June 19, 2007

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What characteristics do you look for in an entrepreneur?

What qualities or characteristics do you look for in an entrepreneur? If you could create the ideal entrepreneur, what kind of personality traits would that entrepreneur possess?

Some qualities that may come to mind include:

  • Ambitious
  • Creative
  • Energetic
  • Decision-maker
  • Confident
  • Intelligent
  • Strategic-thinker
  • Success-driven
  • Adaptive
  • Motivated
  • Born leader
  • Competitive
  • Optimistic
  • Risk-taker

What other qualities would you add to the list?

Why do you need a business plan?

You may have wondered why you need a business plan in order to receive funding. Why is it so important to investors to have a written document about your business? Bill Payne, expert angel investor says, “General contractors need blueprints. Blueprints are necessary for two reasons; (1) to make sure they do not forget something important and (2) to be able to communicate the plan with others. Entrepreneurs need business plans for the same two reasons. A business plan is a comprehensive review of the venture, covering all aspects of the opportunity. Without a business plan, the entrepreneur cannot easily convince partners, investors, employees and others that he or she has a carefully crafted plan for success of the business.”

An investor wants to see your business plan because it shows you have clearly thought through your business opportunity. You have a plan to guide you to success. Do you have the following forms of a business plan ready for investors?

  1. Full Business Plan
  2. Executive Summary
  3. Elevator Pitch
  4. PowerPoint Presentation