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      "body": "Having a loving caring family is something that means the world to me. We aren't a perfect family (I've made my share of very foolish selfish decisions) but we are always there to support one another. I know a lot of people would have been out on their own if they were found to have done some of what I had done.\n\n>Mercy is deliverance from judgment. \n\n>Grace is extending kindness to the unworthy.\n\nNot everyone has a family that is willing to extend the two powerful words listed here to them.\n\nAnd I am also glad I stopped before I could have ruined a lifetime savings, gambled away a house, or destroyed the trust of a spouse.",
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      "title": "An amazing story of a true young entrepreneur",
      "body": "https://steemimg.com/images/2016/08/18/Nybilda8d00.png\n\nRichard Turere represents everything I admire in an entrepreneur without even intending to be one. This natural entrepreneur did with little resources, no supporting organizations and without any higher education (he is only 13!) look at the problem and came up with a solution. Spend the next 7 minutes watching this video and see if you get the same feeling of genuine happiness as I did. :-)\n\nhttps://www.ted.com/talks/richard_turere_a_peace_treaty_with_the_lions\n\nSince my favourite topic is start-ups I will use this splendid project as an example and look at several areas.\n\n# Market analysis\n\nFor Richard the market analysis was easy since he represents the market. And since he had no intentions selling the product it was not an issue. In an earlier post I talked about Technology Push and Market Pull and this story is such a great example of the latter. There was obviously a clear need: To stop lions from killing the livestock, and with the conditions; \na. Not kill lions, \nb. Get  sleep, \nc. At minimum cost, \nd. ASAP.\n\nA lot of start-ups I have come across have the most fantastic ideas or technical solutions but lack the knowledge about the market. They have not analysed the market in full. This is not only an exercise of checking existing problems in the market to see a need, but just as much, if not more, to understand the market barriers. Barriers might be the time to exchange an existing product (you have to survive during that period) or maybe your way of charging for your product may not fit the customer.\n\nI’ll give you an example from my own experience. This was a helicopter based Search & Rescue System. We had developed a magnificent product, a technical masterpiece, tested it on long range search and asked the potential customer if they liked it. They did, and the saw a big need for it. They even planned for live helicopter testing in a major Swedish city and we were very excited to say the least. But we did a big big mistake. We did not know market barriers. \n\nSince we were selling to the government they have a yearly budget. The governmental steering committee sets the budget in December, but to be able to have the information from a huge organisation the sub-units have to send in their budget requests in October. After negotiations, politics, lobbying, etc. etc. the budget is set and in January they can start buying. This means that if you don´t have a “buy in” in October and is included in next year’s budget you will not sell anything the next year. \n\nSo how should we get that “buy in”? From our perspective we would have needed to have the product tested from a capability perspective (the products ability to do what we say it will do and of course get them to like it) and from a compliance perspective (does it follow all regulations necessary so they are allowed to buy it). Adding on the Swedish vacation period I realized that my project plan was completely out of sync with the real world. And then it was too late.\n\nWe did have a great product solving a huge problem (people are reported missing every day) but we did not know the market conditions. \n\n# Fail fast and succeed faster\n\nRichard tested different solutions, understood what did not work, and changed the product. So as much as you have to be patient and really stubborn to realize your idea, you have to know when to change path, when to skip that solution and move to the next. Sometimes maybe you should be like Thomas Edison, really stubborn. The problem is to know when. \n\n*“I have not failed. I've just found 10,000 ways that won't work.”*\n*Thomas Edison*\n\nA threat, common in the start-up world, is that when sales doesn’t pick up you start to further develop the product to meet the market needs better: “If we just change and adjust some things sales will pick up”. If you spend the majority of your time out there asking potential customers and implementing that feed-back that’s fine, but if you “hide” in the office it’s usually a bad sign and you end up with an empty bank account and a really nice product (you think). So fail fast and succeed faster is not about sitting at home inventing, it is about being out there testing.\n\n# Minimum Viable Product\n\nRichard used existing technology and built a system without much funding (BIG understatement). The best way for you to get your idea/product funded is to actually have the product ready and tested, and ultimately even a customer. This might seem like Catch 22, and sorry guys, it usually is. So with whatever funding you can find you should try to make a Minimum Viable Product. This is the most basic product you can make to show the functionality and (hopefully) get an early friendly customer (use your network to the max).  \n\nSince I am somewhat late into Steemit I don´t know what it looked like in the very beginning, but we can agree on the fact that it is not a fully-fledged product. And yet it is very successful. Most certainly they use all possible feed-back to develop the system to meet the customer needs, for free. How convenient! \n\n# Invention or innovation?\n\nI think “Lion lights” is a perfect innovation, not an invention as the title says. According to me an invention is something completely new while an innovation is using or adjusting existing products or services to offer a new one. When the zipper came 1851 it was a completely new solution and replaced buttons, an invention. Nowadays we have water proof zippers in our ski jacket, a refinement of an existing product, thus an innovation. Why is this important? Well most of us will never be able to invent something, but the majority of us can innovate. And it is just great that we can use existing products to offer new ones whether called innovation or invention. If you innovate the commercial set-up (from paying per minute to fixed price), a ski apparel (e.g. using the NASA invention “Gore-Tex” as “breathable material”) or merge a phone, a music player and a camera into an iPhone, it is just great that we can use existing products to offer new ones whether called innovation or invention.\n\n//Andreas\n\nhttps://steemimg.com/images/2016/08/18/Profileendofdoc0b8d9.jpg",
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      "body": "@Wallstreetbanker. Thanks for an interesting post. I searched on \"Start-up\" and found a few trying to fund their ideas through Steemit and Think there are better places to crowd-fund your ideas. \nI have started and funded three companies through business angels in early stages and VC´s in the later stages. I would feel a bit reluctant to present any idea on Steemit since I would be afraid of having it \"stolen\". \nWhat's your thoughts on that!",
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      "body": "@steemship. Great info! I just found this article thanks to the post by @donkeypong \"Your No-Nonsense Guide to Getting Started\".  I have one question: What happens after 30 minutes? Since I voted for this post today, 2 months late, you will get X and I will get Y?",
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      "title": "Aiming for the stars – How to build a Business Plan",
      "body": "![wclementstone137807](https://www.steemimg.com/images/2016/08/12/wclementstone13780715df5.md.jpg)\n\nIf you want to raise money for your new business you have to convince somebody to invest in you, your product and your company. This is usually presented in a Business Plan. Whether you want to raise money from Investors or invest your own hard earned cash, a Business Plan is a must. \n\nI have to admit that I find writing a Business Plan is tedious work. But you should think of it as a way to scrutinize your own idea. No matter if it is a family recipe for a cake from your great grandmother or a communication device for submarines you have to check if it is really as good as you think. The enthusiastic part of the brain will scream YES. Mine does all the time. But is there a realistic potential to make some bucks? And does it already exist?\n\nNumber one should always be to google it! There are very few new ideas out there and it sucks, I know.\n\nIf you come to the conclusion that your idea is a viable service/product, answering the following topics will pretty much cover what you need to have in your Business Plan. The depth in which you have to cover all these topics depends mostly on who you intend to show it to, but if you go to a Venture Capitalist less than 15 pages I would say is too little. And the financial part will be absolutely crucial.\n- What you are offering,\n-\tThe need on the market, \n-\tWho is going to buy your product and how big is the market,\n-\tWhat product/service you will compete with,\n-\tHow much will you be able to sell for the next 5 years and\n-\tWhat costs will you have to realize the plan.\n\nLet´s go through these one by one. I will use grandmas cookies as an example. \n\n# The offer\nLet´s say you offer cookies with a secret recipe. Now you should ask yourself what makes you unique? Why should anyone buy your cookies instead of other ones on the market? Are they cheaper, larger, delivered in a certain way, ecological, better branded (I will cover branding in a later post), make you lose weight, anything that makes you stand out and gives you the “right” to be on the market. \n\nExample: \nWe offer really tasty cookies based on an old secret family recipe with local ecological ingredients that makes you lose weight. \nYou wanna buy? \n\n# The need\n\nTo be able to sell anything there has to be a need for it. That is pretty obvious but easily forgotten or unconsciously avoided. A rather common mistake is not to go out there with your idea and ask potential customers what they think (it is ok to ask friends & family – to begin with). This is rather inconvenient for most people and since you can expect to get a lot of questioning you have to be mentally prepared with an open mind-set. Take all input as information to fine tune your offer. And don´t be disheartened. \n\nSo you can think of two ways of finding a need, usually referred to as “technology push” or “market pull”. The TV-set evolution with new better features, sharper images and 3D I would put in the technology push category. What we see now trending is cleaner products; less energy, less waste, less pollution etc. There you have a market pull. Where do you place Henry Ford who delivered cars when people asked for faster horses?\n\nThere is another situation I like to mention and that is a gap in the market. Perhaps you find the same kind of cookies in the huge stores, but the local ones do not get any due to contracts, costs or whatever reason there might be. Then you fill that gap. \n\n# The customer\n\nThe normal trap I see (and do myself) is to say that everyone needs this, or every household, or every large corporation, or every something. Not true. Period. There is no such product. Prove me wrong here! (Oxygen does not count.) And 100% of the identified market is not the potential market. Then we would have only one car brand etc. etc.\n\nDefine the customers and narrow down as much as you possibly can. It should be a small market. It should be so small that you will be the biggest fish in the pond within 1-2 years, meaning having a bigger market share than the biggest competitor. So be careful to choose the right pond! You can segment (narrow down) in many ways;  by geography, size of customer, frequency in buying pattern, age, hairstyle, type of industry, whatever that makes sense. Then you add on the next closest segment as the second segment to take when you have reached the first goal.\n\n# Competitors\n\nDon´t say (or think) you are alone out there. There are always competitors. It might be someone offering a similar product or another product that fills the same type of need. Make sure you know as much as possible about your competitors. By doing that you will learn a lot, you will know where to position your product and if you should make adjustments to the product, business model or even learn something you didn´t think of from the beginning. Be true to yourself and to your investors. The expression “killing your darlings” makes sense. Stop before you waste your time or money even though your heart says GOOO!\n\n# Sales\n\nThe moment of truth! How much sales will you have month by month the first 24 months and then quarterly the following 3 years. I know, this seems so theoretical, but yet so important. You have to be extremely tough to yourself here (if you are a kind person ask someone else to say No Way several times) and even mention the customers by name. Not Vera and Sam as individuals but Vera & Sam Bakery and the following 50 bakeries. When you have your plan, move everything 6 months forward. But don´t tell yourself you will do this because then you will have that in mind. \n\nThe investors love to see the hockey-stick sales plan: First year almost zip, second year it pics up and third year sales explodes. The funny thing is they hardly believe it themselves, but one investment out of ten makes it (at least that´s what they have to achieve with their portfolios). \n\n# Costs\n\nThis is where you have to look at your business from grain to loaf, from getting the ingredients to money in the bank. And of course depending on your set-up, the need for cash will vary. How much cost for each deal, sales meeting, marketing campaign, congress, homepage. Ad on wages, inventories, rent, tax, computers, internet, etc. It adds up quickly. When you are in control you can adapt. \n\nDo a cash flow analysis. Investors might fancy some profit and loss statement where you can write off inventories on 5 years. Cash is king. If you have no money on the bank, there are no wages to be paid. I have been there two consecutive Christmases and it is not a pleasant situation to be in. And don´t forget the Pi-factor. Again, everything will take 3,14 times more in time and/or cost. \n\n# Presenting your great idea\n\nLast but not least. When I have presented my ideas, the situations have differed from a 30 second pitch (the so called elevator pitch) to one hour meetings with investors. The ultimate test to see if you know what you are talking about is to present your idea in 60 seconds to anyone you meet and have them enthusiastic (or at least understand what you offer). My mother would not be so thrilled of my idea for a bottle holder I can use when I windsurf, but she has to understand the concept and why it is so brilliant. And since she is my mother she will of course be enthusiastic, at least until I ask for some funding for the first prototype. \n\nSo go out there and practice, practice and practice. You do not know when you might meet someone who is a potential customer, investor, partner or supplier. You might even sell something. And it might just take 60 seconds.\n\nStay creative out there and never give up on your dreams! “The ox is slow, but the earth is patient.”\n\n//Andreas\n\n*I am a Swedish serial entreprenuer with 3 companies on the CV and a father of 3 beautiful and creative kids. I have a huge interest in start-ups,  products and services that contribute to a sustainable world and freedome of thought.*",
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      "body": "**Great post.** I have not been Active more than a day and read just a few posts but I get the exact same feeling, people are here to give. And by that you will recieve. \nWhen I learned about Steem from @dollarvigilante I didn´t have a clue what I should do still wanting to be a part of the Steem Community. But now I know: To help and inspire others. \nLooking forward to more posts from you.\nAndy",
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