professions on the list is foll
3. My product or service takes advantage of newly available market forces (technology, demographics, societal). The result is an offering that will clearly appeal to an existing, well-known market demographic ( 1 point)
Your score (0-5) is your Total Perceived Pain Score.
If you scored three or more, you pass the Perceived Pain Hurdle.
PRODUCT ECO-SYSTEM
Score the stated number of points for each item you can answer positively.
1. My product is unique in a clearly defined (i.e. I can describe the difference in one or two clear sentences) and useful way ( 1 point)
2. My product is patented or can easily be patented or I have another competitive barrier (e.g. trade secret, unique manufacturing process, etc.) that will make it difficult for others to compete directly ( 1 point)
3. My marketplace is well established but fragmented or my product has “category killer” potential because it is so unique to the market ( 1 point)
4. My marketplace is either very big (> $5 billion/year in sales) with clear room for a product like mine or is rapidly growing with well documented trend lines ( 1 point)
5. My marketplace is wide open and there are no competitors ( subtract 1 point)
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a lot of work to do. Perhaps you just know you want to start a business and are looking for ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale – you just can’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be
I recognized the advantages of self employment about 5 years ago when I started working for myself. After working for other people my whole career, it was certainly a bit of a change when I no longer got a salary and benefits, something I had become quite accustomed to!I’ve read other resources that talk about the advantages of self employment (and the disadvantages too) and they typically mention “working long hours” as one of the disadvantages.I disagree with this comment.How can they tell you you’ll be working long hours if they don’t even know what job you are doing?I know plenty of people who are self employed and who work online and they don’t work close to 40 hours per week! And many of them do very well, too. It really depends on what you choose to do and the effort required to succeed.Rather than list a number of generalizations that may or may not apply to you, let me tell you about the specific sel
Your score of (-1 to 4) is your Total Product Eco-System Score.
If you scored three or more, you pass the Product Eco-System Hurdle.
Now that you have completed the scoring, we shall take a look at how “fundable” your company is. Before we do, it’s important to realize that this is a snapshot in time. If you are not satisfied with your score, there are plenty of things you can do to improve it. I’ve seen many of my clients make tremendous progress along these dimensions by extending their team, focusing on sales or tweaking their offering.
YOUR FUNDABILITY RATING:
Number of Hurdles Cleared: None
IMPLICATION
If you received this score and hope to receive funding, then you have a lot of work to do. Perhaps you just know you want to start a business and are looking for ideas. If so, keep these criteria in mind as you formulate your plans.
If you already have a business concept, you should think long and hard about “re-conceiving” some elements of it to improve your scores.
Many perfectly good “lifestyle” businesses may fall into this scale – you just can’t get funding for them.
Number of Hurdles Cleared: One
IMPLICATION
Funding from your rich uncle may be possible
Number of Hurdles Cleared: two
IMPLICATION
Funding from family and friends network may be possible
Number of Hurdles Cleared: three
IMPLICATION
Professional investors will consider this, but you’ll need to be prepared to explain how you’ll address your gaps.
Number of Hurdles Cleared: all four
IMPLICATION
Put the finishing touches on your business plan and hit the funding trail!
You will have the best chances of success in fund-raising if investors see that you can clear the hurdles in all four areas.
NOTE: Team and a Dream offers a professional version of this assessment that offers additional detail and examines nuances that aren’t possible to convey in a simple quiz. If you have an interest in the professional assessment, please visit us at http://www.teamandadream.com/contactus.htm
Contact Information:
http://www.teamandadream.com
skip@teamandadream.com
Copyright (c) 2005, All rights reserved by Post Destiny, Inc. d/b/a Team and a Dream(SM)
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggitup.net/article/24159/diggitup-Show-Me-the-Money.html">Show Me the Money!</a>
BB link (for phorums):
[url=http://www.diggitup.net/article/24159/diggitup-Show-Me-the-Money.html]Show Me the Money![/url]
Related Articles:
Where's Me Pot of Gold and Lucky Charms?
So You Want To Be A Criminal Profiler?
Tall Tales, Business Games and Hiring
Bookmark it:
|