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Entrepreneur's Coaching Center-When Optimism is Bad

Guest post by: Stephen Blakesley

Article Overview: One would almost think that optimism was essential to business success. No so say the panel of experts. Optimism can be responsible for failure. See what the experts have to say.

Entrepreneur's Coaching Center-When Optimism is Bad

The panel of experts, on ENTREPRENEURS R US last night, Charlie Philips (Integrity Bank), Chris Nichols (Randle Law), and Bernard Abercrombie ( Abercrombie & Assoc.) hit the mark in so many areas it will be difficult to share all of them in this message.

Possibly the most significant discussion was around the role optimism plays in the success, or failure of small businesses. Each panelist agreed that optimism was an important attitude among entrepreneurs, but they also agreed that "irrational optimism." was a major reason for businessfailure. So how do you balance optimism?

The panel felt, and I agree, thatentrepreneurial optimism should be tempered with planning and coaching advice from respected professionals (bankers, lawyers, and CPAs)is, perhaps the best way to balanceirrational optimism.

Additionally, when asked about the best organization structure of a new business, there was consensus among the panel that Sub-Chapter Sora Limited Liability Corporation (LLC) was possibly the best, in most cases. There would, of course, be exceptions.

On every entrepreneurs mind is money. That is frequently the driving force behind entrepreneurism. How do you find the money to start a business and the panel outlined 3 money steps, with which entrepreneurs need to be familiar:

• Seed Capital
• Venture Capital
• Initial Public Offerings

Seed Capital

Normally, Seed Capital is used to pay for preliminary tasks like research, product development, etc. Seed Capital typically comes from FFFs (family, friends or fools) orAngel Investors(independent investors). Seedcapital can rangeanywhere form 1 to 100 thousand dollarsandis never cheap.

Venture Capital

Typically comes from more sophisticated investment processes and as a result, involves more money and cost the entrepreneur a share of his/her company.

Initial Public Offerings

IPOs are, yet more involved and much more preparation needed. Those business that have made it through the growth stages to early maturity are the most likely candidates for this type of public financilng.

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Article Tags: business, Optimism, seed capital, success, venture capital



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