Before you start, you need to know …
Thursday, 5 March 2009
1. It’s going to be harder than you imagine.
2. It’s going to take longer and cost more than you think.
3. The ONLY thing that matters is sales.
4. WHO you know is more important than WHAT you know.
5. No-one cares how your technology works – only that it DOES.
6. Your bank manager is not your friend.
7. You have no entitlement to support from State agencies.
8. Whatever your business plan shows, that won’t happen – but you still need to plan (in fact, that’s WHY you need to plan).
9. Cash is more important than profitability – but you must show CREDIBLY how you are going to get to profitability – and when.
10. And, last, despite all the above, if it’s right for you, it’ll be the best thing you’ve ever done!
If you’re at BizCamp Limerick on 21 March, I’ll fill you in on the thinkng behind these truths.
I won’t be able to make Bizcamp but I would love to hear the reasoning behind point 8. I’m a big advocate of Business Planning. I realise the reality will be very different from the first draft but I really believe in the process. I have had to stop watching Dragons Den for that very reason. It’s clear that so many of the businesses have not done ample planning, they cannot answer important questions. These dragons are not as dragonly as they could be at all in some cases! Far too nice. Too Irish!
MJ, I have amended point 8, and used the opportunity to combine points 9 and 10, so that the whole list becomes 10 points, instead of effectively 11. I too am a fan of business planning – after all, I would be, i make a large part of my living from teaching and encouraging it
– though I find there’s often too much emphasis on the business plan at the expense of the business planning! And, as a result, the business plans are usually poor. But the next 18 months or so will test entrepreneurs’ ability to plan!
Great advice. This is Ray Collis here. Must meet for that coffee sometime. Will you let me know next time you are in the pale. It is kinda hard to believe that we are back in a business links era! Brian.
[...] This list of what you need to know before you decide to launch a new product, or service has been inspired by a piece written by start-up guru Brian O Kane. [...]
[...] This list of what you need to know before you decide to launch a new product, or service has been inspired by a piece written by start-up guru Brian O Kane. [...]
[...] This list of what you need to know before you decide to launch a new product, or service has been inspired by a piece written by start-up guru Brian O Kane. [...]