Tagged: opportunity cost

3 Critical Founder

How to Build a Winning Team

3 Critical Founder Contributions for a Startup: Money, Commitment and Effort

Founder contributions are critical to entrepreneurial startups. There are three major contributions that founders provide to startup businesses: Money, Commitment, and Effort

Simple Business Plan Template

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A Simple Business Plan Template: Develop a “Sniff Test”

A simple business plan template to follow is to develop a “sniff test.” Hold up the fish (project) – if it doesn’t smell right, throw it away. This is simply a short-hand way to tell if a project is worth a more detailed look.

Definitioner

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Sniff Test: A colloquial expression referring to a quick assessment of a situation to see whether it appears legitimate.⁷
Business Plan: A document utilized by management and relied upon heavily by some investors, that entrepreneurs use in detailing their business concept as well as their company’s overall strategic and financial objectives. In recent years the Business Model Canvas has become increasingly popular with both entrepreneurs and managers as a guide or framework for the startup's efforts, and in many cases is now utilized in lieu of the Business Plan by these parties.⁶
Related Terms Business Model Canvas | Exit Strategy | Capitalization Table Related Articles 7 Steps to Assess Your Concept's Competitive Environment 6 Startup Lessons Learned From Previous Mistakes