Mark Cuban Says It's Time to Start Your Dream Business!
May 05, 2020 by Roger Scherping
I read an April article in Inc. magazine about Mark Cuban, entrepreneur, Shark Tank investor, and owner of the Dallas Mavericks of the NBA. He says that, contrary to popular opinion, this is actually the perfect time to start a business: "Five to 10 years from now, we'll look back and there will be 30 businesses that were created where we'll say 'Damn, why didn't I think of that? It makes so much sense now."
Cuban gives two reasons. First, he says forget about capital. It is difficult to get capital right now, but he’s always been an advocate of bootstrapping anyway. Bootstrapping is relying on your own capital or that of friends and family plus good old fashioned sweat equity to fund your startup. So he says that lack of available capital is not an issue.
Second, he says start with just a small step. You theoretically have more time on your hands right now, and he says that you could use that extra time to take a small step toward starting your dream business.
The Minneapolis office of SCORE (the Service Corp of Retired Executives) reached out to us at ProjectionSmart recently. They had read Cuban’s interview and said they wanted to help people do exactly what Cuban advocated. So SCORE asked us to do a webinar on business planning to get people to take at least that first small step toward starting a business.
So join Bob and me for a live webinar on Wednesday, May 13 from 9-11 am. We’ll show you how ProjectionSmart can help you plan your startup. Remember that startups that plan are 50% more likely to succeed!
In the webinar we’ll review our tools for the entrepreneur: Proof PlanTM and Startup financial model.
Instead of spending hours writing a complex business plan, why not focus on the three areas that bankers and investors care most about:
- How do you make money? Is your business model financially sound? Are your projected sales achievable? Are your margins adequate to cover your overhead?
- How do you get new customers? Who are your target customers and how do you know they will buy? What proof do you have that the tactics that you will use to reach them will be successful?
- Who is on your team? Who is leading the business and its key areas? What proof do you have that they can lead their areas?
Does your new business concept make sense financially? Will you make money? Is your pricing high enough to turn a profit? Can you pay yourself what you need? With Startup, any entrepreneur can prepare a complete financial model of their business in just three simple steps, and we’ll give you a full set of financial projections that will show you whether your new business concept is financially viable.
Remember that at ProjectionSmart we speak your language! You don’t need to understand accounting or use a spreadsheet. Our tools are easy-to-use and will walk you right through the process.
You can click here to learn more and sign up for our webinar.
We hope to see you on the 13th! Email me if you have any questions.