Adam Howitt's Blog

Oct 06
2003

Every journey must begin with a single step...

At : 10:49 PM | Link | Knowmysize | Comments (1) | Send | 356 Views |

I've bought the book and I've read the first chapter. Based on the advice of Ian MacDonald, an Immigration attorney I met at Smiths Old Bar playing Foosball, I have decided to put my first business plan together with the goal of getting some venture capital to start a business.

Initially, I think this will be the knowmysize concept of a website and associated services to facilitate the purchase of clothes that do not have to be returned for a different style or size. Like a shopping wishlist for all the clothes stores, it will make revenue by selling promotional spots on the site and providing web service access for online stores like JCrew.

Enough of this anyway, I'm going to start here with chapter 1, the pop quiz about being equipped to be an entrepreneur and hopefully finish when I'm rich and this will appear in a book about the secret of my success!

If not now, then when?

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  1. Generally speaking, it is impossible for a person who has never founded a company before to get VC money with only a business plan. Further, it is improbable that any startup would get VC money with only a business plan. The way it usually works is as follows.

    1. Write the business plan 2. Obtain capitial from friends and family based on business plan 3. Recruit management team and get business started 4. Obtain angel funding 5. Starting building the business 6. Obtain VC funding to bring business to market

    The above is just how it usually works, but there are plenty of exceptions. For example, some people receive enough money from friends and family that they can skip the angel step.

    Posted By Matt Liotta : Posted At 11/26/03 10:38 AM
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