Preferably based in the Algarve, with an interest in sport, a knowledge of the internet (from marketing online to web development) and good English.
Contact me at tomas@swiftmomentumsports.com
Wednesday 16 November 2011
People want too much.
It's weird, here I am, a start-up entrepreneur with nothing, not a client to my name and people are envious of me and working against me. They seem to completely over look that I have given 20hr a week to this for the past year and put every meager penny in... I guess they will find out for themselves that it ain't as easy as it seems!
You get two types of person in economic life, the entrepreneur and the worker, both good, both rewarding. But there are in between types like the dreamer and the schemer, who is a worker without a work ethic and an entrepreneur without ideas. Make note of who the schemers might be and keep them away from the core of your business or idea. Dreamers might be risk averse or lack the resources to set up a business.
You get two types of person in economic life, the entrepreneur and the worker, both good, both rewarding. But there are in between types like the dreamer and the schemer, who is a worker without a work ethic and an entrepreneur without ideas. Make note of who the schemers might be and keep them away from the core of your business or idea. Dreamers might be risk averse or lack the resources to set up a business.
Monday 14 November 2011
Tips on pitching an idea to investors
Some excellent tips on pitching an idea to investors:
http://garyjrowe.com/2011/09/05/top10/
May I add, I wouldn't recommend going anywhere near venture capitalists. The people who have an interest in developing a micro business are business angels and potential co-founders. It's important to understand what you are asking for, so that you may ask the right type of investor.
The bank is a good option if you want expensive, short term credit for small values. Personally I wont go anywhere near them aside the odd blip into the red now and then, but nothing I can't guarantee and pay back from my own funds.
Think big. I made a plan that asked for €3000.00 (A hard enough sum of money to squirrel away on €600.00 a month, rent, food and car to pay). This kind of investment falls into the "family and friends" category, not really something that will have an investor outside your circle pricking their ears.
Put your money where your months is and take the necessary risks. If you are willing to risk everything, then people will think you've got a good reason for doing so, or at least that you are committed to the project...
http://garyjrowe.com/2011/09/05/top10/
May I add, I wouldn't recommend going anywhere near venture capitalists. The people who have an interest in developing a micro business are business angels and potential co-founders. It's important to understand what you are asking for, so that you may ask the right type of investor.
The bank is a good option if you want expensive, short term credit for small values. Personally I wont go anywhere near them aside the odd blip into the red now and then, but nothing I can't guarantee and pay back from my own funds.
Think big. I made a plan that asked for €3000.00 (A hard enough sum of money to squirrel away on €600.00 a month, rent, food and car to pay). This kind of investment falls into the "family and friends" category, not really something that will have an investor outside your circle pricking their ears.
Put your money where your months is and take the necessary risks. If you are willing to risk everything, then people will think you've got a good reason for doing so, or at least that you are committed to the project...
Sunday 13 November 2011
To tell or not tell -The importance of the secret.
I 've been caught out on this a couple of times. Telling the wrong people my ideas. This was okay up to the point until I put my money where my mouth is, but since then people have pricked their ears and copied what they can.
While a lot of the added value in Swift Momentum Sports comes from my direct involvement in the project, any original idea I've had is rapidly copied. But you have to tell people what you're doing right? No, you don't. A car sales man knows nothing of the efficiencies garnered by the use of a micro turbo on a small engine... They just say "TURBO!"
It's frightening, but to use a sporting analogy "They don't win, or let others win". People are happy just to watch you fail. I have found this is the case with anyone: Who has never been self employed. People with a lack of creativity.
When divulging your idea, you are taking a gamble (unless you have intelectual property, but even so...)
While a lot of the added value in Swift Momentum Sports comes from my direct involvement in the project, any original idea I've had is rapidly copied. But you have to tell people what you're doing right? No, you don't. A car sales man knows nothing of the efficiencies garnered by the use of a micro turbo on a small engine... They just say "TURBO!"
It's frightening, but to use a sporting analogy "They don't win, or let others win". People are happy just to watch you fail. I have found this is the case with anyone: Who has never been self employed. People with a lack of creativity.
When divulging your idea, you are taking a gamble (unless you have intelectual property, but even so...)
- The person must not be local to you.
- The person must not be involved in the same industry.
- The person must not have any involvement with anyone of importance in the same industry.
Look for people who have achieved success in other areas and they can help you. And there are very good people among business angels, who may not invest, but will entertain your idea and give you valuable advice.
Anyway, there is a portuguese saying "O segredo é a alma do negocio!" which means "The secret is the soul/spirit of the deal/business!" I.e. there is no valuable idea, that doesn't carry a secret to keep.
Friday 11 November 2011
Start-up capital is absolutely necessary.
I started my business with €2700. I didn't have a choice. It was either start the business, or let the idea fade back into the ether. That was force of circumstance. Preferentially, I would have started with €12 000.
There is no such thing as starting a business with no capital. It's nonsense perpetuated by myths of great fortunes earned by self-made people. While these myths might be true in part, those entrepreneurs certainly didn't get there without some measure of capital and/or cunning.
A lot comes from peoples attitude to money. A penny is still money and every penny counts. People spend their lives putting €100 000 together to buy a house, now imagine trying to put aside a mere €5000 to start a business "with nothing", it's very hard and a huge gamble for most folks.
I can't say what the right amount of capital is, but it's more than the minimum, but not enough tobecome complacent. I have found that using the minimum is risking a lot time and effort.
There is no such thing as starting a business with no capital. It's nonsense perpetuated by myths of great fortunes earned by self-made people. While these myths might be true in part, those entrepreneurs certainly didn't get there without some measure of capital and/or cunning.
A lot comes from peoples attitude to money. A penny is still money and every penny counts. People spend their lives putting €100 000 together to buy a house, now imagine trying to put aside a mere €5000 to start a business "with nothing", it's very hard and a huge gamble for most folks.
I can't say what the right amount of capital is, but it's more than the minimum, but not enough tobecome complacent. I have found that using the minimum is risking a lot time and effort.
Marketing must not to be over looked.
Marketing is something I completely over looked.
I started my business with the absolute minimum capital to make it legal (which is quite a lot in Portugal). Marketing was something I held in secondary importance. The main reason for this is that the business models I am familiar with have made little or no use of the normal channels of publicity. In fact I know few micro-businesses that have asserted themselves beyond their niche through an innovative marketing policy, which is probably why they are micro-businesses.
Marketing is absolutely key! If no one knows about your business, how are they going to buy from it?
I was naive to think that I could build a business without it. However, a plan now exists that will get our name out more effectively.
I started my business with the absolute minimum capital to make it legal (which is quite a lot in Portugal). Marketing was something I held in secondary importance. The main reason for this is that the business models I am familiar with have made little or no use of the normal channels of publicity. In fact I know few micro-businesses that have asserted themselves beyond their niche through an innovative marketing policy, which is probably why they are micro-businesses.
Marketing is absolutely key! If no one knows about your business, how are they going to buy from it?
I was naive to think that I could build a business without it. However, a plan now exists that will get our name out more effectively.
A business plan should be ever evolving.
A mistake I made regarding our business plan is that it requires constant development. A business plan isn't something static in time. As many investors point out, things rarely pan out as delineated by the business plan. Investors look for the person, not the plan.
Now I have found that a business plan is useful. But for it to be useful, it has to be accurate and actual. Hence it's an ever evolving process that should not go a step without being updated.
For example. I completed my first business plan not long ago. But, my business is not performing as delineated in the plan. In the mean time the idea surrounding the business, including the actual business model has changed dramatically, while the business looks the same.
Changes must be reflected in the business plan.
Now I have found that a business plan is useful. But for it to be useful, it has to be accurate and actual. Hence it's an ever evolving process that should not go a step without being updated.
For example. I completed my first business plan not long ago. But, my business is not performing as delineated in the plan. In the mean time the idea surrounding the business, including the actual business model has changed dramatically, while the business looks the same.
Changes must be reflected in the business plan.
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