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Just finished #theleanstartup with the @merchlabs team. Highly recommend this book for any aspiring innovator or entrepreneur. Solid methods that can be integrated right away with measurable results. Stop dreaming and start planning. Adding science behind conceptual innovation creates a higher frequency of productive output and less waste... thank you @ericries for writing this phenomenal book! 📚👍🙏💪 #talklessreadmore #innovationhacks #executeefficiently #entrepreneursjourney
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While this is an obvious strategy for minimizing risk, its interesting to note that the age dependence. One would assume that younger entrepreneurs would be given the most support. This would give them ample grow and mature their businesses into sustainable industries.
Love business, not your business
You hear it from many experts, 'start with the end in mind..'
I guess that this is somewhat of a general life hack, be it in your spiritual, career or social life. It's the same with business, as Dr Rob Smorfitt explained to us today. A business is a vehicle, a milestone but not the finish line, becoming emotionally attached to your business can be detremental to both you and your business.
A mandate and exit strategy are therefore cose aspects of the corporate strategy of a business plan. Knowing the goals of your business is essential but identifying the associated exit point is an aspect we tend to brush over either because we are in denial of in a comfornt zone. The business plan should these indicators within the corporate strategy to the bottom line in the business strategy. Emotions within a business tend to blur such decisions with a net effect of increasing your opportunity costs of business, against your business.
Translating Technology
Recently I was completing a funding application for the Technology Innovation Agency (TIA) and found it absurdly difficult to communicate the technology without technical terms. It's a skill that I'm learning but have not mastered. Creating a synergy in the thought process between inventor and investor is the key to translating technology. They really only want a feel for the concept that underpins the value proposition. Try not to get nerdutious about the workings, save that jargon for the patent ;)
So it's great to see that KZN Treasury its annual Funding Fair. It's always enlightening to bring innovators together. A cold fusion of thoughts and a burst of ideas generally result. This year the fair will carry over two days with the first focused on how to pitch ideas and the types of funding available. The Funding Fair runs from 11-12 June 2014 in Pietermaritzburg and 15-16 October 2014 in Newcastle.
Together with this, the fair will provide a B2B interaction between entrepreneurs and various funding parties. Browse the website, it may interest you.
Here's a link that helped me substantially with my initial pitches.
