It was interesting to learn some important points in Mr. Tatsuno's New Venture Financing lecture. He kept reminding all of us not to do a business for money, the importance of cash flow, and the tips of bootstrapping.
When looking for angels, I agree that an entrepreneur should have the characteristics of integrity and honesty which will appeal to angels. A proverb says, " Birds of a feather flock together." which can explain why those characteristics are absolutely necessary for an entrepreneur's success. Moreover, he will find a great team which is composed of A people as well. Those angels and A team are attracted by the vision which is shared by the entrepreneur, instead of talking about money.
One of the keys to venture financing is K.I.S.S. ( Keep It Simple and Stupid. ) It sounds funny, but it's true. When we want to solve a problem, we usually overlook it and forget the easiest way to the solution. Sometimes the simplest and most stupid thought can be the most creative innovation and we shall not ignore the power of it.
I admire Blake Roney, chairman and co-founder of Nu Skin Enterprise, who held the simple belief that he wanted to produce "all of the good, none of the bad" skin care products for human beings. No one believed that he could make because even big cosmetics firms can not afford the high cost of ingredients and environmental protection packages, not to mention of the cost of changing the production lines. With the bootstrapping strategy (the business was started with 500 dollars), the business soon turned to be a hyper-growth venture with the revenue of 100,000 dollars in 10 years. He always tells the distributors to put their family in the first place instead of your personal success. He also asks them to recruit those who are honest because cheating is not the way to success. His sole concern is to improve people's lives no matter in personal finance or in health; however, he himself owns a simple life even though he is already a successful entrepreneur. It is obvious that he has a talented management team to run the company well and a lot of outstanding distributors to promote the opportunity and products. From my point of view, it is Blake Roney's view, and noble and honesty characteristics t
hat brings them into his venture. The core value is what they really believe in, and NSE even established a non-profit organization called Nu Skin Force for Good Foundation which was led by Lee Iacocca voluntarily to improve human life and protect fragile environments. Blake Roney always thinks about people's benefits, which has paved the right way from the beginning.
Reference:
http://www.nuskinenterprises.com/
http://www.forceforgood.org/
When looking for angels, I agree that an entrepreneur should have the characteristics of integrity and honesty which will appeal to angels. A proverb says, " Birds of a feather flock together." which can explain why those characteristics are absolutely necessary for an entrepreneur's success. Moreover, he will find a great team which is composed of A people as well. Those angels and A team are attracted by the vision which is shared by the entrepreneur, instead of talking about money.
One of the keys to venture financing is K.I.S.S. ( Keep It Simple and Stupid. ) It sounds funny, but it's true. When we want to solve a problem, we usually overlook it and forget the easiest way to the solution. Sometimes the simplest and most stupid thought can be the most creative innovation and we shall not ignore the power of it.
I admire Blake Roney, chairman and co-founder of Nu Skin Enterprise, who held the simple belief that he wanted to produce "all of the good, none of the bad" skin care products for human beings. No one believed that he could make because even big cosmetics firms can not afford the high cost of ingredients and environmental protection packages, not to mention of the cost of changing the production lines. With the bootstrapping strategy (the business was started with 500 dollars), the business soon turned to be a hyper-growth venture with the revenue of 100,000 dollars in 10 years. He always tells the distributors to put their family in the first place instead of your personal success. He also asks them to recruit those who are honest because cheating is not the way to success. His sole concern is to improve people's lives no matter in personal finance or in health; however, he himself owns a simple life even though he is already a successful entrepreneur. It is obvious that he has a talented management team to run the company well and a lot of outstanding distributors to promote the opportunity and products. From my point of view, it is Blake Roney's view, and noble and honesty characteristics t
hat brings them into his venture. The core value is what they really believe in, and NSE even established a non-profit organization called Nu Skin Force for Good Foundation which was led by Lee Iacocca voluntarily to improve human life and protect fragile environments. Blake Roney always thinks about people's benefits, which has paved the right way from the beginning.Reference:
http://www.nuskinenterprises.com/
http://www.forceforgood.org/
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