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Automate Your Web Business
Whether you sell products or services on the Internet, you should get an autoresponder as soon as possible. It’s an immense time saver. And for most online entrepreneurs time is in short supply.
What is an autoresponder?
Without getting...
Business Plans
Way back in business school we had to churn out business plans every semester. As soon as the assignment would drop we would be scrambling for information. Start the number crunching game, do the analysis, do some mental planning and write business...
Get real about Home Businesses!!!
Copyright 2005 Michelle Cornes Are you thinking it might be time to take control and work for yourself? The degree to which YOU are up for this challenge is everything. Here are some of the things about yourself that you really need to be...
How to Start a Business on the Internet
So you want to start a business? Good for you. Really, I mean that sincerely. I think about the millions of people that let the thought pass briefly through their minds on he way to work everyday. The vas majority of people merely toy with...
Online business is a real business like all other off-line ones, do it, seriously.
Yes, online business is a kind of business, not scam. How to be serious about it? Own your own domain name and website. Just image that you can gain a free website site from internet, yes, you can do that. But, you need an independent domain, not...
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The Management Team Section of the Business Plan - Don’t Just Include Resumes
Even the best new concept or existing plan will fail if executed poorly. The Management Team section of the business plan must prove to the investor why the key company personnel are "eminently qualified" to execute on the business model.
The Management Team section should include biographies of key team members and detail their responsibilities. It is important that these biographies are not merely resumes that include the educational backgrounds and previous job titles and responsibilities of the team members. Rather, biographies should highlight the most relevant past positions that the individuals have held and specific successes in each. These successes could include launching and growing new businesses or managing divisions of established companies.
Team member biographies should be tailored to the company's growth stage. For instance, a start-up company should emphasize its management's success launching and growing companies. A more mature company should emphasize how team members have successfully operated within the framework of larger enterprises.
Depending upon the stage of the company, key functional areas may be missing from the team. This is acceptable provided that the plan clearly defines the roles that these individuals will play and identifies the key characteristics of the individuals that will be hired.
However, it is generally not favorable if personnel are missing for ultra-critical roles. For example, a plan that is fundamentally a marketing play should not seek financing without a stellar marketing team.
The Management Team section should also include biographies of the company's Advisory Board and/or Board of Directors. While having well-known advisors/board members adds credibility to the business plan, it is highly effective to explain how these advisors will directly impact the company through strategic advice and/or providing conduits to key clients, partners, suppliers, etc.
In summary, the Management Team section of the business plan is an opportunity to prove to investors that your company has the necessary talent to succeed. Rather than waste this opportunity by merely showing employee resumes, which could be included in the Appendix, the section should be used to explain precisely how the team is uniquely qualified to execute the venture in its present state.
Growthink Business Plans has developed over 200 business plans for clients that have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink Business Plans is the sister site of GT Venture Capital.
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