As down as some of the media are on the economy, it’s heartening to know that all business is never down. There are pockets of our economy that rise when others are taking their beating.
We are starting to hear chatter over the wires of the next round of entrepreneurs who are ready to launch their ventures. It seems over the last year some of you have really hunkered down, developed your proof of concept, gotten your funding lined up and got to work on your products or service.
And by “getting your funding lined up” we’re not exclusively talking about start-ups. There are plenty of mature businesses who are prepared to diversify their offerings by entering new markets or creating new products/services with the help of private equity firms. Whether you are big or small and looking to grow despite the current economic conditions (aren’t we all!!!), then these are things investors will be looking for:
• A well-developed offering “proof of concept”
• A credible, successful management team
• A well-defined business plan
• Validation from the market or prospect group of interest to buy
• A marketing plan that clearly states the target position against competitors and how you seek to maximize that position
• And last but not least, actual tangible progress toward selling and delivering your offer.
Don’t wait for the money. Work while you shop for the right investor that shares your values, interests and specialties. It’s officially the second half of 2010. There is no time like now to find your sweet spot and launch the next great business or product.