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The Biz Question
I'm a 24-year old struggling with planning for the future. I currently have an excellent job at a company where I manage a department of 5 people and get to travel to the Far-East. I'm getting great experience at a small manufacturing/import company, but the problem is the lack of promotion. I work directly under the owner of the company (who will not retire anytime soon), so I have little chance of moving up. The money isn't that great either.
My end goal is to start my own company. I have an excellent idea and the beginnings of a biz plan, and it's actually not a dot.com. The concept exists and is very successful in Europe, just not in the U.S. yet. My problem is that it requires a lot of dough in the start up and it seems like people only want to invest in dot.coms. The other problem is that I don't have any experience in the industry; only great ideas, the ability to manage, and excellent marketing knowledge.
To get to the point: What steps should I take toward my end goal? How long should I continue to get "great experience" at the cost of promotion and pay (I've been here 2 years)? I need to continue to move toward my goals. Any words of wisdom would be greatly appreciated.
Sincerely,
Matt
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Answer from our Guest Expert Lillyvette Montalvo
Well, Matt, it certainly does seem that all of the funding is going to the dot coms of the world, but that's not entirely the case. First, let's address some of your other issues and then revisit funding a little later.
Biz Plan Is a Great First Step!
You're on the right track by starting a business plan! For more help with writing your business plan, take advantage of the counselors available to you through the Small Business Development Centers. These counselors are dedicated to assisting people in the development of their business plans. Since they're affiliated with the U.S. Small Business Administration, they can provide this service to you at no cost! It's free!
Once your business plan is in tip-top shape, you can start a legitimate search for funding -- starting your search before then is seen as very inexperienced and inconsiderate on the part of investors since they already have TONS of people approaching them with "great ideas." Make sure you don't demonstrate a lack of professionalism and steer clear of simply approaching the people with money with ideas in your head. They consider that a waste of everybody's timeœincluding your own.
About the Expert
Lillyvette Montalvo
Lillyvette is a Certified Diversified Cash Flow Specialist who used her
years of public relations, marketing, and financial experience to create
Star Capital, Inc. which helped biz owners get the dollars they need to
make their businesses grow and succeed. more
Meet the Idea Cafe Experts
For more business advice, check Coffee Talk Answers
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