<![CDATA[The Business Forum]]> http://www.elifelines.org/ Wed, 04 Jun 2008 20:12:15 +0000 PunBB <![CDATA[Connecting]]> http://www.elifelines.org/topic/51/connecting/new/posts/ I'm looking to connect with other entrepreneurs in the Pittsburgh area but am having a slow time of it. I'm wanting to partner on a business idea. I have ideas but they may or may not be the right one.

I'm looking for other people that have varying experience to partner with, who can support their self as we build a startup business. We will all need to work full-time day hours on the business.

My background is in computer technology, so I would be looking to start a business that either sells a computer hardware/software product or uses proprietary software to gain a competitive advantage in some industry.

Finding the right partners takes time and effort, so I would like to connect with people and start talking informally to let us find out if we are a match.

If anyone is interested please post here and we can make arrangements to first talk on the phone, email, IM, or whatever.


Rich

]]> Wed, 04 Jun 2008 20:12:15 +0000 http://www.elifelines.org/topic/51/connecting/new/posts/ <![CDATA[Dean Casutt about a possible Download Section]]> http://www.elifelines.org/topic/26/dean-casutt-about-a-possible-download-section/new/posts/ I'm Dean Casutt, I was thinking that a download section will also be welcome. To put there all sort of materials on the subject, and if someone has something wich worths sharing to just drop it there.
   Hope it makes sense and it's not impossible.
  Dean Casutt

]]> Thu, 01 Feb 2007 15:53:43 +0000 http://www.elifelines.org/topic/26/dean-casutt-about-a-possible-download-section/new/posts/ <![CDATA[Login problems - Glen Kawesch]]> http://www.elifelines.org/topic/25/login-problems-glen-kawesch/new/posts/ HI, I'm Glenn Kawesch and I tried to post here using Internet Explorer 7 but it keeps showing me the login form, even though I am already logged in. It worked great with Firefox though... I think that's a bug or something.

Regards,
     
Glenn Kawesch

]]> Thu, 01 Feb 2007 14:04:09 +0000 http://www.elifelines.org/topic/25/login-problems-glen-kawesch/new/posts/ <![CDATA[jack boyajian - rss feeds]]> http://www.elifelines.org/topic/24/jack-boyajian-rss-feeds/new/posts/ Hello my name is Jack Boyajian.

My ideea is to add some rrs feeds too.That will be nice.:)

All the best

Jack Boyajian

]]> Mon, 29 Jan 2007 18:12:32 +0000 http://www.elifelines.org/topic/24/jack-boyajian-rss-feeds/new/posts/ <![CDATA[Your first round of financing]]> http://www.elifelines.org/topic/22/your-first-round-of-financing/new/posts/ I am a big believer in self financing, even if you need outside capital to be very successful.  The first reason is you will get better terms from an outside investor if you can prove your concept with your own money.  Secondly, an outside investor always will feel more confident investing in your business if you have skin in the game as well to lose beyond just your time.  At an Elifelines event held in April of 2005, I believe Glen Meakem used an analogy of walking over glass or something like that and showing total commitment to your company.  A large part of that is putting your own resources at risk.  Also tap friends and family to get initial funding.

]]> Mon, 25 Sep 2006 01:42:56 +0000 http://www.elifelines.org/topic/22/your-first-round-of-financing/new/posts/ <![CDATA[The Entrepreneur's Advantage]]> http://www.elifelines.org/topic/21/the-entrepreneurs-advantage/new/posts/ Everyone talks about sweat equity as a key advantage entrepreneurs enjoy over larger, better capitalized organizations.  However, the successful entrepreneurs who can grow their business beyond just their sweat equity advantage are often able to brand their business's goal into a larger purpose which their staff can latch onto and motivates them.  It can be more fun to work in a small but committed organization and they tend to feel more passionate about what they do.  As a result, the work effort can be much harder from staff if the entrepeneur can inspire his or her staff to grasp the essense of the higher mission of the company.

]]> Mon, 25 Sep 2006 01:38:45 +0000 http://www.elifelines.org/topic/21/the-entrepreneurs-advantage/new/posts/ <![CDATA[Lawyers! Arghhhh!]]> http://www.elifelines.org/topic/19/lawyers-arghhhh/new/posts/ Is that how you feel? $250 an hour, if you're lucky, and what do you get for it?

Your corporate counsel, along with your IP counsel, make up the walls and cannons of your company's fortress. A good attorney truly cares:

a) for you as an entrepreneur and a human being,
b) for your company's success, and
c) for your employees' and shareholders' interests.

You must manage your attorney. A poor attorney, or an attorney under company stress will rack up the hours while trying to do a good job for you. You will need to pick through your itemized legal bills with a toothpick.

Conversely:

1) The great ones understand the world you live in, and the orbits you fly on, all the time.
2) The great ones will answer your e-mail quickly, smartly, and effectively.
3) The great ones will take you lunch, or out for a beer, at their expense, once in while, and get you to talk about all the things you keep bottled up.
4) The great ones will make sure their advice is understood and listened to.
5) The great ones will force your hand and not let you sign a contract because you think it the right thing to do when in truth you are refusing to acknowledge an important legal issue.

]]> Thu, 06 Apr 2006 19:21:45 +0000 http://www.elifelines.org/topic/19/lawyers-arghhhh/new/posts/ <![CDATA[The web site]]> http://www.elifelines.org/topic/18/the-web-site/new/posts/ What is the first thing YOU do when you are studying a company you are not familiar with? You go to their web site of course!

Take your time designing and engineering your website because it is likely to be the first way your customers will get to know you. It needs to be:

1) Easy to use
2) Clear to navigate
3) Informative and friendly
4) Uncluttered

Remember, your customer is navigating through your site looking for information.  The easier it is to get answers, and to contact you if necessary, the easier it will be for you to close the sale.

]]> Sun, 02 Apr 2006 19:49:20 +0000 http://www.elifelines.org/topic/18/the-web-site/new/posts/ <![CDATA[Insurance for your employees]]> http://www.elifelines.org/topic/17/insurance-for-your-employees/new/posts/ For your employees, a good benefits package will include the following iunsurance offerings:

Health, Vision, Dental Insurances
Life Insurance
Accidental Death Insurance
Dependent Life Insurance
Short Term Disability Insurance
Long Term Disability Insurance
Long Term Care Insurance

]]> Sun, 02 Apr 2006 19:45:34 +0000 http://www.elifelines.org/topic/17/insurance-for-your-employees/new/posts/ <![CDATA[Types of company insurance]]> http://www.elifelines.org/topic/16/types-of-company-insurance/new/posts/ You will need many if not all of the following coverages for your company:

Property and Liability
Errors and Omissions
Commercial Business Auto
Umbrella
Key Man Life
Workers Compensation
Director and Officers

]]> Sun, 02 Apr 2006 19:42:19 +0000 http://www.elifelines.org/topic/16/types-of-company-insurance/new/posts/ <![CDATA[Sometimes it just doesn't work out]]> http://www.elifelines.org/topic/15/sometimes-it-just-doesnt-work-out/new/posts/ The days of hiring people based on a job description are gone. Indeed in the past Human Resource Departments refused to admit that individuals often designed jobs based on their skill sets, whereas HR felt that every position description had to be predefined and all incumbents had to fi those job requirements forever more.

You are mainly looking for a cultural fit with the company you are building. An applicant who clicks with you has a very high chance of becoming a superstar in your company.

At the end of an employee's first month, ask him or her "Do you have any regrets?". Ask yourself the same question.

Within a month you should start feeling good about a person. Within three months you should be certain whether you hired a winner or not.

If someone is working out really well, fitting in with the team, and contributing to the business, take the time to tell them so. A good word builds their respect for you, and for the company.

If someone does not fit, is not performing, or is detrimental to the work of others, make the difficult decision quickly and without emotion.

]]> Sun, 02 Apr 2006 19:36:11 +0000 http://www.elifelines.org/topic/15/sometimes-it-just-doesnt-work-out/new/posts/ <![CDATA[The first investors]]> http://www.elifelines.org/topic/14/the-first-investors/new/posts/ So much as been written about this topic and you can read many great books on the subject.

A simple chronology might look like this:

1) Months 1-6

who: friends and family
how much: $50-100k
where: out of your house, or a friend's office
what: initial marketing review, initial business plan, a concept device

2) Months 6-12

who: Innovation Works, The Digital Collaborative, The Pittsburgh Lifesciences Greenhouse
how much: $100-250k
where: in anincubator, or a shared office suite
what: first prototype, first patent application

3) Months 12-24

who: Individual Angels, Angel Groups such as Blue Tree and Advanced Global Technologies, Innovation Works, The Digital Collaborative, The Pittsburgh Lifesciences Greenhouse
how much: $500k-1M
where: in your own office space
what: first sales, if you are lucky you will have repeat sales

4) Months 24-48
who: your current investors, your customers or corporate partners, venture capitalists
how much: $2-10M
where: in your own office space
what: a path to positive cash flow

]]> Sun, 02 Apr 2006 19:22:32 +0000 http://www.elifelines.org/topic/14/the-first-investors/new/posts/ <![CDATA[The Big Questions]]> http://www.elifelines.org/topic/13/the-big-questions/new/posts/ This is the framework I use to raise money for my company. It may or may not apply to your ideas. This certainly helps in forming and presenting a clear idea of what a company does for a living.

1. What is the product or service?
2. Who is buying it?
3. How big is the market?
4. What is the value proposition for the customer?
5. What are the economics for the company?
6. What is your competitive advantage?
7. Who are the people involved?
8. What is the three to five year projection?
9. How much money has been raised to date and from whom?
10. How much money is being raised?
11. What will be accomplished on this round of financing?

Ideally these questions are answered in a summary of twelve or so  paragraphs (one answer to each question) and one chart (the  projections), captured in two pages or presentation that covers the same issues in fifteen slides.

]]> Sun, 02 Apr 2006 19:11:50 +0000 http://www.elifelines.org/topic/13/the-big-questions/new/posts/ <![CDATA[You are selling yourself]]> http://www.elifelines.org/topic/12/you-are-selling-yourself/new/posts/ You will hear the following statement from every angel investor you talk to: "I am investing in you, I am not investing in your business".

The most precious product you are selling is yourself: you must maintain the highest levels of ethics, reputation, integrity, and honesty.  It only takes one slipup to land you in the gutter. The investment community is small and everyone knows everyone else, nationwide. You will find that people will cold call you because someone who respects you is passing your name along, because you are respected.

]]> Sun, 02 Apr 2006 19:10:16 +0000 http://www.elifelines.org/topic/12/you-are-selling-yourself/new/posts/ <![CDATA[The Big Questions]]> http://www.elifelines.org/topic/11/the-big-questions/new/posts/ Ask yourself the following ten questions. They will help you plan, your business, your investor pitch, your financial model, and your business plan.  This is the framework I use to raise money for my company. It may or may not apply to your ideas. This certainly helps in forming and presenting a clear idea of what a company does for a living.

1. What is the product or service?
2. Who is buying it?
3. How big is the market?
4. What is the value proposition for the customer?
5. What are the economics for the company?
6. What is your competitive advantage?
7. Who are the people involved?
8. What is the three to five year projection?
9. How much money has been raised to date and from whom?
10. How much money is being raised?
11. What will be accomplished on this round of financing?

Ideally these questions are answered in a summary of twelve or so  paragraphs (one answer to each question) and one chart (the  projections), captured in two pages or presentation that covers the same issues in fifteen slides.

]]> Sun, 02 Apr 2006 19:06:03 +0000 http://www.elifelines.org/topic/11/the-big-questions/new/posts/