Why an Entrepreneur is a good project manager?

“Leadership, management ability, and team-building to be essential qualities of an entrepreneur.”– Robert B.Reich

Start-ups fail when entrepreneurs fail to see themselves as project managers of their companies. Project managers define their scope, plan, manage stakeholders, navigate issues and risks and ensures planning and budgeting comes hand-in-hand.

New entrepreneurs need to act the role of a project manager to their employees. This is due to limited time and resources the company has at the beginning. Through communicating and leading your team just like a project manager, entrepreneurs are able to optimize, track and efficiently complete a project. Start-ups with great ideas have failed to have project manager entrepreneurs as their founders.

Besides being a project manager to your team, you’d have to plan around your budget even if you managed to nab a few investors. This is because you’d need to justify the amount you spent on their investments versus the potential returns. If you aren’t on top of your accounts and ROI, you’d lose your current investors’ trust and future investors would be difficult to convince.

Understanding the importance of being a project manager for your company and learning how to be a good project manager is simpler than it seems. Just contact us at tempo@braatheenterprises.com or set-up a call at http://meetme.so/RobertBraatheWe are here for you anywhere and anytime. 

 

 

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10 steps to deliver a pitch that makes investors want to invest in you immediately

New entrepreneurs struggle to deliver a well-tailored yet succinct and concise pitch. Below are our tips and points of consideration for a pitch that will draw investors and convince them to commit in your idea.

1. Investors will stereotype you

We may assume investors judge us based on our merits and over careful thinking. The reality is that they box entrepreneurs into different categories.

2.Feeling of inclusion

A good pitcher would give a pitch that conjures the feeling of inclusion in your business idea. When they feel included, they are more convinced about your business.

3. Be succinct and concise

Investors are busy people and are sought after for their investments by numerous start-ups. Keep your pitch within 10 minutes. Practice it with a friend or someone who do not know about your business. If they can understand your idea from A-Z and foresee the prospects of it in 10 minutes, then you’d know if your pitch is succinct and concise.

4. Tell exactly what is your product and its USP

An investor is like a customer. They need to be informed about your product or service. It’s capabilities, features and unique selling point.

5.Differentiate yourself

If there is a lack of parity in your industry, then its so much more important for investors to see how you differentiate your product or service from your competitors.

6. State who your target audience is clearly

Investors need to know who is your target audience in order to evaluate the potential of your idea Failing to make it clear will lead to investors assuming you yourself do not know who you are targetting.

7.Explain how you gain customers

Even if an idea is good, you need to tell investors how your business plans to attain customers. This helps them gauge whether your business is sustainable, and how you would be covering your operating costs.

8.Explain your revenue model

This is key in selling and luring your idea to investors. Do this well and show them how much growth and revenue you’d make. Investors are looking for promising returns.

9. Give them an exit strategy

An exit strategy isn’t your company’s future evaluation. The exit strategy an investor wants to hear is, will it lead to IPO, acquisition or licensing etc? They want to know that you have thought about its bigger future and how you’d cushion the risks.

10.Dress smart and be enthusiastic

Humans are visual creatures. Dress appropriately to give off the right impression. Be enthusiastic about your business. This may be hard for new entrepreneurs who are still comfortable being in their comfort zone.

 

The right pitch takes time, effort and some heavy negative criticism but if you are feeling lost or stuck, contact us at tempo@braatheenterprises.comor set up a call with me: http://meetme.so/RobertBraathe. With years of experience in marketing and the business industry, your pitch is a step away from getting those investments rolling in.

 

6 Tips for New Entrepreneurs

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It’s hard being your own boss and having your own company for the first time. It’s exciting and scary. Once that excitement boils over, new entrepreneurs feel lost at the start, along the way and as they try to build up their company. Here are 6 tips if you are new to entrepreneurship.

1.Strong unwavering focus

Do not jump to every opportunity, avoid being impatient and avoid being too ambitious. You will spread yourself too thin if you initiate and operate too many business ideas simultaneously. Being a jack of all trades and master of none will get you to square one. If you do one business well, it would give you experience, recognition and more capital to start another.

2. Be passionate and know what you are doing

Avoid being an entrepreneur just because its a trend that is picking up speed. Instead, be passionate about what you do and use your skills and strengths to build your business. Running a business is more than just profits and margins. It’s about having the passion to manage and grow your business to new heights.

3.Short and concise pitch

Always have your pitch ready and in hand. Keep it short, clear and concise. Have enough to inform and intrigue your potential investors.

4. Find people and mentors to nurture you

No one will be good at everything nor have knowledge of everything. Scout for people and mentors who could nurture you and help you grow as an entrepreneur. These individuals would share common interests and see value in working long-term with you.

5. Keep to budget

Budgeting and spending on things that are important for the success and growth of the company are key for a startup. Avoid overspending on unnecessary things.

6.Evaluate your plans

Think over the cost and expenditure of your plan. No investor will give you a large capital and always try to demonstrate your business’ worth to show/ prove to investors your potential returns upon their investment in your company.

 

We hope these 6 tips were useful for new entrepreneurs. TEMPO Business Training is here for you if there are specific areas you need 1-to-1 guidance and training as a new entrepreneur. Contact us anytime and anywhere at tempo@braatheenterprises.com. Or arrange a 1-to1 training with http://meetme.so/RobertBraathe

 

7 Tips for writing a Good Business Plan

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A good, concise and easily understandable business plan is essential before even starting your business. It is crucial in ensuring the success of your start-up and in winning over the minds of investors. Here are the 7 Tips for writing a good business plan:

1.Research

Research on structure, marketing strategies and finances of your business. Do some detective work on your competitors’ business model online and offline. Sometimes this helps you find your niche in the industry.

2. Identify and profile your target market

You cannot target everyone in general. Think of your long-term plans for your business and which markets do you think would need your services now and in the future. Once you have identified the most profitable and alluring segment, you need to profile them based on their demographics, geodemographic, psychographic and behavior-graphic.

3. Never rush to complete your business plan

There will be sections that you have information on while other sections are uncertain. A business plan is dynamic. You can and will change it according to any incoming insights or feedback you may receive later on.

4. Include expected figures

A challenge for start-ups is that there are no historical figures for turnover and finances. Hence, you would need to calculate your expected estimates and determine a benchmark for them eg. your closest competitors with similar business model or attributes.

5. Leave summary last

Your business plan summary is the last concern of your plan. Once you are done with the planning. Write a summary that is easy for banks, investors, partners or wholesalers to quickly understand your business. Make it realistic and a good summary would motivate your readers about being part of that business with you.

6. Always review

Never be satisfied with finishing up every section of your plan. Always review it to make a good impression to those reading it. Your professional image is at stake. Ask trusted people to proofread your final plan and think over their feedback.

7.Seek professional help

If you are new to starting up your own business, seek help from a business adviser, accountant, intellectual property lawyer etc as a precaution to avoid or reduce future business hiccups.

These tips may seem daunting and sometimes start-ups forget that they don’t need to do this alone. If you are a start-up and confused about what is a good business plan, contact us at tempo@braatheenterprises.com or set-up a call to discuss training needs at http://meetme.so/RobertBraathe

 

 

 

How to keep, and attain the right skills for your business

 

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Keeping your business running ahead of your competitors is more difficult than before. A possible strategy to that is assessing the skills your business hires, and compartmentalizing them into the right areas of your business.  Your employees’ skills are your assets that makes your product/ service better. Here are ways to attain the right skills for your business:

  1. Assess, and Record skills

Look at the skills you, and your employees have. Record them. These could be skills you or your employees can work on gaining. There may be existing skills that need to be improved or updated. It would also help if you talked to your employees about the skills they may want to learn.

2. Identify skills your business needs

There may be skills your business is short of or skills that need to be sharpened. This can be determined by going back to your business plan. Think about what your business is, and what are the plans you have for it in the future.

3. Create a training plan

Structure your training plan for your business. It is important to set a time you would like to achieve your training plan goals. This prevents you from waddling through your business and ensures you use your time to pull in more profits. Below are some key considerations for a plan.

-Your priorities

-How to fill the skills gaps

-How much money and time you are willing to invest

-Type of training your employees are interested in

-Type of training available in your area

If you need help in any training for skills your business needs, TEMPO Business Training is always available. We provide high-quality business training and have years of experience in vast industries. Contact us anytime, and anywhere at tempo@braatheenterprises.com or set up a call to discuss your training needs at http://meetme.so/RobertBraathe

How to start a business.

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Starting-up a company is the workforce trend of the future. However, creating your own company is more than just raising capital for it. Everyone has business ideas but 90% of start-ups will fail. Here’s how you can learn to be the successful 10%.

Create a business plan & test it

The most crucial aspect is having a short, understandable, and concise business plan. Keep in mind when drafting out your plan, point out clearly how your product/ service is different from your competitors.

If your target consumers can’t see the difference, they would rather still to your competitors out of brand awareness, preference, and good past experience. Ask yourself. How will my company provide value to them?

Create a short informative business summary

Investors,and customers would want to know about the company within 2 minutes. Keep it short,yet informative about who you are,what you are,and how are you different.

Market Analysis

A business plan without thoroughly profiling your target customers, competitors , and the industry , will fail.

Introduce your product/ service

It is important to draft a product/service statement. This structures clearly what your product/service is, what it provides, and what it solves better than competitors.

Conclusion

Creating a start-up is more than an idea.TEMPO Business training may be the solution to becoming that 10% entrepreneur. Or if you are in need of fast-tracking your start-up, try our   BEYourStart Accelerator Program