BUSINESS SENSE
“The Players” – Week 3
Nancy Larsen, Enterprise Facilitator of SEFP

Funding sources are going to want to know with whom they are dealing. Important issues become; what are the qualifications, experience, goals and most of all the character of those in the management of this venture? Lenders and investors are both concerned with whether or not you have what it takes to be successful. Who are you? To be a successful entrepreneur you must not only be able to start well, but you have to be able to finish strong.

Good management is essential. Funding sources desire to see that your management team understands the market and has the skills to succeed. In every business, it takes at least two people working together in the marketing of the product/service and financial aspects of the business. Since a marketer is a people-person and the financial mind is detailed, they are opposite personalities. It is difficult for one person to love it all—you do not and because of this, you have a weak area in managing your business. Therefore, carefully select from family/friends/professionals who may be able to advise your company for a piece of the glory to come and can act as consultant(s) once you have the money to pay them.

What plans have you made to ensure your business will continue to survive without you? Have you trained someone to take over? Is there going to be key man insurance in place for the possibility of illness, disability or death? Without you, can the business continue to survive? Describe how your management team will be able to step up and work the plan.

Remember “The closest to perfection a person every comes is when they fill out their resume.”

Next weeks topic is: “Strategic Position”

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