For those of us not raising Angle or Venture Capital, our business plans should be directly proportional to the size of our business.
No revenue = no plan.
(ok – a small mud map that focuses on the very basic business model which will lead to revenue.)
<$1 million revenue = 1 page.
The law of diminishing returns sets in at around about 10 pages, regardless of the size of the business.
Entrepreneurs are frequently insulted by non believers in their concept, widget, service and company. Sometimes we’ll fail and others we’ll succeed.
Let’s not waste our time trying to figure out if it’ll be success or failure with any venture. Let’s just forge ahead until we find our financially.
Even our most revered entrepreneurs have experienced the same arrogance and rejection. Larry and Sergy we’re told by Alta Vista that search was ‘done’ and the future was just about e-commerce, email, gaming and content.
Yahoo and Lycos also rejected offers to license ‘Backrub’, the then name for the Google search engine.
Good thing the Google boys stuck to their guns, and ignored the insults.
Albert Einstein said compound interest is the greatest discovery of all time. There is no question about it’s power. Don’t believe me? $10K invested in the all ordinaries index in Australia in 1970, would today be worth $808K
The tough thing that entrepreneurs face is life without a wage. Money makes life better. A wage can buy nice things. Shirts, shoes, dinners at fancy restaurants, weekend trips away and mortgages in gentrified suburbs. Yes, these are nice. The interesting thing about ‘compounding, is that it is not limited to financial instruments. It also applies to effort.
COMPOUND EFFORT
Definition: The ability to generate significant & tangible returns through long term continuous effort via the use of human capital.
It applies to all things. Start ups, even exercise regimes. If you stay the course, the rewards are there.
(If you’ve read this post before – you’ve consumed over 50,000 words on this blog! Thought it was worth a re-post)
4.17pm – Get email from friend advising of a small bug on rentoid.com
4.17pm – I email my main guy from my tech team to ask him to check it out
4.21pm – I receive email from my tech guy saying – bug fixed please check it!
4.23pm – I email my friend advising that it’s all fixed saying – ‘my guy is quick.’
4.25pm – Friend emails me back saying “..Wow… that’s amazing.” Blog worthy!!
As above.
Never underestimate the power strong relationships within supply chains. Strong relationships build efficient supply chains – not the other way around.
You may remember I recently blogged about using Twitter as a startup experiment….
It’s official, it works and I’m addicted. It is such a simple way to:
– share ideas
– drive blog traffic
– build a reputation (good or bad)
– ask questions to a smart audience
– get answers from a smart audience
– stay in touch with smart people
If you’re not on it – it’s worth experimenting with.
After the viral success the Cadbury Gorilla achieved, there is nothing to like about this follow up advertisement.
[youtube=http://www.youtube.com/watch?v=BX7dFmxqb60]
According to startup blog here’s why:
Start up lesson: Sometimes big budgets can be a disadvantage.
Given I’ve recently consulted for Cadbury, you can be sure my opinions on this blog are real and never contrived or influenced.
Hemingway once wrote a story in just six words (“For sale: baby shoes, never worn.”) and is said to have called it his best work.
Heads up from wired.