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I have a certain friend who called me again a while back, all excited about his latest revelation. “What if you could go to a web site and find all the recipes you could make today, with just the ingredients you already have in your kitchen? I’m going to start a website to offer this service!”

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Some entrepreneurs start polling venture capitalists for that multi-million dollar investment before they even have a business plan. That’s like trying to sell part of something to a stranger for big money when you haven’t fully defined it yet. It won’t work, it costs time and money, and hurts your Read More

As an entrepreneur, your personal integrity is critical for getting and keeping the support of investors and team members, and your company’s integrity is critical for getting and keeping customers and vendors. But in a practical sense, what does that really mean?

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I’m often approached by people who claim to have invented the next big thing, and ask me how much it’s worth, or complain that they can’t find an investor who will fund it. The honest answer is that ideas and new technologies are worth nothing, outside the context of a specific business plan that m Read More

Every investor I know can tell you at least one story about a great startup team that failed, even though it was well-funded and staffed with qualified and smart people. The reason almost always given is that the team didn’t work well together (dysfunctional). What does that really mean?

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Many self-proclaimed entrepreneurs send me invitations and accolades to join their favorite Multi-Level Marketing (MLM) or Network Marketing company, but these all sound like “get rich quick” schemes to me. For me, the essence of an entrepreneur is creating something new and innovative, whereas an Read More

My picks for favorite startup sectors to improve your fundability in the new year include green, biotech, and renewable energy (also called alternative energy or sustainable energy). In previous articles, I’ve put some definition around the green and biotech investment categories, so I’ll try to do Read More

Every investor is looking for the “dream team” of executives to put money on. Often I find that experienced investors scan ahead to the management page of a business plan, even before they read the product description. That’s how important the people are. The Chief Financial Officer (CFO) role is u Read More

One of the biggest red flags I see in many Internet-related business plans today is advertising as the initial revenue stream, or a key part of it. If challenged, the founder usually cites the Facebook business model (free service to users, revenue from ads), but forgets that Facebook has had sever Read More

If you startup is your dream, why would you want to think about an exit? It’s going to be so successful and so much fun that you don’t need to think about what comes after. Wrong. There are two very real and practical reasons why you need to plan an exit:

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