Investors receive hundreds of proposals, reviewing very few in-depth – looking forgreat management; proprietary elements, such as patents and distribution contracts; other lead investors; and shareholder protection.

Innovative ways to reduce cash needs and to find new revenues are especially necessary in a bad economy.

Seed money comes from personal savings, family, friends and angels – after preparing projected financial statements and analyzing them with financial ratios.

Secure commitments to provide the products and services you require.

Exclusive distributor relationships can be beneficial but also dangerous, so limit the products and territory granted. Pick powerful distributros based on their marketing plan.

Public relations is inexpensive compared to the benefits usually derived; a public relations firm brings credibility – hire an aggressive one.

Create demand with few resources using guerrilla tactics

Seek traditional or new distribution by scouring trade shows for opportunities.

Ideas must be revealed to acquire infrastructure; refusal to sign confidentiality agreements requires other approaches.

You can patent, trademark and copyright more than you think. Immediately hire a lawyer for intellectual property rights.

Find people through networking, employment agencies and search firms; scrutinize their background and sign confidentiality agreements; incentivize them; and, consider them for partner if you need capital.

Business plans, written by professionals, are a continuous process made easier as the business acquires infrastructure.

Outside auditors, required for fund-raising, also help with business plans and give a start-up credibility.

Success can be correlated with early retention of lawyers.

A mentor with relevant entrepreneurial experience can be crucial – several of them can form an advisory board.

Infrastructure is people, physical assets, marketing and distribution, and intangibles.

Good ideas permit the entrepreneur to obtain infrastructure.

A poor idea that can be executed is better than a good idea that cannot.

Successful ideas can come from any source – test demand, at least informally, making actual sales if possible.

A person’s ability to start and manage a business can be enhanced through greater personal and business credibility.

Successful entrepreneurs are highly motivated and focused, seek to reduce risk, and possess experience and a range of people talents.

Every person can be an entrepreneur of tasks within their competence, alone or with others.

Entrepreneurship is developing a business idea regardless of the resources currently controlled.

Entrepreneurs must have the personal skills to engage many people in developing the enterprise.

A company that raises money for the first time would like to be exempt from SEC registration, as would investors when they sell stock after the company goes public.