Mergers and acquisitions can be a transformative strategy for growth, yet they often come with significant challenges, particularly around maintaining a cohesive corporate identity. An identity crisis post-merger can hinder integration, disrupt employee morale, and confuse customers. Here’s how to avoid post-merger identity crisis and ensure a seamless transition.
Understand the Importance of Identity Integration
A merger brings together different cultures, values, and operational styles. Recognizing the importance of identity integration is the first step to avoiding a crisis. It’s essential to address these differences early and develop a cohesive strategy that combines the best elements from each entity.
Conduct Thorough Cultural Assessments
Before merging, conduct a comprehensive cultural assessment of both companies. Understand the core values, mission statements, and cultural nuances. This assessment will guide the integration strategy, helping to bridge gaps and align the merged entity’s identity.
Develop a Unified Vision and Mission
A clear, unified vision and mission statement are crucial. This unified vision should resonate with employees from both companies and provide a common goal. It will serve as a foundation for building a cohesive identity.
Effective communication is vital during mergers. Transparent and frequent updates help manage expectations and reduce uncertainties. Ensure that communication channels are open and accessible, allowing employees to voice concerns and ask questions.
Engage Leadership Teams
Leadership plays a pivotal role in driving identity integration. Engage leaders from both organizations to champion the new identity. Their commitment and example will encourage employees to embrace the changes.
Involve Employees in the Process
Involving employees in the integration process fosters a sense of ownership and eases the transition. Create task forces or committees that include employees from both companies to work on integration initiatives. Their insights and participation can help align the new identity with the workforce.
Rebrand Thoughtfully
Rebranding is often necessary post-merger. Ensure that the new brand reflects the unified identity and resonates with both internal and external stakeholders. This process should be carefully planned and executed to avoid confusion and maintain brand equity.
Monitor and Adjust
Post-merger integration is an ongoing process. Regularly monitor the progress and be ready to adjust strategies as needed. Solicit feedback from employees and customers to identify areas for improvement and ensure that the new identity is effectively integrated.
By focusing on these strategies, companies can avoid a post-merger identity crisis, fostering a unified, strong corporate culture that supports long-term success.
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Embarking on the journey of entrepreneurship is a thrilling and challenging pursuit. The startup landscape is notorious for its high risks and rewards, and aspiring entrepreneurs often find themselves pondering the critical question: What sets successful startups apart from those that fail? While there isn’t a one-size-fits-all answer, one overarching factor consistently emerges as the linchpin of startup success: Adaptability.
The Pivotal Role of Adaptability:
In the fast-paced and ever-evolving world of startups, adaptability is the secret sauce that can make or break a venture. It encompasses a range of qualities, from flexibility and resilience to the ability to learn from failures and swiftly adjust strategies. Startups operating in dynamic environments face a myriad of challenges, and the ability to navigate uncertainty is a defining characteristic of those that thrive.
One of the most celebrated mantras in the startup world is “fail fast, fail often.” However, the true differentiator lies not just in failure itself, but in the ability to learn and pivot in response. Failed initiatives or products can be valuable learning experiences, offering insights into market needs, customer preferences, and potential pitfalls. Successful startups view failures as stepping stones, not roadblocks, and use them as opportunities for growth and improvement.
Customer-Centric Adaptation:
Adaptability isn’t merely about reacting to internal challenges; it’s also about staying attuned to the ever-changing needs and preferences of the target audience. Successful startups prioritize customer feedback and use it to refine their products or services continuously. A customer-centric approach, coupled with a willingness to iterate based on real-world feedback, fosters a culture of responsiveness that resonates with the market.
Cultural Flexibility:
Beyond product adaptation, the culture within a startup plays a pivotal role in determining its fate. Cultivating a flexible and adaptive organizational culture empowers employees to embrace change, take calculated risks, and experiment with new ideas. A startup’s ability to foster an environment that values innovation, collaboration, and continual learning can be a game-changer in the competitive business landscape.
Agile Methodology and Iterative Progress:
Many successful startups swear by the Agile methodology, a project management approach that emphasizes iterative progress and adaptability. By breaking down complex projects into smaller, manageable tasks and regularly reassessing priorities, startups can quickly adjust their course based on emerging trends, market shifts, or unforeseen challenges.
Conclusion:
In the unpredictable realm of startups, the difference between success and failure often boils down to one fundamental factor: adaptability. The ability to learn from failures, listen to customers, cultivate a flexible culture, and embrace an agile mindset positions startups to navigate the turbulent waters of entrepreneurship successfully. Aspiring entrepreneurs should recognize adaptability as a core competency and integrate it into the DNA of their ventures, understanding that in the ever-changing business landscape, the ability to adapt is not just a strategy—it’s the defining strategy.
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Choosing the right amount of real estate for your business is a crucial decision that can greatly impact your success. Whether you’re just starting out or looking to expand, finding the perfect space can be a complex task. It involves understanding your business’s current and future needs, budget considerations, and the ever-evolving dynamics of the real estate market. In this article, we’ll explore some essential steps to help you determine how much real estate your business needs.
Assess Your Current Needs
The first step in determining how much real estate your business needs is to assess your current requirements. Take a close look at your operations, staff, and workflow. Consider factors like the number of employees, equipment, and supplies needed to run your business effectively. Make a list of the essential amenities and features that your workspace must have to accommodate your day-to-day operations.
Plan for Growth
While it’s crucial to meet your current needs, don’t forget to plan for future growth. Your business should have room to expand and adapt as it evolves. Consider your growth projections for the next few years and whether your chosen real estate can accommodate this expansion. This will help you avoid the hassle and cost of relocating in the near future.
Budget Considerations
Your budget plays a significant role in determining how much real estate your business can afford. Determine how much you can comfortably allocate to your real estate expenses, including rent or mortgage, utilities, maintenance, and taxes. Keep in mind that leasing or buying a larger space may require a larger financial commitment, so strike a balance between your needs and budget.
Location Matters
The location of your business can significantly impact its success. Consider factors such as proximity to suppliers, customers, and competitors. Think about the accessibility of your location for both employees and clients, as well as the overall appeal of the area. A prime location might come with a higher price tag, so carefully weigh the benefits against the costs.
Seek Professional Guidance
Real estate decisions can be complex, especially if you’re not well-versed in the industry. Consider working with a real estate agent or consultant who specializes in commercial properties. They can provide valuable insights, help you navigate the market, and negotiate favorable terms on your behalf.
Flexibility Matters
In today’s rapidly changing business landscape, flexibility is key. Explore flexible office space solutions such as co-working spaces or short-term leases if your business has uncertain future space needs. These options allow you to adjust your real estate requirements more easily in response to changing circumstances.
Consider Environmental Factors
Environmental sustainability is an increasingly important consideration for businesses. Evaluate the energy efficiency and sustainability of potential properties. Green buildings not only reduce your carbon footprint but can also result in long-term cost savings through reduced energy bills and potential tax incentives.
Think About Employee Well-being
Your employees’ well-being is vital to your business’s success. Consider factors like the commute, nearby amenities, and the overall work environment when choosing your real estate. A comfortable, convenient workspace can boost employee morale and productivity.
Conclusion
Determining how much real estate your business needs is a complex process that requires careful consideration of your current and future requirements, budget constraints, location, and sustainability goals. By following these steps and seeking professional guidance, when necessary, you can make an informed decision that supports your business’s growth and success. Remember that real estate is not just a cost but an investment in the future of your business, so choose wisely.
Who we are: Funded.com is a platform that is A+ BBB accredited over 10+ years. Access our network of Angel Investors, Venture Capital or Lenders. Let us professionally write your Business Plan.
In the fast-paced and dynamic landscape of today’s business world, having a well-defined marketing strategy and sales plan is like having a compass to navigate through uncharted waters. Whether you’re launching a startup or looking to revamp your existing business, these two pillars are essential to not only surviving but thriving. In this article, we’ll delve into the art of crafting a powerful marketing strategy and sales plan that will set your business on the path to success.
Before you even begin brainstorming marketing tactics, it’s crucial to understand who your target audience is. Conduct thorough market research to gather insights into their preferences, pain points, and behaviors. Creating detailed buyer personas can help you tailor your marketing efforts to resonate with your audience on a deeper level.
2. Set Clear and Realistic Goals:
Every effective marketing strategy begins with well-defined goals. Whether you’re aiming to increase brand awareness, generate leads, or boost sales, your goals should be specific, measurable, achievable, relevant, and time-bound (SMART). These goals will serve as your guiding star, allowing you to track progress and make necessary adjustments.
3. Choose the Right Channels:
The digital age has opened up a plethora of marketing channels, from social media and content marketing to email campaigns and influencer partnerships. However, not all channels will be suitable for your business. Choose the ones that align with your target audience’s preferences and behaviors, and that allow you to showcase your unique value proposition effectively.
4. Develop a Compelling Brand Story:
In a sea of businesses vying for attention, having a compelling brand story can set you apart. This narrative should resonate emotionally with your audience, highlighting your journey, mission, and the value you bring to the market. A well-crafted brand story can forge a deep connection with customers and foster loyalty.
Your sales plan outlines how you’ll convert leads into paying customers. Define each step of your sales process, from lead generation to closing the deal. This ensures that your sales team is aligned and follows a consistent approach to maximize conversion rates.
2. Train and Equip Your Sales Team:
Your sales team is on the front lines, engaging with potential customers. Providing them with proper training, resources, and the right tools can make a significant difference. Equip them with product knowledge, objection-handling techniques, and effective communication skills to enhance their performance.
3. Establish Key Performance Indicators (KPIs):
Similar to your marketing strategy, your sales plan should have quantifiable goals. Set KPIs that align with your business objectives, such as the number of leads generated, conversion rates, average deal size, and customer retention rates. Regularly monitor these metrics to track your sales team’s performance and identify areas for improvement.
4. Foster Customer Relationships:
A successful sales plan doesn’t end once the deal is closed. Nurture your customer relationships post-sale to encourage repeat business and referrals. Implement customer feedback loops, loyalty programs, and personalized follow-ups to show your customers that you value their business beyond the transaction.
Integrating Marketing Strategy and Sales Plan
While marketing strategy and sales plan are distinct components, they are interdependent and should work in harmony. Your marketing efforts lay the groundwork for generating leads and driving interest, while your sales team converts those leads into customers. Regular communication and collaboration between your marketing and sales teams are essential to align goals, share insights, and refine strategies based on real-time feedback.
Final Thoughts
In the ever-evolving world of business, a solid marketing strategy and sales plan are indispensable tools for success. Crafting these roadmaps involves a deep understanding of your audience, setting clear goals, choosing the right tactics, and fostering strong customer relationships. When executed effectively and in synergy, these two components can propel your business forward, helping you not only navigate the competitive landscape but also thrive in it. Remember, it’s not just about making sales; it’s about building lasting connections and delivering value that resonates with your audience’s needs and aspirations.
Who we are: Funded.com is a platform that is A+ BBB accredited over 10+ years. Access our network of Angel Investors, Venture Capital or Lenders. Let us professionally write your Business Plan.
After you’ve taken in the best and the brightest interviewees into your workforce, do you sit back and relax? No! This is where many managers and business owners make a mistake. After the initial hire, they automatically think that their job is finished forgetting that they need to continually be in touch with their employee to help them grow.
Employee success and engagement is the company’s success. Are your employees emotionally invested in committing their talent, time, and energy towards adding value and progressing the initiatives of the company?
Once your employees are neglected, inevitably, you won’t get the retention, revenue, and overall success level that the company is targeting. According to Gallup’s State of the Global Workplace report, employee disengagement results in over $550 billion in lost productivity in the United States. So, it is evident that while this is a problem today’s managers and leaders face in the workforce, it is also an excellent opportunity for them to up their game.
Let’s discuss strategies to take towards boosting the success of your employees.
Share the Vision with the Workforce
An employee will hardly be satisfied in a job if they lack a sense of job significance. They would feel excited and energized about the work they have to do when you regularly share the direction and vision of the company with them.
The importance of communicating the company’s goals and plan for your staff cannot be overemphasized. And this is not a matter of taking it to them once or occasionally; you have to say it to them regularly.
Make your employees feel that they are working on something fundamental. The day to day responsibilities at work can feel tiring, but when your staff knows the big vision and purpose of their team, department, and overall company, they would be able to push through and succeed at a higher level.
Communicate Well
This is related to the first key strategy we discussed above. Nothing discourages a staff more than when they feel they are being lied to and kept out of crucial business discussions.
Over communication is one of the traits of successful leadership. So, managers and owners need to communicate always and consistently about the changes in the work structure and company. This will go a long way in helping staff members feel secure in their positions and more engaged in their jobs and commitment to the company.
Encourage Your Employees to Own the Job
To enable employees to be more successful at their jobs, you have to develop a decentralized command ecosystem. Your employees shouldn’t be just 9-5 workers who clock in and count the seconds till they can clock out. No! It shouldn’t be so.
From your VPs down to your customer service staff, enable all your staff members to think that their work is of central importance to the company. By involving them in setting the goals for the company, you’d be helping them understand and care for the company as much as you do. You can do this by empowering and encouraging your staff to be intrapreneurs and own their jobs.
Intrapreneurs have access to the capabilities and resources of an established company, and this helps them to come up with innovative projects and ideas that will enhance the future of the company. And what’s more, they are given autonomy to work on this project.
Give your workers latitude with their choices, but of course, with proper guidance. Put your faith in the ability of your employees to do a great job, and you’ll be rewarded with increased job satisfaction, ownership, engagement, and success rate.
Know the Career Ambitions of Your Employees
Several companies are usually more concerned about what they can get from an employee, than what the employee can get from them. And this ought not to be so.
The relationship between a company and its staff members should be a win-win situation for both parties. While you, the company gets the benefit of their work, their jobs should also be getting them closer to their professional goals.
Now, the question is: how do you help them with this if you are not aware of their goals in the first place? Beyond the questions and answers during the interview, when you take in a new hire, someone in the company should be responsible for learning their development track and professional goals.
This will ensure that your employees will keep moving forward (most likely within the organization, and they’ll continuously reach out for better results in their jobs.
Defined Roles and Responsibilities
Often, employees struggle with job success because they don’t know what expectations and standards they are being evaluated by. If a person is not aware of his/her specific role in the overall goals of a team, results will suffer. Thus, align roles and responsibilities for each team member according to their skills and expertise, and make them aware of it.
Feedback
How do you give feedback to your employees? Do you only give feedback when an employee needs improvement or has made a mistake? To help boost your employees’ success, it is equally essential that you provide positive feedback.
Bill Nelson, in his book “1001 Ways to Recognize Employees”, showed that the thought of making a difference and being recognized for excellent work are the two main drivers of work performance. Unfortunately, a larger percentage of the employees he spoke with during his research haven’t even heard “Thank You” in over six months. You want your staff to succeed, right? Then start showing appreciation and giving positive feedback.
Giving feedback to your employees is crucial. But even more, do they have an avenue to also provide feedback to their managers about their team and business without the fear of being judged or punished. Train yourself and your managers to listen carefully to your employees when they suggest improvements and new ways of doing things.
Bottomline
Boosting employee success is no rocket science. Even as you engage in the strategies we have discussed above, there is no harm done if you simply ask them to tell you how the company needs to improve and what needs to be effected for their work to be more fruitful and productive. Good Luck!
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When starting a new successful business, there are numerous signs that can indicate whether you’re succeeding as an entrepreneur or aren’t. A small business can be risky. This is particularly true if you specialize in a niche that bigger companies already excel in. However, if you display some particular qualities, it’s a sign that you’re doing a good job to stay afloat.
That’s because small business owner who have a positive attitude towards success are the most likely to get a taste of it than his counterparts. Their counterparts focus only on stability and nothing more. While business success has a lot to do with your initial idea and how you build upon that idea, it still depends on your personality and capabilities. Here are the few signs of a successful small business owner that you should develop as part of your personality.
You Like To Form Collaborations
Most successful entrepreneurs display this common trait. They understand the importance of having a well-connected network in the business world. Nevertheless, just like in every other change, collaboration needs to start from within your business. This means you’ll need to start delegating tasks effectively. Another crucial part of this is building good relationships with everyone on your team. This includes your employees and suppliers.
Of course, you also need to establish a position in the network of small businesses. It’s unwise to act alone without any partners. You needn’t form friendly relationships with your competitors. However, at the least, you should be on good terms with other small businesses that complement yours. By obtaining a position in the community of other businesses, you’ll be able to create new opportunities that can benefit others. Moreover, others can do the same for you. What results is a beneficial support system that allows all members to rely on one another.
You Have Your Eyes Set on the Future
You never know what the future holds, especially if it’s for something as volatile as a new startup business. That’s why successful entrepreneurs share a common characteristic of looking towards long-term future goals.
Some struggle to stay afloat amidst a rocky economic climate, and such desperate conditions can lead to business owners not looking farther than the near future. Such thoughts are understandable, but think of it this way; acting upon well-structured long-term goals at the same time as day-to-day tasks can ensure far more than financial stability and simple peace of mind.
Your Leverage the Benefit of Technology
Nowadays, when it comes to operating a small business, it all comes down to incorporating the use of technology, whether in marketing, management, or everything else. Technology and software have made it easier for entrepreneurs and small business owner to meet their goals, and now with services like Google AdWords and personal assistants, functions have become much more streamlined than ever before.
Take websites, for instance, they’re a business’ online identity and that’s where most potential customers will go to check whether your brand is legitimate or not. Then comes social media, which is a useful marketing tactic that produces results without requiring you to spend too much of your ad revenue. Then there are other business-related applications like customer support live chat software, fixed responses for keywords and budgeting tools that boost your productivity so you can focus on product quality.
You Love to Learn
You’re never ready to run a business until you’re prepared to improve yourself by learning from others. You may be determined to make it through with a method involving trial and error, but that costs precious resources; you need to start learning from others’ success and failures. Data is the most powerful weapon that a business can possess because it helps you discover trends and important details.
If you aim to learn about what strategies lead to profitable ideas and which ones are just downright terrible, you’ll be able to devise a solution of your own. The best way to fulfill your curiosity is to read and look into insights regarding management, marketing, customer satisfaction, and product quality. Archives can provide you with numerous researches and surveys conducted by different companies. While it isn’t necessary that the results apply to your business, you’re still bound to learn something.
You Don’t Just Think; You Act
While we’re at it, we might as well establish that being a smart business owner doesn’t mean that you’ll never have to take risks; it’s merely the ability to take risks with confidence. One sign that your business will soon see the light of success is that you don’t just think, you also act when the time is right. This sign is associated with the confident ability to make good decisions, even if they’re risky.
It’s true that before you put any plan into action, you need to examine it carefully all the way through. However, if you become stuck on the evaluating stage, you’ll miss your chance to implement your idea. That’s why you should have some faith in yourself and build confidence in your abilities to make a good decision.
You Seek Fulfillment
There are many small businesses operating in the market, but very few businesses owner seek fulfillment. The rest of them, however, only look at it as a means to make ends meet. Success-oriented entrepreneurs always chase after their goal of doing something fulfilling for a living. Your ability to see value in everything you create is contributory to success because you’ll want to build upon ideas to increase that value.
If you realize these traits in yourself, then congratulations; you have what it takes to turn your small business into a success! However, even if you don’t, do not fear! Owning a small business can change you as a person. But, it depends on you whether you take something positive from the experience. All these above-mentioned aspects will greatly improve not just the quality of business, but your life as well. If you can learn to find a hint of success-oriented personality within yourself, then you’ve hit the jackpot.
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Writing your business plan is probably one of the most important business duties you will assume. If you follow a quality business plans template you will cover the basics of the plans, but there are still common mistakes made by entrepreneurs that hurt their cause. It is reminiscent of the teacher in school who gave you the parts of the essay for easy outlining and then marks points off because the essay is too long or too boring.
Following are some of the most common errors made in business plans. Some of them are simple errors, but that doesn’t minimize their importance. Other are mistakes usually made due to lack of experience. Either way, these mistakes can hurt the effectiveness of the overall business plan.
Including more than one business model in the false belief that more information and more strategies are always better (not true!)
Lacking cohesiveness throughout the business plans
Difficult to read due to illogical or poor layout (another reason to use a business plan template)
Including unsupported projections or estimates
Not fully analyzing the competition
Failing to prepare all required sections of a business plans (making your plan look amateurish or as if you are hiding something)
No value proposition separating your business from the competition
Not letting anyone else read your business plan and provide feedback before submission
Making the business plan difficult to read because it is written using mostly hard-to-understand industry or discipline terms (i.e. your funder may not know much about technology so using technical jargon will make the plan too difficult to understand)
Showing lack of understanding of the niche market to be served
These are certainly not the only mistakes, but they are some of the most common. You want to avoid writing a business plan that is too long and tedious, is not well written, and is boring. Though funders are often professionals looking for the next great business investment opportunity, they are also human. Grammatical errors and boring prose can quickly discourage anyone reading the business plan. It seems your essay teacher was right all along.
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Branding is one element addressed in the marketing section of the business plan. It’s also the image presented to angel investors when searching for business funding. Contrary to popular belief though, branding is not just about a trendy logo or elaborate advertising. It’s the element that represents you as the business owner, the quality of your products, and the level of customer service. Brand is composed of your individuality and your company’s value.
Branding is a complex concept which is one reason why it’s often reduced down in people’s minds as being mostly about advertising. The assumption is that if the target market is aware of your logo, then branding efforts have been successful. However, it goes much deeper than advertising, which is why your business plan must present more than an advertising plan to potential angel investors.
Business brands is about the quality and value that underpins the entire business. It’s the projected image, but more importantly it’s the tie-in for everything the company does or will do. business brand is a broad brush that covers marketing, pricing, the level of customer service and the business culture. Branding pervades the business plan and is not simply one element in the marketing plan.
Common question angel investors ask always concerns brand. What do you want your brand to project to the marketplace? Is it quality, innovation, creativity, problem solving or all of the above? Branding is important to startup companies as well as established companies. In fact, branding for startups can perform an important job for startups on limited budgets by making advertising efforts more effective. Clear and distinct branding differentiates the company in the minds of customers, thus giving the company more value for marketing dollars spent.
Before preparing a business plan to present to angel investors, make sure the brand is well defined. Branding is not just advertising. It’s the element that ties your entire business together.
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Angel investors are playing a larger and larger role in the business investment community for obvious reasons. The banks are making it more and more difficult, due to a tightening of credit policies, for an entrepreneur with a new business idea or an early stage business expansion plan to find funding. Yet you can’t keep a good entrepreneur down. Angel investors see a need in the marketplace they can meet while businesses can see a need for investment fulfilled.
It’s a win-win arrangement.
Planting Seeds for Business Success
Finding adequate funding will probably always be one of the greatest challenges a business must meet. On the other hand, investors need a good place to invest their money to increase returns. The tight credit market has created the ideal forum for bringing businesses and private investors together. By investing in companies like yours, angel investors can earn a higher rate of return while your business gets the much needed capital injection required to move forward.
One of the nice features of this type of funding is the fact startup businesses can attract the angel investors when they could not attract venture capital or equity partners due to lack of financial history. The angel investors are known for being willing to give young companies with exciting new ideas, concepts or methods opportunities they would not be able to find elsewhere.
How big is the angel investor market? According to the Center for Venture Research at the University of New Hampshire, in the first two quarters of 2010 (latest numbers reported) angel investors invested $8.5 billion. As many as 25,200 entrepreneurs obtained this type of business funding. Many people are not aware of the size of the private investment market that includes angel investors, venture capital and equity partners.
Harvesting Success
Angels are committed to providing startup funding and even money for small business expansion. Business loans are made in numerous industries too including:
Healthcare
Energy
Industrial production
Green technologies
Retail
Biotech
Software
Computer equipment
Originally angel investors tended to be sole financiers or loose groups of investors willing to make business loans for new business ventures on an informal basis. Today there are formal investing groups able to offer larger amounts of business funding to new enterprises if the entrepreneurs have solid business plans. In fact, the angel investing industry has grown to point where they have their own trade association called the Angel Capital Association.
One of the most common questions asked is: What makes angel investors different from venture capitalists? Though there are no formal definitions, angels are more likely to invest in startup businesses or existing businesses that are still in the early stages of operation. These are the types of businesses that often have difficulty finding traditional loans. Angels will also invest smaller amounts. In fact, the news reports are full of stories of angels making microloans.
Venture capital, on the other hand, usually invests in businesses that have been in operation for a while or have a proven financial track record of some kind. Another difference between angels and venture capitalists is angels invest their own money while venture capitalists usually invest money from formal funds created for investment purposes.
Making Good Sense
If you are searching for startup funding, approaching angel investors makes sense. This is a group of investors more open to funding entrepreneurs ready to get their small businesses up and running.
Access our network of Investors, get instantly matched with a Lender, or get a business plan by visiting us Funded.com
Following the rise of startup accelerators, the number of new entrepreneurs who want to get a position within these incubators has also significantly increased. Wall Street Journal reports that the applications to more than 200 accelerators around the world have almost doubled in the past two years.
According to Marc Nager, Chief Executive Officer of Startup Weekend, an accelerator may be good for those who are new on the field of entrepreneurship. However, in isolated cases, some of the terms may not be as acceptable. Nager provided some information that might help those who have yet to apply for an accelerator.
Understand the Basics
For Nager, would-be entrepreneurs must start with understanding the basic terms of the deal. He said that before applying, they should look at the benefits that they will get once they participate in this venture.
In the world of startup accelerators, a lot of value will come from the network that will be established amongst the students, mentors, and program leaders. Nager added that the applicants should also use to their advantage the possibility of having one-on-one experience with experienced entrepreneurs. He stresses the need for applicants to identify at least three mentors who have had experience on the industry that they are working on. This will ensure that the sessions will be maximized and will result in a highly beneficial experience.
Choose Wisely
Nager advises that when applying for startup accelerators, would-be entrepreneurs should consider signing up in well-known programs. He said that these will ensure better results that will be advantageous for the participants.
Unfortunately, well-known start-up accelerators usually have very low acceptance rates. With this, applicants can also try signing up in local versions of the accelerators provided that they have high quality program, mentors, and leaders.
Nager also noted the rise in the number of accelerators that offer specialized programs. There are those that focus solely on providing programs that help healthcare startups, civic startups, and startups that use a specific technology, among others.
The specialization may be advantageous for some startups. However, it must be noted that there are also things that one may miss if he or she decides not to sign up in one of the traditional accelerators that offer a wider range of coverage. Because of this, would-be applicants should know how to weigh the benefits before deciding to participate in specialized programs.
Work on that Application
As stated, the chances of getting admitted into a well-known accelerator are very slim. Because of this, would-be entrepreneurs should toughen up their applications if they want to get the nod of the evaluators.
One thing that they can do, Nager says, is to understand how the applications were evaluated by the accelerators. He also said that having a good team that will shine above the rest will boost the chances of getting selected.
Finally, he said that the applicants must do all their best to impress those who will decide on the applications. He suggests the use of human element, among others, to get the approval of the decision makers.
More detailed information and useful advice can be found at www.funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website.
