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10 Questions You Must Ask Before Presenting Your Business Plan

10 Questions You Must Ask Before Presenting Your Business Plan

Your business plan could be the seed that launches your next invention. But presenting a winning plan isn’t easy. Everything starts somewhere and you need to ask some probing questions before you ever present your business plan. These are the ten questions you must ask before going any further.

1. Are these the right people?

Consider whether you’re even presenting your business plan to the right people in the first place. Even the best business idea will fall flat if the people listening were never interested to begin with. The makers of the Pokémon Go craze wouldn’t have presented their idea to a group of accountants, would they?

2. How is it going to make money?

It’s amazing how so many entrepreneurs miss this part. Yes, the business idea might be intriguing, but it ultimately must make money. Anyone who’s going to invest in your business wants to know how they’re going to get their money back.

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3. Is it practical?

So many business ideas simply aren’t practical. If they worked they could change the industry, but the foundations aren’t there to make those ideas a reality. Consider whether now is the right time for your idea to flourish. This is why entrepreneurs are starting to embrace augmented reality only now.

4. What’re the long-term prospects?

Investors aren’t there to make a quick buck. They want a business, not a fad. Don’t just talk about your business idea. Talk about the sustainability of your business idea. Think about whether your idea is still going to be there five years from now.

5. How does it fit in with the rest of the industry?

Unless your idea is truly unique, and the chances are it isn’t, you need to think about where it’s going to fit in. One of the dumbest policies you need to ditch is assuming you’re special. 99% of business ideas fit in with already existing companies. Explain how yours fits in and what makes it stand out from the rest.

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6. Is your valuation realistic?

Nothing turns off an investor more than an overoptimistic entrepreneur. Your idea might be worth a million dollars to you, but in the real world that is far from the case. Give some serious thought to whether your valuation is realistic. What is it based on? Will it maintain that value? Is it going to grow in value?

7. Who’s running the show and what do they bring to the table?

Anyone listening to your business plan wants to know who’s involved. They want to know the professionals who’re in the key decision-making positions. Employing friends and family won’t inspire confidence. You need to make it clear that you’ve brought in expertise to execute your idea.

To give investors confidence, you need the right people around you.

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8. Where is the income going to come from?

Define the economics of your business in clear terms. These upcoming startups all have clearly defined revenue streams, with specific pricing plans and exactly what customers get from those plans. Be as specific as possible about what customers are going to buy and how that can be scaled up.

9. What’s the minimum you need to get started?

The average entrepreneur wants as much money as possible to get started. The average investor wants to invest the minimum amount of money to get your business started. Don’t ask for huge sums. Ask for what you need to get started and be clear about what you need the money for.

You can always ask for more capital later, and if you intend to do so, make this clear in your business plan.

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10. How is this plan going to scale?

One of the tools that can help you get the investment you want is scaling. Your business idea may start generating money, but it needs room to grow. Not all business ideas will grow after they start making money. Does your business plan consider the big picture?

Conclusion – The Right Questions

Asking these questions will help to define your business plan and make it clear that you’ve considered exactly how it’s going to make money, where it fits in, and its long-term future. These questions will make it much more likely that investors are going to want to invest in you.

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Ryan Kh

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Last Updated on August 16, 2019

15 Smart Ways to Approach Interpersonal Relationships at Work

15 Smart Ways to Approach Interpersonal Relationships at Work

Once you have embarked on your professional life, whether it is after college or high school, you will be making a transition to the workplace. If possible, it is good to find an employer that is flexible. In other words, one that possesses a culture that is diverse and tailors to the needs of its employees as a bottom line.

But, even if you don’t land your dream job right away, there are many ways to improve your experiences within the workplace as you climb the career ladder.

In the subsequent sections will be looking over ways to engage your relationships at work, including 15 ways to effectively approach interpersonal relationships at the workplace.

1. Open Up Cautiously

Depending on if its a startup, a small business, enterprise or corporation it’s important to be aware of your surroundings.

Be mindful of how much you open up about yourself, specifically regarding your personal life. You do not want to give the wrong impression, so be careful how much or what details you divulge about being in a relationship or having children.

You have to reach a certain comfort level and rapport with the rest of the staff to be able to engage in transparent conversations. A good general guideline is to stick to small talk.

2. Observe Your Surroundings

There will be times when we are summoned to have a leadership role or to undertake a project to lead a team.

Try not to be too bold or overcompensate at every turn when there is a meeting or an interaction among other staff or employees. The last thing you want to do is to be the person who wants to monopolize every conversation and every interaction.

Be a passive observer at first, and more often than not, you will learn a lot by letting others talk a lot about themselves.

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3. Listen Actively

It may seem redundant, but it is essential to practice the art of really listening to the other person.

Developing interpersonal skills and connections with others at work comes down to listening. It is not just paraphrasing what your superiors or colleagues are trying to communicate; it is about understanding what is at the core and reading between the lines.

Phrases like “I can see what you are saying” or “I can acknowledge your insight” are just some examples. Learn to empathize and relate with people with whom you have a genuine connection.

4. Consolidate All Feedback

When you learn to listen to others and to allow them to finish their thoughts you are on your way to be being a great communicator.

One of the toughest tasks to accomplish is to include everyone’s voice. Don’t rely on shout-outs or trying to come up with the best answer. Including everyone’s voice is about listening to all suggestions and putting together an entire picture. When everyone feels part of the process there is great cohesion.

5. Never Make Sweeping Judgements

As person and a human being with compassion never make any assumptions about anyone.

Just because they have a certain skin color, clothes or physical features, never make stereotypical or generalizations about anyone.

6. Keep Emotions in Check

Work-related stress is something we all have to deal with at some point or another. Whether you work in the public or private sector you will encounter stressors or stressful co-workers. In this case, it is good to keep open the lines of communications.

Always ask to clarify how a person feels and where they are coming from. It is better to entertain these conversations before they make a person lash out or have a negative reaction. Ask to speak privately and get feedback. When you do this it really shows you care about what your role is and that you are a true professional.

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7. Give Help to Others

Having compassion and empathy for others is a noble attitude to practice.

Though, do be careful about how much you want to get involved with colleagues at the office; it could jeopardize the nature of your work relationship and the roles you both have.

It’s best to separate the personal from the professional and lend a hand by using your best judgement.

8. Broaden Your Horizons

Once you have worked in a company or an organization, things can get repetitive and dull. Sometimes we need to remember that we are human and need to fulfill certain responsibilities.

Often we want to try to change things by introducing our best abilities or perhaps our inventions, but we need to be realistic. Change does not happen overnight, rather it is a long process.

Step back and take a look at the big picture, and, put all your cards on the table to get perspective. Sometimes we approach situations in life from the wrong point-of-view.

9. Be Optimistic

This is probably one you have heard time and time again.

When we suggest to have a positive attitude it does not mean to fake it until you make it, nor to conceal your feelings. This is not the case in this situation. Overall, you want to try to be authentic in how you are feeling, because life will throw curve balls that are beyond our control.

10. Be Sensitive to Cultural Norms

Whenever you are around other people within a professional workspace, do not make assumptions in trying to figure people out in an instant.

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Some cultures discourage physical contact, while others may be inviting. Always be courteous, respectful and ask questions. It will not only make you more aware of others’ needs, but show that you are considerate of the differences.

You do not want to get off on the wrong foot by being too friendly or too touchy. Just observe how people respond to your approach and let them lead the way of what is a safe practice to meet and greet the first time around.

11. Show Professionalism

How you interact and carry yourself around others will be the difference between a job promotion or losing your job. No matter what, always respectful and professional towards others.

You will have an opportunities in life and at work, so showcase an outpouring of great and positive energy in the face of adversity.

12. Get Involved with Activities

When you are part of a company, there are often opportunities for organized activities outside of the office space.

Sometimes it is worth exploring uncharted terrain and to get to know people in a different environment. Plus, you will have an opportunity to be seeing in a different light.

Even though you are off the clock, keep your professional tenure and set boundaries. You want to be vulnerable, but not put yourself in a comprising position. Use your intuition and common sense to evaluate these situations.

13. Get to Know Your Company

With your smartphone or your laptop, you have at your fingertips a mine of information online. Just as you would do before a job interview, conduct ample research to get familiarized with what your company does and how its branding is perceived via the media or social networks.

Rather than just focusing on doing your job and fulfilling the duties, see what the business is up to. It is fundamental to really know what organization you belong to. Get educated on what other ventures they are involved with as well as the ones that you are directly in the know about.

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14. Learn to Problem Solve

Problem solving is going to be a skill you will acquire with experience and by making mistakes. Furthermore, not only will you make mistakes but you will likely also sometimes fail. This is okay and is part of the natural swing of things!

Learn to take responsibility for your actions and decisions. At the same time, do not blame others for coming up short. When you come forward with the truth and responsibility, your supervisors or superiors will take notice of your authenticity.

One of the greatest gifts in life is fail and once you experience you start to get a different perspective on how to move forward at the job.

15. Do Some Prospecting

If you have coding, computer, language or other beneficial skills, be sure to pitch these at the right time.

When you start out new at a company it is best not to show all your cards. It is like poker: don’t let others see if you believe you have the upper hand. Take time to get familiarized with your company and organization before promoting your outside skillset.

You will know when to put forward your amazing talents, so proceed with caution.

Conclusion

Learning to refine your interpersonal skills is a lifelong process. In time, you will also became more effective and skillful after accumulating work-related experiences.

Exert humility, understanding, compassion, and mindfulness and the rewards will come!

Featured photo credit: Brooke Cagle via unsplash.com

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