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A mélange of high-profile brands and personalities are trying to ride the coattails of the recent explosion in the popularity of crowdfunding. A few short years ago, crowdfunding, or raising large sums of money by soliciting many small donations, was an off-the-beaten-path grassroots movement largely relegated to artists. Not anymore. Crowdfunding has captured [...]
Over nearly three decades in business, I’ve created a mission statement that work well and others that have not. To craft a strong mission statement that's effective, follow these basic rules that I’ve learned along the way. If you want to make a mission statement that you can actually remember, you have [...]
If you're launching a crowdfunding campaign solely to raise money for your business, you're missing the point, says Danae Ringelmann, co-founder of the popular San Francisco-based crowdfunding platform Indiegogo. "There is not a better indication of the market than people actually voting with their dollars," says Ringelmann. "It is so much stronger than [...]
Any small-business owner looking to start or grow will tell you that access to capital is the first thing they think about in the morning and the last thing on their mind before bed. Free-flowing capital allows small businesses to invest in the machinery, supplies, office space and people they need to turn a [...]
One of the pieces of advice I give new clients always surprises them. "Look at your failures and non-starters," I say in the beginning of any meeting, "and let's find some great ideas." This scares some of them since most people want to move on from failures or what they [...]
You have a powerful idea for the next big thing, but before you sell it to anyone, you have to get it all down on paper. It’s time to make a business plan. How do you know if you’re headed in the right direction? Washington State University created an infographic [...]
Years ago, I was hired by a group of entrepreneurs to write a business plan I will never forget. That is because we made a fatal business planning mistake that caused the venture to lose it chance at VC funding. The founders had a personal connection to one of the VC partners and they seemed [...]
Nine out of 10 of all the mission statements I read in business plans are wastes of time, paper or digital space. The rare one is a useful view into strategy or a helpful reminder about long-term goals. I read hundreds of business plans every year. I get to do so since [...]
The better you understand your customer, the faster your business will grow. But new ventures often struggle to define their target market and set their sights too broadly. "We often overestimate the market size, and in many cases there may not be one at all," says Robert Hisrich, director of the Walker [...]
At a fascinating session at last week's BostInno conference at the Westin Boston Waterfront Hotel, senior executives from a mix of local companies were candid in citing the most important factors in growing their startups to a valuation of at least $1 billion. Before the conference, Mike Troiano, a marketing executive at data-appliance [...]
I’ve been asked many times to lay out my magic formula for building a successful small or medium-sized business. I usually respond by saying there's no magic, only hard work and experience. While this is certainly true, the success of a small or medium-sized business depends on dedicated execution of the following: articulating a clear mission, hiring the right [...]
A company’s mission statement can come in many forms. Do you promise to put your customers’ needs first or to develop quality products, innovative applications or intuitive technology? Some statements are only a sentence, while others may run several paragraphs. By definition, a mission statement describes the purpose of a business, so [...]
