This afternoon I attended an event “Furnace” at ASU SkySong. It was a presentation by 10 new businesses, each of which had received $25,000 in seed money. The purpose of the presentation was for them to give us an update on their progress and what their current needs are.
Each business spoke for about 5-7 minutes and each had a power point presentation, showing how much additional capital they had been able to raise, the current status of the business, and what strategic partners they had found. Each of their presentations were well prepared and presented with confidence and enthusiasm.
What impressed me the most was not the fact that a few of these new businesses had raised over $500,000 nor the fact that they were looking for a much larger sum, but their income projections were in the millions within a 3 to 5 year period.
The businesses ranged from medical to education to security to construction and high tech devices. The owners of these startup companies had a management and marketing team in place. They also solicited and obtained well known, high power strategic alliances within their own fields. Last but not least they had several mentors with them on their journey. They all were in the process of forming advisory boards and most were in the beta testing phase of their businesses.
I am sure that most, if not all, of these 10 businesses will make their dreams become a reality. The several hundred people in the room were excited and surrounded the presenters at their tables to learn more, to offer advice and financial support. This vibrant and encouraging atmosphere was due in a large part to the guidance provided by ASU and the interaction that these businesses shared with each other.
“You hit what you aim for” holds true in all aspects of our lives. In business, the vision statement dares you to dream big. When interviewing prospective clients I ask, “What is your vision, what are your goals?” Most answers have to do with survival and taking care of their families.
These 10 businesses took a systematic approach by first having a very powerful vision statement and them putting the team together to help develop and implement their ideas. They reached out for mentor support to develop the financial, business and marketing plans needed to achieve their goals. They reached out to strategic partners and presented such a compelling story that they were able to get their support.
The challenge is to review your vision statement, your support team (mentors and advisers) and put together a 5 to 7 minute power point presentation which tells your story. Talk about the unlimited potential your business has and show your road map with mile markers with time frames. Even if you do this just for yourself, you are organizing your business in a clear and concise way.
Read “Think & Grow Rich” by Napoleon Hill. It’s still is a great book and should be in your library.
Nick J. Petra CFP I mentor in person, via Skype and also through One Biz Central. I can be reached at www.strategicduck.com . Become part of our new support system at www.onebizcentral.com it is slated to become world’s greatest business support hub.