I believe this is the BEST time to launch and grow a business. If you are interested in my beliefs why, this is a link (since there is way too much to write).
But here`s my question. I have received many, many emails telling me this is the worst time to grow a business. That we all should "hunker down." I wanted to get the thoughts of StartupNation. Why or why not - is this the best time to be growing / launching an entrepreneurial endeavor?
Has anyone read the book called "Getting Things Done?" I just want to get a sense for what the biggest takeaway tips you got from it.
I personally liked, "if you can do it in less than 2 minutes, the second you think of it.... do it"
Absolutely bootstrap it!
You need to determine how the business will be structured, determine actual demand, and get all the kinks out. Once you have a model that works, is generating re-occuring revenue, and is scalable... then consider funding. Or you may find yourself in a postion where you have enough cash flow to fund it internally (and retain 100% equity), and as Martha says "That`s a good thing."
Business plans are a waste of time if you ask me. Don`t get me wrong you need to have a clear understanding of your costs, goals, expectations, etc.
Your businesses success (after you determined it to be viable) is determined mostly by your desire, your passion, and your relentless commitment to its success. The traditional business won`t foster this, and likely will be shelved for the life of your company.
Instead you need to have dynamic planning, based on three sheets. You need a Prosperity Plan (the vision of the company), a Quarterly Plan (a 90 document of what your need to make the most progress toward your vision) and Daily Metrics (a daily measure of your company`s health and progress).
Every company I have grown myself (3 so far) and every one I have partnered/invested in (many), I have used this strategy and have found it to be the key to successful, healthy growth.