One of the most biggest screw ups I did was follow the same road as a regular Entrepreneur and write a elaborate 30 page business plan complete with 1,3,5 year projections!!! Well I got turned down for financing and two years after writing and revising the plan I said forget it. As I listened at the UE’s seminar I learned how to put together a 60 second speech that defines my business. (I will cover this later in another post)
But here is my 5 minute plan that worked versus my two year plan that screwed me up.
Seven simple questions make up the plan
1. Who am I ( What makes me do what I want to)
2. What Do I make (product)
3. How am I going to sell This? (marketing or selling out the back of your Truck)
4. How am I unique with my woodworking ( niche)
5. Where do I want to go ( Growth and capital)
6. How am I going to get there (projections and 5year plan)
7. What’s Next? ( When you get to where you wanna go)
You can waste time and money on the plan like I did or you can make it simple and put the effort into your business. Even the Urban Entrepreneurs or UE’s need a plan but as UE’s we need to focus more on the business end than the planning. We don’t need the financing we will make it as we go. All profits after taxes and bills go to us not shareholder’s, Banks, or investors. Plan wise and you can make it Plan foolish and waste time and you will sit there and do nothing and allow failure to be an option. I story I remember a story I was told once an eagle and rabbit was sitting and talking and the rabbit asked the eagle can I set and do nothing like you the eagle replied sure well along came a hawk and ate the rabbit the moral of the story to be doing nothing you must be very high up!!! As An urban Entrepreneur we Just can’t afford to sit and do nothing So Stop reading and get to Planning !!!!
-- Proverbs Ch:3 vs 5,6,7 Trust in the lord with all thine heart and lean not unto your own understanding but in all your ways aknowledge him and he shall direct your path firstname.lastname@example.org