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Tips for The Young Enterpereneur North Carolina

An entrepreneurship expert explains how to avoid making the same mistakes he's made in the past. Use this advice to make the right moves and decisions with your business.

Local Companies

Coli Consulting Group LLC
336-378-9192
823 N Elm St
Greensboro, NC

Brogden Lucinda Consulting
336-245-2677
453 W End Blvd
Winston-Salem, NC

Catalysta Partners
(919) 484-0370
1822 E Nc Highway 54
Durham, NC

C T Consulting
336-275-1478
501 S Edgeworth St
Greensboro, NC

Crocodile Consulting Inc
336-724-5050
680 Kingsbury Cir
Winston-Salem, NC

Minority Business Development Center
(919) 682-5515
114 W Parrish St
Durham, NC

Alwon George Msw
919-781-1288
4821 Rembert Dr
Raleigh, NC

Focalpoint Business Coaching
336-286-0806
5815 Wildrose DR
Greensboro, NC

Banfield The Pet Hospital
336-545-8333
2641 Lawndale DR
Greensboro, NC

Harrell Robert B and Associates
336-721-3322
203 S Stratford Rd
Winston-Salem, NC

Provided by:

1) Depending on building a viable business through funding from an Angel or Venture Capitalist. Your chances are actually .5% to 4% depending on whom you talk to. It is rare that someone will come in and "save you." Learn to bootstrap your business the first year so you can get customers, revenue and prove your model. Establish a proven track record.

2) Projected revenues are based on market size. You need to show how you can build your revenues from the ground up with the appropriate sales and marketing strategy. To say that you will capture .5% of the market is not a good answer. Don't compare yourself to other publicly traded companies in the market place. Remember, most of them have more capital than you ever will.

3) Competitive advantage based on "quality" of product or "first to market." You need to assume that someone can always build a better mousetrap than you. Don't bank on the fact that you are the best game in town for a long-term competitive advantage...remember a thing called "reverse engineering"? All of the time...

4) Talking to any investor about your plan. Talk to only those who are truly interested and are able to fund your plan. Don't over shop your plan. Don't be afraid to ask for the order (will you invest in my business?).

5) Waiting until you are out of money until you start to raise capital. Remember that if you run out of cash, you are out of business. Many call this a "near death " experience. It is best to always have six months of working capital in the bank to cover any contingency. This will prevent you from having to negotiate investment terms when you are desperate and the investor feels "pushed" or has an extreme advantage. Remember how banks love to lend people money that do not need it? The risk is perceived to be lower.

6) Not focusing on the investors return. Be able to answer simple questions like: How much money is required to make a profit? What is my return on investment? What is the exit strategy? Be able to appreciate that the investor has alternative places to put his cash....

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Featured Local Company

Coli Consulting Group LLC

336-378-9192
823 N Elm St
Greensboro, NC

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History