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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 June 19, 2019

8 Life-Changing Skills You Can Learn in Less Than 6 Months

8 Life-Changing Skills You Can Learn in Less Than 6 Months

Everyone has the ability to learn a life-changing skill not just this year, but in the next 6 months.

By life-changing, I mean something that can have a positive impact in your life moving forward, even if it’s something you can’t envision today. Certain skills we can immediately reap the benefits of, while others will be life-changing when we least expect it.

In this article, we’ll share 8 life-changing skills you can learn in 6 months, where you can learn them, and how you can get started today.

1. Speed reading

Bill Gates has been known to state that if he had one superpower, it would be the ability to read faster. What Bill and the rest of the mega-successful understand is that knowledge is power. The ability to process information faster from books, articles, and reports is what will help us learn faster, and therefore improve each aspect of our life faster as well.

Where you can start learning: Speed reading courses are becoming more popular, as more people realize how important it is with the limited time we have. You can check out free courses like Read Speeder or you can start learning how to use Spritzlet, which allows you to speed read articles online with a browser extension.

2. Public speaking

Research shows that people fear public speaking more than death itself. There’s something terrifying about being in front of dozens or hundreds of people, and exposing yourself completely. It’s when you’re most vulnerable, but learning how to public speak is a life-changer.

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Warren Buffett has given advice to recent graduates that the number one skill you can have to succeed is public speaking skills. Everything from communication, confidence, and sales is developed when you develop your public speaking skills.

Where you can start learning: Luckily, there are great communities out there like Toastmasters that organize local meetups all around the world. You’ll find amazing public speakers that are looking to get to the next level to beginners that are just getting started. Check out Toastmasters’ website here.

3. Spanish

As the third most spoken language in the world, the ability to speak Spanish will allow you to reach over 500M people around the world. No matter where you live, knowing how to speak Spanish is becoming increasingly more important, with the Hispanic population and economy spreading quickly worldwide. If you’re living in the US, this is even more important, with over 30% of the population being Hispanic.

Spanish is also on this list, because it’s one of the easiest languages to learn. Sure, Mandarin is an important language to learn, but it’s an incredibly difficult one to learn. If we were to measure the level of importance and the time to learn for all the languages available, Spanish would make it to the top of the list.

One of the biggest reasons why people never reach fluency in any foreign language is: using the wrong method, and lack of time.

It turns out that humans retain only 5% of what we learn from lectures, 20% of what we learn from apps (visual cues), and 90% of what we learn from immediate immersion. Yet, how do 90% of learn a new foreign language? Language schools (lectures), books, Duolingo (apps), etc that don’t provide the real-life immersion required for our brains to learn faster.

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Where to get started: If you want the most effective way to learn a language, learning from real-life interactions is the best way to do it. There are great websites like Rype, which offers Spanish coaching for busy people, solving the issue of lack of time and bringing real-life immersion to your screen. With Rype, you can book as many lessons as you want, at any time of the day, any day of the week, allowing you to fit it into your schedule, no matter how busy you are.

4. Accounting

If you’re looking to get into business, accounting is one of the core fundamentals you’ll need to succeed. While you don’t need to be an expert, you definitely should understand the basics.

This skill can also be used to manage your personal finances, to meet your financial goals, and having more control over your life.

Where to get started learning: If you didn’t learn accounting in school, no worries. You can either teach yourself using books, or check out free accounting courses online.

5. Microsoft Excel

Most people reading this probably have a basic understanding of Microsoft Excel Spreadsheet. While this is a good start, there are so many powerful functionalities that are hidden, which could make your life a lot easier.

Excel is also a great asset to have whenever you’re looking for a job, as many corporations rely on Excel to organize and manage multiple parts of the business.

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Where to get started learning: With the popularity of Excel, you can find tons of free resources and videos online to learn. Check out Excel Exposure, Lynda, and Excel with Business.

6. Blogging/Vlogging

Blogging is a powerful tool if you want to spread your ideas, build your brand, or grow your business. Since it was introduced, blogging has taken on a life of its own, and today there are ~2M blog posts being written on a daily basis.

Where to get started learning: Anyone can start blogging today. All you need is a content-management system like WordPress, which is completely free. Personally, I think the best way to start learning how to blog is to just start writing. There are techniques you can learn on how to promote your blog, but the best way to grow your blog is to write great content.

7. Weight training

Yes, weight training is a skill. It’s not as advanced as learning how to code, nor will it take as long as learning a new language, if you just want to learn the basics.

We’re not promising that you’ll get a body like Arnold Schwarzenegger, but you will see much faster results for whatever goal you have, just by understanding how to workout properly. And of course, when you’re dealing with an activity that involves physical strain, you’ll always want to caution yourself.

Where to get started learning: There are amazing body builders that are sharing all of their secrets for free on Youtube. You can check out Bodybuilding.com’s Youtube channel to get started.

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8. Photo and video editing

In the digital world that we live in, from Youtube, Instagram, and Facebook, there is no avoiding photos and videos. In fact, social media has increasingly gone away from text sharing and almost everything to photo and video editing.

Where to get started learning: For photo editing, you can use Photoshop. For video editing, you can use iMovie or Final Cut Pro. Keep in mind, there are dozens of editing software tools for video and photo editing, but what’s more important are your editing skills, not the tool itself.

Check out education websites like CreativeLIVE or Skillshare, where you can learn from experts themselves on how to best use design and software tools.

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