Jean
had a fantastic idea for a communication device you
could wear on your wrist. She guessed she would need
$100,000 to get the idea going and even had a relative
who would invest $5000. She just knew she was going
to make a lot of money, if only ... .
When she first
came to me she was only interested in investors with
lots of money. I asked her what the investors were going
to get for their money. She responded with lots of enthusiasm,
but very few details. I asked her to provide a chart
of accounts, a marketing plan, a business plan. I asked
her if she had a working model. I asked for an initial
$350 fee, which was advanced by her relative.
I introduced Jean to an Entrepreneurship Test.
It suggested she was not quite ready to make a genuine
commitment, but although her enthusiasm was dampened,
she wanted “her money’s worth” of
business planning. Now I started to get enthusiastic.
She was beginning to place a value on what she wanted.
If she could recognize that investors wanted a real
return on their investment (0-4-0SM), then
she might put together a workable business plan. I helped
her develop a rough chart of accounts and the beginning
of a viable marketing plan. I provided a Business Plan
package and set a deadline for the next meeting. She
was to write the answers to 15 out of 85 questions and
mail them to me for review prior to a meeting two weeks
away. Six weeks later I got a call from her father.
He had actually been prepared to invest as much as $50,000.
He thanked me profusely, saying that the $350 he advanced
was the best insurance policy he bought that year. I
was able to help him with several other investment decisions
and he made a $500 donation. Later that year Jean sent
me a wedding invitation with a cryptic, “Thanks!”
Jean was not
ready to do what it takes to turn her idea into a success,
but she was successful. She learned she was not ready
for business and went on with another plan. More than
90% of new businesses fail within five years. One of
the most valuable services Chimorel can provide is to
help you realize that your not ready before you lose
a lot of money and several years of your life. And if
you really are ready, we can help you develop your idea
into a successful business.
This
story actually happened. Jean is a former client.
Names and details changed to protect client.
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