Jason Rines (iThinkBig)

Entrepreneur Journeys: A Review

I will share my main lessons about being a successful entrepenuar for those people looking to start and fund a business:

1) Attend Venture Capital meetings and network groups. The investment to join these groups is very small in comparison to the learning acquired. Your objective as an entrepenuar is to conduct research to shorten the learning curve to become successful rather then learn the hard way through a business failing. 70% of all start-ups fail because of lack of research. Not surprisingly, 70% of investors that invest in a business fail. Is it coincidence? NO! Lack of research kills. These groups will have people you can hire for consulting. Ask around the group whom is the best of the best consultants. Find individuals that will waive large portions of the fees and mentor you. If you apply there teaching in the real-world they will either personally invest or contact there circle of investor colleagues to invest in your business.

2) Learn business by numbers. Ask your mentor or research how to build a financial plan, especially using a spreadsheet. This takes awhile and is critically important to raising money. Most entrepenuars attempt to sell an investor how an airplane flies. An investor cares secondarily how your airplane will fly (that can be explained in 2 minutes) but will demand to know how they will make money (10 minute explanations). I have a questionairre I once received by an investment group on what focused info to present to an investor. I still refer to it when it's time to raise money! If any of you reading this want it, I will email it to you. Contact me at jrines@ prime health solutions . com . Please don't ask me to invest in your business, nor will I attempt to sell you consulting! I am in the Health sector and am mentoring others already, so my time is zero to assist you beyond this necessary document.

3) DO WHAT YOU SAY YOU WILL DO - If your pitching to raise money and promise follow up docs, phone calls etc do what you say you will to the letter and to the point! If you get money (3% of entrepenuars get money, hence why point 1 & 2 are important) then you continue doing what you say. Your reputation will grow, you will return the investors money with profit and raising money the next time is VERY easy.

4) Banks can lend money too as a line of credit (LOC). You can go to the Small Business Administration (SBA) which can help you get bank financing and older, successful retirees volunteer which can help you build a financial plan and longer explanations of how your airplane flies as a business plan format. Plus, the SBA gurantees half the loan with the bank. The US government's next fiscal stimilus plans will focus on Senator Kerry's ideas of increasing funding in 2009 for entrepenuar's. Your timing to raise money will never be better, but earning the money by doing the hard work of research and the points I am making will MUST be accomplished. You must be prepared to make a ten minute pitch to convince investors (banks, angels or VC's) why they will make money by investing.