lunch with jeff sloan from startupnation.com

i was really encouraged after lunch today with jeff sloan, (a perpetual entrepreneur) co-founder of startupnation.com. the only thing i feel like i need to improve is writing a business plan for every project. i make the case in my head, and have been profitable without a business plan, but now as i approach selling my first sites, i’m realizing that a business plan helps clarify and solidify things for me…and potential investors.

for my fellow entrepreneurs, i wanted to recap the discussion…i think it’s always good to remind yourself why you’re married to your laptop.

passion + good idea + execution + business fundamentals = success!!!

“an average entrepreneur can take a great idea and fail. a great entrepreneur can take an average idea and succeed.”

here are jeff’s tips (and of course you can get more from the phenomenal resources on his site):

use equity to create value and pull in resources. can you get a great CEO to come on board for equity…do you want to own 90% of a grape or 10% of a watermelon? (wait…did someone say WATERMELON?)
formalize your strategy for communicating with customers, employees, owners, etc. (what is your brand narrative?!) be proactive.
outsource (not necessarily offshore)…farm out non-core functions, and be a good manager. (methinks the managing part is the hardest)
team up with strategic partners who can help you achieve your goals faster and easier.
PR is free. Use your narrative. Get press. Position yourself as an expert (also known as mavenship).
Manage your burn rate to the extremes. Free pen? Take it. Make coffee at home (who pays $5 for coffee anyways?!). Anyone who has ever bootstrapped knows what it’s like to have no money even though you’re working your ass off all the time, and you got your girlfriend to be your first investor…
Know thy end game. Where is the THERE? Work backwards from your goal.

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Tagged as: bootstrapping, brand narrative, branding, entrepreneurship, jeff sloan, startupnation.com