Issue 070601 2nd/3rd Quarter 2007
Get real – plan & well financed.
The goals of your business venture must be well planned with definable goals, with materials, resource and personnel allocation and manageable delivery schedules. Your goal may be to license your design rights to the product/ idea or acquire investors to contract manufacturer or go into the “new great design” product manufacturing and selling business. Consider the Segway Human Transporter (a 2 wheeled human scooter) product, it’s a great idea, fantastic engineering, well financed (90 million in Spring 2000), now in jeopardy of business failure. Public concern over social policy and accident potential is stalling sales and further venture capital. (WIRED March 2003, “How the Segway’s Breakdown” by Gary Rivlin) investment. The more time and money you spend on the project or new business should proportionally start reducing your risk of failure and increasing your chances of success. No one can foresee the market tides but your best bet is to do it right the first time. Typically, no investor will consider your product business venture unless you have assembled this new business venture into a well presented business plan.
We suggest your business plan should contain an extremely well written 3 page summary or brief, with supporting photos of a prototype model. No typos or bad drawings or misprints. If possible assemble the information into a Microsoft/PowerPoint presentation, CD disk and or short video. In order to assemble this business plan you will need to estimate the costs of manufacturing of your new design “idea”. But, most importantly establish exactly what the goals are and when are they to be accomplished?
The empowerment slogan for the year: “Enthusiasm is excitement with inspiration, motivation, and a pinch of creativity.” Bo Bennett