Comments on: The Entrepreneur's Startup Check List http://www.toiletpaperentrepreneur.com/skill-toolbox/the-entrepreneurs-startup-check-list/ Wed, 23 May 2012 13:57:00 +0000 hourly 1 By: Mike Michalowicz http://www.toiletpaperentrepreneur.com/skill-toolbox/the-entrepreneurs-startup-check-list/#comment-3539 Mike Michalowicz Mon, 27 Jul 2009 15:02:41 +0000 http://www.toiletpaperentrepreneur.com/blog/?p=424#comment-3539 @Leslie - When it comes to banks, we do need to play by there rules, but recognize that they will have no influence on how we run our business. The reason for the incongruency is that banks need to see and measure consistent growth... but in fact entrepreneur growth is very much peaks and valleys. Entrepreneurs experience spikes during growth and slow downs, and we use a dynamic plan to "go with the flow". Unfortunately if a banker saw a "peaks and valleys revenue and profit chart in your biz plan, you would not get funded. So... to play the banker game, you need to follow their rules. To play the entrepreneur game, you have to follow a whole different set of rules. One final note, certain investors (angels for example) understand what entrepreneurship is all about, and recognize how off the projections of business plans are. They are more likely to invest in a dynamic plan. - Mike @Leslie – When it comes to banks, we do need to play by there rules, but recognize that they will have no influence on how we run our business. The reason for the incongruency is that banks need to see and measure consistent growth… but in fact entrepreneur growth is very much peaks and valleys. Entrepreneurs experience spikes during growth and slow downs, and we use a dynamic plan to “go with the flow”. Unfortunately if a banker saw a “peaks and valleys revenue and profit chart in your biz plan, you would not get funded.

So… to play the banker game, you need to follow their rules. To play the entrepreneur game, you have to follow a whole different set of rules.

One final note, certain investors (angels for example) understand what entrepreneurship is all about, and recognize how off the projections of business plans are. They are more likely to invest in a dynamic plan.

- Mike

]]> By: Leslie K. Gray http://www.toiletpaperentrepreneur.com/skill-toolbox/the-entrepreneurs-startup-check-list/#comment-3538 Leslie K. Gray Mon, 27 Jul 2009 13:48:53 +0000 http://www.toiletpaperentrepreneur.com/blog/?p=424#comment-3538 Thanks for the info on facebook. Do have a question with out a business plan how do the banks etc... aid you and the business? Thanks for the info on facebook. Do have a question with out a business plan how do the banks etc… aid you and the business?

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