What is a zero sum game? The shortest answer is that when you win, someone else loses. When a poker player sits down at a table he is entering into a zero sum game. . One person wins a stack at the expense of the other people at the table
It is an un-thought assumption by many that capitalism is similarly a win/lose enterprise. Does one person's gain necessarily come at another person's expense? Not necessarily so. The first argument against this assumption is evidence we have that the economic pie actually does get bigger over time . If capitalism was just a fight over who got the biggest piece or how to slice the pie more equitably the system would not be productive. We have evidence of real growth in standards of living over the past 100 years and this is in spite of a quadrupling of the world's population.
The author, Philip Stephano, is owner of PrimalTweet a social media marketing company in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
The Capital Corner (www.capitalcorner.org)is a non-profit micro venture capital company that invests in minority owned and small businesses in urban neighborhoods. Our goal is to encourage capital formation in these communities through empowering business owners.
Friday, November 22, 2013
Friday, January 4, 2013
PrimalTweet Introduces "Small Business Saturday Night", a Resource for Entrepreneurs
PrimalTweet Introduces "Small Business Saturday Night", a Resource for Entrepreneurs
PrimalTweet introduces "Small Business Saturday Night!" (because small business people don't go out on Saturdays!)
The author, Philip Stephano, is owner of PrimalTweet a social media marketing company in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
The author, Philip Stephano, is owner of PrimalTweet a social media marketing company in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
Tuesday, January 1, 2013
Plan your work, work your plan.
One of my greatest mentors-my father- used to tell me that a plan hasn't been thought through unless it has been written down. It is surprising to find that a lot of small business owners step out to raise investment or borrow money with little more than a concept of what they would like to do. They know they have a good business idea and they know they need the money, but they haven't WRITTEN the business idea down in a comprehensive way and they haven't WRITTEN down the definition of their capital requirements. Writing a number down on a napkin isn't going to get the job done.
One of the first jobs of a business developer is to translate his/her business ideas into a full fledged business plan. A business plan is to a business manager what a chart is to a navigator. You wouldn't have much chance trying to sail to the Caribbean without a chart. There is a good chance you will end up on the rocks. The same thing is true for a business only instead of wrecking your project will go bust. Without getting into mind numbing detail, there are two parts to the business plan: 1) a month by month list of expenses and revenues projected over several years, and 2) a sources and applications of funds. Just like a navigation chart this plan will tell you where the dangers are, allow you to avoid them, and it will also tell you just how much money you need to get to your destination.
Now you have your plan written out, you can see how much time it will take to get to positive cash flow, and you have defined how much money it will take you to get to a cash positive situation. Step one- plan your work- is done. Now comes the hard part: working the plan.
I know of NO plan I ever wrote that worked out on time and on line all the way to the end. There is always new information that comes along that you couldn't foresee. But guess what? You have your plan and you can update it as new information comes in. The plan will inform you during the execution phase. It will tell you where you are behind schedule and have to push harder. It will tell you whether key personnel are doing their job adequately. It will tell you where you are over budget and have to make adjustments. Having a plan and not using it to inform business decisions is like having a map and then refusing to use it.
The author, Philip Stephano, is owner of PrimalTweet a social media marketing company in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
One of the first jobs of a business developer is to translate his/her business ideas into a full fledged business plan. A business plan is to a business manager what a chart is to a navigator. You wouldn't have much chance trying to sail to the Caribbean without a chart. There is a good chance you will end up on the rocks. The same thing is true for a business only instead of wrecking your project will go bust. Without getting into mind numbing detail, there are two parts to the business plan: 1) a month by month list of expenses and revenues projected over several years, and 2) a sources and applications of funds. Just like a navigation chart this plan will tell you where the dangers are, allow you to avoid them, and it will also tell you just how much money you need to get to your destination.
Now you have your plan written out, you can see how much time it will take to get to positive cash flow, and you have defined how much money it will take you to get to a cash positive situation. Step one- plan your work- is done. Now comes the hard part: working the plan.
I know of NO plan I ever wrote that worked out on time and on line all the way to the end. There is always new information that comes along that you couldn't foresee. But guess what? You have your plan and you can update it as new information comes in. The plan will inform you during the execution phase. It will tell you where you are behind schedule and have to push harder. It will tell you whether key personnel are doing their job adequately. It will tell you where you are over budget and have to make adjustments. Having a plan and not using it to inform business decisions is like having a map and then refusing to use it.The author, Philip Stephano, is owner of PrimalTweet a social media marketing company in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
Plan your work, work your plan.
One of my greatest mentors-my father- used to tell me that a plan hasn't been thought through unless it has been written down. It is surprising to find that a lot of small business owners step out to raise investment or borrow money with little more than a concept of what they would like to do. They know they have a good business idea and they know they need money, but they haven't WRITTEN the business idea down in a comprehensive way and they haven't WRITTEN down the definition of their capital requirements. Writing a number down on a napkin isn't going to get the job done.
One of the first jobs of a business developer is to translate his/her business ideas into a full fledged business plan. A business plan is to a business manager what a chart is to a navigator. You wouldn't have much chance trying to sail to the Caribbean without a chart. There is a good chance you will end up on the rocks. Without getting into mind numbing detail, there are two parts to the business plan: 1)a pro-forma which is a month by month list of expenses and revenues projected over several years , and 2) a sources and applications of funds (capital requirements). Here's the thing, you can't define your capital requirements without doing the pro forma. Sorry.
Now you have your plan written out, you can see how much time it will take to get to positive cash flow, and you have defined how much money it will take you to get to a cash positive situation. Step one- plan your work- is done. Now comes the hard part: working the plan.
I know of NO plan I ever wrote that worked out on time and on line all the way to the end. There is always new information that comes along that you couldn't foresee. But guess what? You have your plan and you can update it as new information comes in. The plan will inform you during the execution phase. It will tell you where you are behind schedule and have to push harder. It will tell you what job descriptions you need to write to build your team. It will tell you whether key personnel are doing their job adequately. It will tell you where you are over budget and have to make adjustments. On the other hand, having a plan and not using it to inform business decisions is a little bit like having a roadmap but never taking it out of the glove compartment.
The author, Philip Stephano, is a social media marketing strategist in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
One of the first jobs of a business developer is to translate his/her business ideas into a full fledged business plan. A business plan is to a business manager what a chart is to a navigator. You wouldn't have much chance trying to sail to the Caribbean without a chart. There is a good chance you will end up on the rocks. Without getting into mind numbing detail, there are two parts to the business plan: 1)a pro-forma which is a month by month list of expenses and revenues projected over several years , and 2) a sources and applications of funds (capital requirements). Here's the thing, you can't define your capital requirements without doing the pro forma. Sorry.
Now you have your plan written out, you can see how much time it will take to get to positive cash flow, and you have defined how much money it will take you to get to a cash positive situation. Step one- plan your work- is done. Now comes the hard part: working the plan.
I know of NO plan I ever wrote that worked out on time and on line all the way to the end. There is always new information that comes along that you couldn't foresee. But guess what? You have your plan and you can update it as new information comes in. The plan will inform you during the execution phase. It will tell you where you are behind schedule and have to push harder. It will tell you what job descriptions you need to write to build your team. It will tell you whether key personnel are doing their job adequately. It will tell you where you are over budget and have to make adjustments. On the other hand, having a plan and not using it to inform business decisions is a little bit like having a roadmap but never taking it out of the glove compartment.
The author, Philip Stephano, is a social media marketing strategist in Bucks County, PA. He is passionate about helping local and regional business around the country to use social media as an effective tool to find local prospects and customers. To learn more about Stephano go to http://about.me/philipstephano
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