Thought I'd share my email response to an entrepreneur who reached out

Thought I’d share my email response to an entrepreneur who reached out to me today about creating their business, what a business plan should look like, and how to get initial capital for the company:

The best advice I could give you is to not waste time on a business plan. If you’re unsure of your business model, the business plan will only lead you down a path which may not serve you well. And DO NOT take investment money. Debt is good for a big business. Horrible for an entrepreneur. Because whoever writes the checks is the boss and it prevents you from being flexible with your offering.

Rather, find a service someone is willing to pay you money for. Even if it’s a little money for a lot of effort, don’t worry. Once someone gives you cold, hard cash. Look at what you enjoyed out of that process then find someone else to pay you for that same thing. Keep doing what you enjoy, stop what you don’t.

As you bring in more and more cash flow, look for bottlenecks within the process and begin to automate the process. Maybe it requires software. Maybe employees. Whatever you can do to transcend time and create a multiplier for your effort.

Good luck!