Do You Really Want to Start a Business?

Things to consider

by Bill Decker

Disclaimer: I Hate Power Point. Never liked it. Bad Crutch.

I still don’t like it.Why is everyone so hooked on it?

That’s Why I Formed M.A.P.P.

(Men Against Power Point)

All Kidding Aside. There are Forks in the Road. Decisions to

Make

Do you want a “lifestyle” business or a “wealth creating” business?

Lifestyle: (e.g.) Coach, Trainer, Real Estate Agent, Coffee Shop

Wealth Creating: (e.g.) Software firm, School, Chain of Coffee

Shops

Next Fork: Go With The Wave or Fight Against the Wave?

Starbucks Fought the WaveSecond Cup Rode the Wave

Starbucks is more valuableSecond Cup was an easier sell

Fork: Do you work On your business? Or do you work IN

your business?

Buy or Build?What are the Pros and Cons of each?

Pros of Buying:System/Market

Share/Education/Clients/“Turn Key”/Faster Time to Market

Cons of Buying:Clean canvas? Shadow organization?

Debts? Overpayment? Intermediaries? Bad Deals Made?

Pros Of Building:Your Movie. Your Way. Less

Surprises. No Rules. No Rulebook.

Cons of Building:Hard. Slow. Lonely. No Rules. No

rulebook. No clients.

Building Makes Sense for Wealth Creation.

Buying Makes Sense for Lifestyle Company.

Next Fork: Partners or Not?

“A committee of 1, gets things done.”

Pro’s and Cons of Partners

Who is the perfect partner?

“When two men agree on everything in business, one is usually unnecessary.”

Take away: Most Important Piece of Paper to Sign With Your

Partner?

Next Fork: Your Money or OPM (other people’s

money)?

Pros and cons of your money vs. OPM

Sources of OPMBut wait! Another Fork:

Debt or Equity?

Pros and Cons of Debt

Pros and Cons of Equity

How do you decide?

cash/expertise/personality (yours and theirs)/confidence/motivation/

Common Mistakes Made in Start ups/New

Business

1) No answers to our previous questions

2) No answers to the 4 marketing questions:

Who is the client? What is his/her problem?

What is our solution?Why is our solution better?

3) No plan.“Plan your work, and work your plan”

4) No coreWhat Business are we in?

5) No support4 areas of support

healthhousehold

moneymaker

6) Forgetting the motto

“Business is not about taking risks. It’s about minimizing risks.”

7) No tornado

My Personal KSF

8) #1 mistakeProduct focussed. Not market focussed.

“Cherchez le creneau.”

9) #2 mistakeNo strategy.

10) No accountability“You have to serve somebody.”

ResourcesFree:

http://lemonadestand.podomatic.comPaid:

Booklet: Lessons from the Road; Start up tips 1-2-3

https://www.smashwords.com/books/view/29744

White Paper: 50 Ways to Get Ahead in Your Business

https://www.smashwords.com/books/view/368229

Radio Show (.99/episode): http://lemonaderadio.com

Workbook: Without A Strategyhttps://www.smashwords.com/books/view/

238109

www.partnersinternational.com