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Big Question

kamolahykamolahy subscriber Posts: 27
edited July 2006 in Business Planning
I`m a 24 year-old entrepreneur who is currently going through the business plan grind. I`m looking for small seed money, but want to have a solid business plan to present for different reasons. My question is this...Although I`m sure of my own qualification, I don`t have the credentials to show for in my business plan. When talking about the management, I don`t know what to say. I also hear the guys talk about the importance of having a strong management team to present to investors. If my history has nothing more than a bit of a college degree and some part time jobs, how to I convince investors that I`m the man for the job?

Comments

  • EricEric subscriber Posts: 8
    kamolahy,
    I understand that you "love ambiguity" but you will have to be specific for your investors to want to be part of your plan.
    When you approach your investment sources you have to be careful. I`m in the process of this now myself so I can tell you that I am approaching it with more care than any othe aspect of the business.
    It all comes down to potential. Potential to make money. If you can all but prove it you`re in business. Get your plan together and present it.
    [Can it really be that simple?]
  • kamolahykamolahy subscriber Posts: 27
    Solid advice Eric. That`s very true. I`m prepared to do my best to be very specific in the plan. I just don`t know exactly what to put down in the section describing the management team, I don`t have any real experience there!
  • ChuckChuck subscriber Posts: 6
    kamolahy - if your management team consists of you, then simply do the best job possible of laying out your experience, relating it in some way to the business (most skills and experiences are transferrable in some way).If you pique the interest of investors, I would guess part of their terms to you will be that you agree to bringing in an experienced manager, which they`re in a position to find for you - if the idea and business potential are strong, an investor or investor group won`t let that stand in their way.
  • RojgieanRojgiean subscriber Posts: 0
    Something else you can do, is look at any personal experience you have that you got paid for (Personally paid work can be easily flip-flopped from Sole-Proprietor to Personal, as it is based on your SSN), this can also help.  I`ve found that investors look more favorably on "I did this as a Sole-Proprietorship" rather than "I did some odds and ends jobs" -- be careful not to let this become a lie, but most of the time, you can easily take personal experience (you have been paid for), and simply "rename" the Sole-Proprietorship, by going to your local courthouse, and filling out a simple form for sole-proprietorships.
    You might want to do a little reading on the subject, if you are unsure how to use this.  I have found that this has helped me a few times, and other times, proved completely useless information for me.  I hope it can help you!
    Also, Engraver has a good point, ANYONE that you have working with (or for) you, can be added to your "management team" because they are providing you guidance, and support.  I have seen this used quite beneficially as well, but again, you must use caution, so as not to misrepresent the roles of what those advisory positions are actually contributing.  Remember that you can imply quite a bit to help "bulk up" your team experience, but you must show care not to come out with a misleading statement in the process.
    It`s a very fine line to walk, but quite rewarding so long as you can learn how!
    ... rereading this post makes it sound almost unethical... but it is not so long as you ensure that you do not misrepresent the roles these people play, or what work you have done.  I hope this helps!
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