Friends-
Previously I blogged about SCORE-Ventura's Oct. 29th workshop where presenters will be digging deeper into how to start, manage and operate a business to realize success.
I'd asked our collective of SCORE-Ventura Counselors why some new businesses fail in the first 1 to 2 years and what the keys to success are? The answers from our experienced SCORE Counselors are still rolling in. Here's what long-time SCORE Counselor and Business leader Curtis Davis says. .
Almost all new businesses fail because the aspiring entrepreneur gets excited about the concept/opportunity, and doesn't think through the basics of what it takes to start, finance, and then run the business.
I question them thoroughly on what they believe they can bring to their market. Most haven’t really thought about it in much detail.
So, the first homework assignment is to obtain SCORE's business plan outline. Then I very firmly say don't write a business plan. Instead, make two columns on a sheet of paper. Left column, what I already know. Right column, what I need to research and learn.
After that, read the business plan outline very carefully one or more times. For each section, write down the things that belong in the left hand column or the right hand column.
This is a very powerful sanity check on the business idea, and on whether the aspiring entrepreneur has the knowledge and where-with-all to start the business being considered. I suspect I prevent a lot of would-be entrepreneurs from ever starting a business using this method. But that’s one of the things we’re here for. And, most importantly, the counselee makes his or her own decision on whether to move forward with the work, not I.
Curtis, thank you for sharing your proven effective counseling process. Readers, please feel free to send questions to score.venture.org@gmail.com. I'll get those and make sure you get your response. You can sign-up for workshops at
www.ventura.score.org phone: 805-204-6022 email: info@scoreventura.org
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