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Bankable Business Plans and My Thoughts

Are you ready to start a company? Read this first.

This is the 18th book in the series Learning Together and Leading Together where we are going through the Personal MBA plan curated by Josh Kaufman. Our goal is to get through 99 books this year. Do we read the whole book? Nope. We digest the summary(s) of the book and I give my thoughts and you give your thoughts. Feel free to follow along and comment if you would like.

I did not find a great summary of this book but will do my best below. The reason? I think you should buy this book and keep it on your shelf if you have ever thought “I want to start a company. How do I do that?”

Book Principles:

The power of a bankable business plan is understanding the following steps.

The ten essential action steps:

1. Define your company: What will you accomplish for others and yourself?

2. Identify your companys initial needs: What will you require to get started?

3. Choose a winning strategy: What will distinguish your product or service from your competition?

4. Analyze your market: Who will want your product or service?

5. Develop a strong marketing campaign: How will you reach your customers and what will you say to them?

6. Build a dynamic sales effort: How will you attract customers?

7. Design your company: How will you hire and organize your workforce?

8. Target your funding sources: Where will you obtain financing?

9. Explain your finances: How will you convince others to invest in you?

10. Use the RMA Data

Then of course putting all of this into practice.

 

My Thoughts:

Notice that this book takes you step by step on how to represent yourself and your startup well. You shouldn’t skip any of these steps. How do I know? Because I did skip some and it burned me. I had to go back and do the work.

You see this is work. Starting a business is more than an idea that is great. A startup has to go through these steps to show VCs, Angel investors, and banks that you are serious. I mean unless you have all the money you need to do it on your own. Then you will save a ton of money going through these steps.

It may seem like a waste of time because you want to launch. The difference though is what you launch. Going through these will help you know the difference between launching a submarine or a rocket.

If you need a hard copy of the book go here: [amazon_enhanced asin=”0979152208″ /]

Have you said that you wanted to start your own business? Can I help you?

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