A solid entrepreneurship article that all entrepreneurs can learn from about the importance of balance in growing and measuring a new venture. Marting Swilling points out various must haves and milestones that give insight into the process of new venture creation. Remember, this is a process that demands patience. BTW, he points to a documented business plan right up front.
Here is a snippet:
Letters of Intent or Endorsement
If it’s too early for real customers, a letter of intent or written endorsement can prove that you have the ability to make the connections you need. (Of course, real contracts or purchase orders are even better.)
Also called “skin in the game.” Investors like to see that you have committed personal funds as well as sweat equity. If you haven’t risked your own stash, why should investors let you risk theirs?
Read the entire article and keep on achieving those milestones.