Business Plans for Newcomers – Part 1

Posted on by Carmen Reis

I cannot tell you how many times, I have heard of newcomers turned down for loans simply because they could not produce a business plan.

In our lending systems, as covered in a past blog, it is customary to ask for a business plan. In many cases, lenders will not even look at your business idea without it.
So what is an immigrant, with poor English skills to do? Many will pay consultants to prepare plans for them.
Sometimes the immigrant will just stop the application process right there. Others will attend month long classes where they will be guided through the business plan process.

While both of these are good in principal, consultants can be expensive. Classes that drag on for months and months, are not only time wasters, but not effective at teaching what a business plan should be.

A business plan should be a guide-NOT a ROADMAP, but a guide, that gives general direction, provides some estimate of costs, and demonstrates an understanding of the market and the steps you need to get where you want to go with your business.

Many, expect business plans to be “gospel truth”, but they are not. There are those in the business world who will tell you never to plan or that they are a waste of time. I prefer a more democratic approach and believe that a general document should be prepared, but that document should never be taken as the Road Map for a new business.

For newcomers, understanding what to put in a plan, how to obtain market research, estimates of business costs and mission and vision statements, can be beyond not only their language, but also their cultural skills. Remember, Business Plans are largely a North American invention. To do them properly requires insight into Business Culture.

So what is an immigrant to do? My advice is to find a plan/template/program you are comfortable with and use that to develop a basic business plan. More important are items like personal credit and financial holdings. Also, getting a mentor in the industry would be a great asset, for immigrants or those new to an industry. In the next blog we will discuss finding a Mentor.

Article keywords: immigrant business plans

#waystokillanidea – We Have No Time.

Posted on by Carmen ReisLeave a Comment on #waystokillanidea – We Have No Time.

Ways to Kill an Idea – #2. We Have No Time.

As I wrote previously, at a conference I hosted, we focused on 3 key ideas:
1. Fail fast, fail forward.
2. Do not be afraid to think big.
3. Do not say no.

We are too often quick to say no, even when it doesn’t make sense. While sometimes we need to be cautious, we let “No” kill ideas, and ultimately innovation. We come up with some great excuses and ways to kill ideas. I’d like to talk about Way #2: We Have No Time.

I recently re-read The 4 Hour Workweek and the 80/20 Principle. These are two excellent reads, and I can’t recommend them enough. These books have taught me some valuable life and business lessons. Above all else, if we allow ourselves to, we have an abundance of time.

That’s right – not a little, not just enough, an ABUNDANCE. If you have an idea that is worth capitalizing on, don’t find excuses, find time. Great innovators don’t allow an excuse like this to kill great ideas. Great innovators don’t allow ANY excuse to kill an idea.

We have no time. I’ve heard this one so many times. I’ve heard it in large corporations, small non-profits and startups. No one is immune to this one. While resources are limited, don’t be afraid to try new things. Often, low-cost, short-term initiatives can have superior and long-lasting impacts.

I know that it’s not easy, and that we do need to examine what is most important, and to give priority to activities that generate the greatest rewards. And remember: rewards do not need to be (and often are not) financial.

Remember, this excuse is good for one thing: killing ideas.

– Rodolfo Martinez

Article Keywords: ways to kill an idea we have no time

Ways to kill an idea - #1 it cant be done

Ways to Kill an Idea – It Can’t Be Done

Posted on by Carmen ReisLeave a Comment on Ways to Kill an Idea – It Can’t Be Done

Ways to Kill an Idea – #1. It Can’t Be Done

I recently hosted a conference on immigrant entrepreneurship, which was meant to drive home three key ideas:

1. Fail fast, fail forward.
2. Do not be afraid to think big.
3. Do not let your immediate response to a new idea be “no”.

Obviously, there are some things we should all say no to, but generally speaking, we are often to quick with the dreaded “no”. Specifically, we are far too quick at killing ideas. Our keynote (who did a fantastic job) left us with some ways as to how ideas are killed. While everyone began laughing at each item, it became clear that we’ve all heard them before for either one of two reasons:

a) We heard someone say them, and couldn’t believe that they did, or;
b) We said them ourselves, and looking back we weren’t entirely sure why.

After this exercise, I felt that it would be fun to share some of these with you. While BCG originally entitled this “120 Ways to Kill an Idea”, I’ve trimmed this down to my favourites. Be sure to follow our blog for #waystokillanidea.

Here goes #1: It Can’t Be Done.

I can’t remember how many times I’ve heard this. A part of my gets quite upset when I hear this; another part wants to prove people wrong. Sure, some things can’t be done – i.e. I can’t flap my wings and fly to Mars, but most often we use this excuse in a poor context:

This technology can’t be developed; This product can’t be marketed; This book/movie/game can’t be made appealing. Either way, this excuse is good for one thing: killing ideas. Remember, if you have a great idea, don’t let it be killed!

– Rodolfo Martinez

Do you have a business question for one of our experts? Be sure to tweet @carmenreis or get in touch with us – we would love to hear from you!