Here’s what we will cover today:

• How to use effective milestones to grow your business

• Learn what invention one key figure said had “no commercial possibilities” (and was very wrong!)

• 32 rules for being a founder

Quote of the Day

“Just because something doesn’t do what you planned it to do doesn’t mean it’s useless.”

~Thomas A. Edison

Today’s Tip

One of the most critical aspects of a successful business plan is the creation of effective milestones. 

Milestones act as your roadmap from point A, where your business currently stands, to point B, where you envision its future. To successfully create milestones, break down your business goals into smaller, more manageable steps.

Consider the example of pumping gas. Just as the process involves multiple steps to complete a seemingly simple task, reaching your business goals requires identifying and prioritizing "risk mitigating milestones." These milestones help reduce the inherent risks in your business journey. 

For instance, Google's early risk milestones included developing their initial search algorithm and gaining initial customers. Similarly, a restaurateur's risk milestones might include finding an ideal location, completing construction, hiring staff, and securing initial positive reviews.

To stay focused and make daily progress, break down each large milestone into smaller tasks that you can achieve every day. This daily commitment is like writing a page a day to complete a book. Not only does this approach make your goals more attainable, but it also helps keep you and your team motivated.

Well-defined milestones should be included in the Operations Plan section of your business plan. This information is crucial for investors, who prefer to support ventures where significant risks have been mitigated.

By understanding and prioritizing these milestones, you can better allocate your time and resources, ultimately setting your business up for long-term success.

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Get the template here 👈

Trivia

Today’s Question: Which financier was known as the 'Junk Bond King' in the 1980s era of Wall Street and also served time for insider trading?

Previous Question: In 1876 William Orton, president of Western Union Telegraph Company, declined to purchase the patent for which invention, saying it had “no commercial possibilities”?

Previous Answer: The telephone

Widely acknowledged today as probably the single most important patent in history, Alexander Graham Bell initially offered it to Western Union for $100,000.

When Orton realized the importance of the invention he had passed up he compounded his mistake by spending millions of dollars trying to challenge Bell's patent and build his own network. Bell eventually won the day in court and Orton was forced to turn over his network to the inventor he had originally rejected.

Tools of the Day

Tomato.ai - AI accent softening for clearer agent calls

Grasshopper - A virtual phone system for your small business

News

Elon Musk drops lawsuit against OpenAI. The original lawsuit claimed OpenAI abandoned its mission and breaching an agreement.

32 rules for being a founder

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