{"id":48,"date":"2017-04-24T08:58:00","date_gmt":"2017-04-24T08:58:00","guid":{"rendered":"https:\/\/www.biznessvirgins.com\/index.php\/2017\/04\/24\/the-diary-of-a-biznessvirgin-validate\/"},"modified":"2020-02-20T09:54:55","modified_gmt":"2020-02-20T09:54:55","slug":"the-diary-of-a-biznessvirgin-validate","status":"publish","type":"post","link":"https:\/\/www.biznessvirgins.com\/?p=48","title":{"rendered":"The diary of a biznessvirgin : Validate"},"content":{"rendered":"

I remember being super excited to start out (officially) as an entrepreneur .<\/p>\n

I was the master of my ship, in charge (well, so i thought) and pumped up. I got my products ready, printed business cards and flyers and hit the ground running. However, nothing prepared me for the experience i was about to have.<\/div>\n
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With lots of one on one marketing and referrals ,i got off to a good start and sales were coming in. At this point ,i assumed the business was doing well because customer base kept increasing, i got carried away with the expanding customer base and publicity such that i took my eyes off other important aspects of the business. I guess i felt that was all the business needed to grow at that time .<\/div>\n
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\"how<\/a><\/td>\n<\/tr>\n
photo credit : www.startupbros.com<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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The wake up call came 3 years after the business took off; Three major things happened within the business<\/div>\n
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– Return rates dropped drastically,<\/div>\n
– Cash flow became an issue<\/div>\n
–  Some major retailers stopped stocking the products as they started producing theirs.<\/div>\n
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 It was then i realized i had not quantified progress, i dint even know parameters required to do so plus I had no records .So even when I tried to get investors on board , there was no proof of concept to show that the business was commercially viable. Sadly, after 3 years, i had no documentation to validate grounds the business had covered as well as prospects for the future….<\/div>\n
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As an entrepreneur, Its important to keep track of particular aspects of your business, i recommend among other things that you go after attaining a proof of concept for your business idea. <\/div>\n
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If you are a bootstrapper<\/a> working with the bootstrap model<\/a>, proof of concept should come as you go along the “sell” stage.<\/div>\n
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As an SME\/startup, parameters you should keep a close eye on include<\/div>\n
– Cash flow<\/div>\n
– Revenue\/ revenue growth rate<\/div>\n
– Net profit<\/div>\n
– Gross profit<\/div>\n
– Customer growth rate<\/div>\n
– Reproduceability of systems and processes<\/div>\n
– Burn rate<\/div>\n
– Total amount of money invested in business<\/div>\n
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There are a few other boxes to tick on the checklist but this is definitely a good place to start, Its a simple way to quantify and validate what a business is doing.<\/div>\n
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To get a free assessment tool for your business, send an email to biznessvirgins@gmail.com.<\/p>\n

find out a few things you need to know about business assessment here<\/a><\/div>\n

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All the best today and always.<\/div>\n
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Yours truly, <\/div>\n
F.O (The Entrepreneur)<\/div>\n
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P.S – ” Beloved,i wish above all things that you may prosper and be in health,even as your soul prospers” – 3 John 1:2<\/div>\n
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<\/div>","protected":false},"excerpt":{"rendered":"

I remember being super excited to start out (officially) as an entrepreneur . I was the master of my ship, in charge (well, so i thought) and pumped up. I got my products ready, printed business cards and flyers and hit the ground running. However, nothing prepared me for the experience i was about to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[54],"tags":[],"class_list":["post-48","post","type-post","status-publish","format-standard","hentry","category-business-diaries"],"_links":{"self":[{"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=\/wp\/v2\/posts\/48","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48"}],"version-history":[{"count":1,"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=\/wp\/v2\/posts\/48\/revisions"}],"predecessor-version":[{"id":606,"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=\/wp\/v2\/posts\/48\/revisions\/606"}],"wp:attachment":[{"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biznessvirgins.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}