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Advice from the judges on business plans, entrepreneurship

 

Robert H. Hacker, FIU Track

“Validated learning (or trying, testing, failing, succeeding) is a core part of the entrepreneurial process. Learning the purpose of “failure” is crucial to success.”

Steven McKean, Community Track

“Your product does not necessarily have to be unique. You can beat your competitors by offering a great service that goes beyond your customers’ expectations. There’s nothing like an outstanding, high quality service. Just make sure you do your homework and find your competitors’ weaknesses that will highlight your uniqueness.”

Ericka Twani, FIU Track

“Say it in 60 seconds or less—or don’t say it at all. Learn to describe your mission, service or product, requirements and goals eloquently and expeditiously—or don’t. Your potential investors, prospects and clients need to ’get it’ in under a minute or they will pass."

Mike Tomas, Community Track

“You’ve got to be all in. In reality, there’s no such thing as a part-time entrepreneur; once you’ve started something it changes your perspective on everything. It brings new energy, vitality and perspective to everything you do. Don’t be afraid, expect and embrace the creative chaos that will ensue and accrue benefits to everything around you.”

H. Leigh Toney, Community Track

“Winning as an entrepreneur takes a four-person team -- a dreamer, a banker, a lawyer and an accountant.”

Mercedes San Miguel, High School Track

“Be thorough and thoughtful about all aspects of biz ownership, particularly what it’s going to cost not only in time and money, but also the emotional and psychological toll when success doesn’t come easily, quickly, or as you expected.”

Althea A. Harris, Community Track

“A bad partner will always be a bad partner. Don’t fool yourself that a partner will improve as the company grows. You are creating a problem to yourself and to your company.”

Ericka Twani, FIU Track

“Get social -- no, I do not mean Facebook. Learn how to talk to people that are right in front of you. Learn how to sell effectively to a live audience. Remember that social media should be a tool that you use to enhance already effective communication abilities; they are not a replacement for them.

Rafael Cruz, Community Track

“Entrepreneurship is about using your unique talents, skill and experience to add value to the lives of others. This implies that you have some experience, talents and skills that are worth something in the market. Sometimes young entrepreneurs hear a lot of motivating talk and read about wonderful success stories and are given bad advice and then they run out and start a business only then to find out the hard reality of business ownership. So, get some good experience, refine and develop your talents and skills and while you are doing all of this make sure you build a well-developed network of business contacts. Without a Network you will not succeed.”

Rafael Cruz, Community Track

“If you can run your own company, do not let investors rule. Some investors require the nomination of the board of directors, including your job. Keep looking for the right investor, they will eventually show up.”

Ericka Twani, FIU Track

“Keep good records! Records of sales, costs, customers hold vital info on the biz. Even if you start your biz "on the side", the temptation is to be slack on record-keeping in favor of other money-generating activities. However, when you decide to take the biz full-time & you do it w/o detailed records, you effectively re-start the clock on when your business began. This re-set can hamper your ability to get a loan, biz partners, and customers because all of them want to see your measurable record of success.”

Althea A. Harris, Community Track

“Make certain that your personal credit score does not impact your ability to get funding for your business. Address your student loans - you can get temporary relief and avoid credit issues. Learn more about how to keep your credit score high -670 or higher.”

Marjorie Weber, Community Track

“Capitalism is about the investment of Capital for a Return on Investment. This means that no matter what you hear on late night TV infomercials, YOU will need money to invest in YOUR business. In fact if you don’t have your own money to invest in your business, then why should anyone else invest? So, save some money, start an entrepreneurship account and start working toward your goal of putting money away to start your business. This money in the future will go a long way in making it easier for you to attract financing because investors will see that you have some skin in the game.”

Rafael Cruz, Community Track

“Every successful entrepreneur that I have met has an uncanny ability to adapt and re-invent. The word "can’t" is not in their vocabulary.”

Mercedes San Miguel, High School Track

“Ask for advice. Successful people like to share their wisdom. But remember, what worked 10 years ago, won’t necessarily always work today.”

Marjorie Weber, Community Track

“Your time is now. Find many mentors, and be open to new ideas/new people.”

Steven McKean, Community Track

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