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3 Things To Know About New Ventures

I see this kind of thing all the time in my line of work, whether its a start up, new business division, new initiative or any new “venture”. Scott Anthony talks about this in his “Three Questions for Entrepreneurs’. Check out this excerpt.

-DF

3 Things to Know About New Ventures

By: Scott Anthony

All new ventures are fragile. Even if revenues are growing, chances are your company hasn’t yet hit breakeven. Be sure you know these three things to manage through this precarious time:

– How many days you have to live. Businesses fail because they run out of cash (DF note: This also applies to initiatives, new product development, etc.). Knowing exactly how many months or days you have to live can help you better manage costs and your funding strategy.

– Why you are doing this (DF Note: Duh!). Success requires hard work and constant attention. If you don’t know exactly why you should make the effort, neither will your funders.

– The top two critical issues. Be precise about which two issues deserve the highest priority (DF Note: This could be dynamic and change daily, weekly, monthly – be prepared to shift, adjust and fire for effect!). These may not be the most urgent, but are the ones that matter most to your venture’s success.

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Written by David Frederick

June 25, 2010 at 12:28 PM

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