10 Reasons to Be Passionate About Your New Business Concept
One of the qualities that we look for when evaluating prospective clients for our consumer product marketing consulting firm is PASSION. If an entrepreneur is not passionate about the product or business idea they are attempting to commercialize we cannot help them. Passion is palpable, easily identifiable and crucial to success.
The following are 10 benefits that every inventor or entrepreneur should consider when evaluating the passion they bring to their project. These items justify the passion that is necessary to drive the project through the difficult maze of hurdles that will inevitably be faced on the path to marketing a new product.
- Product Benefits
My product will provide consumers real BENEFITS that improve their commercial or personal life.
2. Economic Benefits
My new product will create expanded economic opportunity for suppliers, vendors, employees and retailers.
3. Societal Benefits
From the Donor’s Perspective: Why Some Fundraisers Succeed While Others Fail
In order to get their valuable perspectives on fundraising, I interviewed more than 30 donors of the highest caliber who have given millions and millions of dollars to various charities, ministries, and organizations. I asked them why some fundraisers succeed while others fail.
These are the qualities and characteristics the donors felt made successful fundraisers:
* Sincere relationship — Above all, successful fundraisers are sincere.
* Personal integrity — Successful fundraisers are upfront, genuine, and always operate with integrity.
* Knowledge of their charity — Successful fundraisers are well informed.
* Clearly defined goals — Successful fundraisers clearly state the mission, needs, and opportunity a donor has to help accomplish the mission.
* Regular communication — Successful fundraisers keep donors in the loop.
* Assurance of cost effectiveness — Successful fundraisers show donors that their money is doing what was promised.
* Credibility — Successful fundraisers use donors’ funds for the intended purpose only.
* Matching gifts — Successful fundraisers think about lead gifts or matching gifts so donors’ gifts are multiplied.
From the Donor’s Perspective: What Every Fundraiser Should Know
Among other things, donors need to believe in the cause they choose to support. They need to have answers, feedback, and understanding along the way. They want to play an important part in their cause, and they want assurance that their gifts are being used effectively and efficiently. And, of course, they need to be treated with kindness and respect — to be thanked and appreciated.
The most successful fundraisers are the ones who help donors fulfill their vision for what they feel God has directed them to do with their money. Donors are stewards, and your job as a fundraiser is to help them fulfill their stewardship role. To do this successfully it is invaluable to learn from donors themselves what they believe every fundraiser should know:
About relationships
* Think of your donors as a trust from God.
* Help your donors realize God’s plan for their lives (not just for their money!).
* Help donors to find fulfillment in their giving.
* Cultivate relationships before seeking funds.
* Make only one request per year for funds.
* Learn the passion of the prospective donor.
Turning Around Under-performing Public Companies in an Overcrowded Public Market
According to Colin Wallace at Publex Ventures, over 5,000 public companies in the U.S can be classified as small-cap or micro-cap “orphans” that don’t benefit from a liquid market. While they have the obligations of being public, they don’t have effective access to the public capital markets. Publex introduced an interesting solution to this problem — the fund strategically engineers mergers between early-stage private companies and under-performing public companies, to accelerate liquidity while preserving the superior returns of early-stage investing.
Publex invests before, during, and after merging these companies into an operating public company that is under-performing or is in need of new technologies, business lines, or management to maximize its growth potential and attract market attention. “While there are many funds that invest in both public and private vehicles, Publex is unique in its business model of investing in private companies with the express purpose of combining them with an under-performing public company, then investing further in the combined public entity,” said Wallace.
Another interesting solution is offered by Silicon Valley start-up www.IdeaMamaClub.com, founded by a serial entrepreneur Olga Kostrova. IdeaMama’s unique virtual IP incubation platform offers a pre-assessed micro-cap deal flow, co-developed by its user community. IdeaMamaClub.com facilitates innovations in various industries including biotechnology, commerce, education, energy, entertainment, environment, finance, health, information technology, materials, space, transportation, and others.