Lessons Learned - Week 4
I thought the "Defining Dozen" questions for a startup were very helpful and a great resource for the planning stages of a startup. It covers the most important questions you would want to have answered and include in your business development plan. I also learned the important of the PIVOT points that I need to be watching for in a small startup. This was also discussed in the book I read. It's a start to have a great idea, but along the way if something isn't quit working, you need to be able to be flexible and grounded enough to say "my original plan isn't quite right." Then you can work out a modified plan that may work even better than your original idea or plan. If your ego is too big with your original idea, this can become a stumbling block if you are not willing to make changes when necessary. The HMM gave a great review on business plan development. I learned a lot from the descriptions of each section of the business plan. I haven't really ever seen a business plan before, so this was great new information for me to learn about. One point that I will remember is the importance of reviewing your business plan from the reader's point of view. And also to write it specifically tailored to who will be receiving it -- a lender, an investor, or Board of Directors.
$100 Challenge:
I have decided to do the typing/editing/proofreading service for my $100 challenge and have come up with the name "Documents Done Right". I have decided that I will have two phases to this business. Phase I will be the next 2 years while I am still in school and working part-time. I have limited time to spend on anything extra, so my goal is to spend no more than 5 hours per week. Once I have graduated I can decide if I want to pursue this work to supplement my income or find full-time work.
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