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Secret Entrepreneur Lesson: Get Free Consulting Help to Check Your Thinking from The Billionaire Entrepreneurs' Master Mind
The Billionaire Entrepreneurs' Master Mind has begun offering a series of free teleseminars to answer questions from entrepreneurs heading start-ups about how they can be more successful beginning on April 19, 2006 at 6 p.m. EDT. Almost all new entrepreneurs are confident of success, yet 9 out of 10 enterprises they lead won't be operating in ten years. Such entrepreneurs can benefit from getting ideas of what could go wrong from seasoned entrepreneurs, but often cannot afford to hire such help. The Billionaire Entrepreneurs' Master Mind has decided to help with this free teleseminar series.
Weston, MA (PRWEB) April 13, 2006 -- Entrepreneurs heading start ups are unintentionally destroying their chances of success by failing to have experienced entrepreneurs examine their plans.
Without that advice, start-up entrepreneurs make predictable mistakes. Here's an example. Virtually any business school professor or venture capitalist will tell you that the business plan for a new venture is a critical ingredient in a start up's success. Having heard that advice, millions of wannabe entrepreneurs are huddled over the computers creating slick 50 page business plans promising huge profits.
By contrast, successful entrepreneurs who created billion dollar businesses rarely wrote business plans.
Examples of successful companies that didn't create business plans suitable for venture capitalists when they started include Dell, the Virgin Group and Wal-Mart.
Imagine if David had followed such bad advice when faced with Goliath. David would have been writing a business plan instead of using his sling and some stones to take dead aim.
The Billionaire Entrepreneurs’ Master Mind, http://billiondollarbusiness.blogspot.com/, a global learning organization that helps entrepreneurs create billion dollar businesses from start ups headed by Donald Mitchell (co-author of The 2,000 Percent Solution http://www.2000percentsolution.com/, The Ultimate Competitive Advantage and The Irresistible Growth Enterprise http://www.irresistibleforces.com/), examined the large companies that had the fastest growth under one CEO from 1989-2002 which had been founded as entrepreneurial ventures. This study determined that
The entrepreneurs focused their start ups on 7 key tasks, regardless of how long it took to accomplish the tasks:
― Creating a major new market or expanding an old one by 20 times
― Reducing the costs of customers and beneficiaries to use the start up's offerings by as much as possible
― Adding customers 20 times faster than competitors at low cost
― Improving the start up's business model at least every four years
― Employing a business model that didn't require much external equity capital
― Building a management team deep in innovation, operations, finance and marketing
― Searching to find out what they didn't know that they didn't know.
Donald Mitchell noted: "Entrepreneurs who mostly work on their business plans fool themselves, but few others. The weaknesses of such plans are obvious to anyone who has ever built a successful new enterprise."
Why do business schools favor such plans? Mitchell said, "Teaching business plan writing is easier than teaching entrepreneurship. It's hard to find an entrepreneur on a business school faculty, so the professors teach middle management plan-writing skills instead. If the new venture idea fails, these students can always get jobs at large companies that favor formal planning."
Why do venture capitalists want entrepreneurs to write such plans? Mitchell observed, "Venture capitalists want a huge deal flow to consider in an easily digested format so they can skim the cream for their investors and themselves. They don't care what happens to those who don't succeed in raising money."
To help overcome this problem, The Billionaire Entrepreneurs' Master Mind will begin offering a series of free teleseminars where entrepreneurs may ask their questions about how to succeed and receive practical advice. The first teleseminar will be held on April 19 at 6 p.m. EDT (3 p.m. PDT). To join the conference call, dial 1-712-580-7706 in the United States and enter this passcode number: 16474211# We will begin promptly based on the time shown at http://www.time.gov/
New dates and times for these teleconferences will be announced weekly. Visit our Web site for the latest details.
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