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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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Last Updated on August 16, 2018

10 Huge Differences Between A Boss And A Leader

10 Huge Differences Between A Boss And A Leader

When you try to think of a leader at your place of work, you might think of your boss – you know, the supervisor in the tasteful office down the hall.

However, bosses are not the only leaders in the office, and not every boss has mastered the art of excellent leadership. Maybe the best leader you know is the co-worker sitting at the desk next to yours who is always willing to loan out her stapler and help you problem solve.

You see, a boss’ main priority is to efficiently cross items off of the corporate to-do list, while a true leader both completes tasks and works to empower and motivate the people he or she interacts with on a daily basis.

A leader is someone who works to improve things instead of focusing on the negatives. People acknowledge the authority of a boss, but people cherish a true leader.

Puzzled about what it takes to be a great leader? Let’s take a look at the difference between a boss and a leader, and why cultivating quality leadership skills is essential for people who really want to make a positive impact.

1. Leaders are compassionate human beings; bosses are cold.

It can be easy to equate professionalism with robot-like impersonal behavior. Many bosses stay holed up in their offices and barely ever interact with staff.

Even if your schedule is packed, you should always make time to reach out to the people around you. Remember that when you ask someone to share how they are feeling, you should be prepared to be vulnerable and open in your communication as well.

Does acting human at the office sound silly? It’s not.

A lack of compassion in the office leads to psychological turmoil, whereas positive connection leads to healthier staff.[1]

If people feel that you are being open, honest and compassionate with them, they will feel able to approach your office with what is on their minds, leading to a more productive and stress-free work environment.

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2. Leaders say “we”; bosses say “I”.

Practice developing a team-first mentality when thinking and speaking. In meetings, talk about trying to meet deadlines as a team instead of using accusatory “you” phrases. This makes it clear that you are a part of the team, too, and that you are willing to work hard and support your team members.

Let me explain:

A “we” mentality shifts the office dynamic from “trying to make the boss happy” to a spirit of teamwork, goal-setting, and accomplishment.

A “we” mentality allows for the accountability and community that is essential in the modern day workplace.

3. Leaders develop and invest in people; bosses use people.

Unfortunately, many office climates involve people using others to get what they want or to climb the corporate ladder. This is another example of the “me first” mentality that is so toxic in both office environments and personal relationships.

Instead of using others or focusing on your needs, think about how you can help other people grow.

Use your building blocks of compassion and team-mentality to stay attuned to the needs of others note the areas in which you can help them develop. A great leader wants to see his or her people flourish.

Make a list of ways you can invest in your team members to help them develop personally and professionally, and then take action!

4. Leaders respect people; bosses are fear-mongering.

Earning respect from everyone on your team will take time and commitment, but the rewards are worth every ounce of effort.

A boss who is a poor leader may try to control the office through fear and bully-like behavior. Employees who are petrified about their performance or who feel overwhelmed and stressed by unfair deadlines are probably working for a boss who uses a fear system instead of a respect system.

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What’s the bottom line?

Work to build respect among your team by treating everyone with fairness and kindness. Maintain a positive tone and stay reliable for those who approach you for help.

5. Leaders give credit where it’s due; bosses only take credits.

Looking for specific ways to gain respect from your colleagues and employees? There is no better place to start than with the simple act of giving credit where it is due.

Don’t be tempted to take credit for things you didn’t do, and always go above and beyond to generously acknowledge those who worked on a project and performed well.

You might be wondering how you can get started:

  • Begin by simply noticing which team member contributes what during your next project at work.
  • If possible, make mental notes. Remember that these notes should not be about ways in which team members are failing, but about ways in which they are excelling.
  • Depending on your leadership style, let people know how well they are doing either in private one-on-one meetings or in a group setting. Be honest and generous in your communication about a person’s performance.

6. Leaders see delegation as their best friend; bosses see it as an enemy.

If delegation is a leader’s best friend, then micromanagement is the enemy.

Delegation equates to trust and micromanagement equates to distrust. Nothing is more frustrating for an employee than feeling that his or her every movement is being critically observed.

Encourage trust in your office by delegating important tasks and acknowledging that your people are capable, smart individuals who can succeed!

Delegation is a great way to cash in on the positive benefits of a psychological phenomenon called a self-fulfilling prophecy. In a self-fulfilling prophecy, a person’s expectations of another person can cause the expectations to be fulfilled.[2]

In other words, if you truly believe that your team member can handle a project or task, he or she is more likely to deliver.

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Learn how to delegate in my other article:

How to Delegate Work (the Definitive Guide for Successful Leaders)

7. Leaders work hard; bosses let others do the work.

Delegation is not an excuse to get out of hard work. Instead of telling people to go accomplish the hardest work alone, make it clear that you are willing to pitch in and help with the hardest work of all when the need arises.

Here’s the deal:

Showing others that you work hard sets the tone for your whole team and will spur them on to greatness.

The next time you catch yourself telling someone to “go”, a.k.a accomplish a difficult task alone, change your phrasing to “let’s go”, showing that you are totally willing to help and support.

8. Leaders think long-term; bosses think short-term.

A leader who only utilizes short-term thinking is someone who cannot be prepared or organized for the future. Your colleagues or staff members need to know that they can trust you to have a handle on things not just this week, but next month or even next year.

Display your long-term thinking skills in group talks and meetings by sharing long-term hopes or concerns. Create plans for possible scenarios and be prepared for emergencies.

For example, if you know that you are losing someone on your team in a few months, be prepared to share a clear plan of how you and the remaining team members can best handle the change and workload until someone new is hired.

9. Leaders are like your colleagues; bosses are just bosses.

Another word for colleague is collaborator. Make sure your team knows that you are “one of them” and that you want to collaborate or work side by side.

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Not getting involved in the going ons of the office is a mistake because you will miss out on development and connection opportunities.

As our regular readers know, I love to remind people of the importance of building routines into each day. Create a routine that encourages you to leave your isolated office and collaborate with others. Spark healthy habits that benefit both you and your co-workers.

10. Leaders put people first; bosses put results first.

Bosses without crucial leadership training may focus on process and results instead of people. They may stick to a pre-set systems playbook even when employees voice new ideas or concerns.

Ignoring people’s opinions for the sake of company tradition like this is never truly beneficial to an organization.

Here’s what I mean by process over people:

Some organizations focus on proper structures or systems as their greatest assets instead of people. I believe that people lend real value to an organization, and that focusing on the development of people is a key ingredient for success in leadership.

Learning to be a leader is an ongoing adventure.

This list of differences makes it clear that, unlike an ordinary boss, a leader is able to be compassionate, inclusive, generous, and hard-working for the good of the team.

Instead of being a stereotypical scary or micromanaging-obsessed boss, a quality leader is able to establish an atmosphere of respect and collaboration.

Whether you are new to your work environment or a seasoned administrator, these leadership traits will help you get a jump start so that you can excel as a leader and positively impact the people around you.

For more inspiration and guidance, you can even start keeping tabs on some of the world’s top leadership experts. With an adventurous and positive attitude, anyone can learn good leadership.

Featured photo credit: Unsplash via unsplash.com

Reference

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