Here’s what we will cover today:

• Why your ability to explain your business clearly determines its success

• Discover how PlanPros.ai helps you build a standout business plan

• Can you guess which eyewear startup disrupted retail?

Quote of the Day

"To be a CEO is a calling. You should not do it because it is a job. It is a calling, and you have got to be involved in it with your head, heart, and hands."
~ Indra Nooyi

Today’s Tip

Albert Einstein is widely recognized as one of the greatest geniuses ever.

Many don’t realize that he began his career as a patent examiner. For two years, he evaluated patent applications at the Swiss Patent Office.

During this time, Einstein encountered thousands of entrepreneurs who were all trying to do the same thing: convince others that their ideas were unique and deserving of a patent.

This is remarkably similar to entrepreneurs' challenges when raising money: persuading investors that their ideas stand out and are worthy of funding.

Interestingly, one of Einstein’s most famous quotes offers valuable insight for both the entrepreneur seeking a patent and the entrepreneur seeking investment:

“If you can’t explain it simply, you don’t understand it.”

The inability to clearly articulate a business idea is a major reason why business plans go unread—if you can’t convey your idea concisely in the first paragraph, the reader will likely stop. It’s also a key reason why many companies fail to secure funding.

Yet many entrepreneurs, especially those who struggle to simplify their business explanations, might disagree with Einstein and believe they fully understand their business.

And in many cases, they do. But the real issue is that they likely haven’t fully thought through their business.

Let me explain. When you properly complete a business plan, you’re forced to think through every aspect of your venture and answer critical questions such as:

• What customer pain are you solving?

• How are customers currently addressing this pain?

• What are the strengths and weaknesses of these solutions?

• What is the demographic or psychographic profile of your ideal customer?

• Why is your company uniquely positioned to succeed?

Answering these questions deepens your understanding of your business—and, in turn, helps you craft a clearer, more concise explanation of it. That’s the essence of Einstein’s quote, and it’s the key to successfully raising capital.

So, ensure you’ve asked and answered all the essential business plan questions. Then, review your responses and refine them into a single sentence or short paragraph that most simply and powerfully describes your business.

Today’s Resource

Get the Business Plan Investors Love

Most business plans fail to impress. Why? They miss the key elements that investors and lenders need.

With PlanPros.ai, you’ll create a business plan that turns heads. 

Just answer some simple questions, and our AI-powered tool crafts customized financial projections, writes your entire plan in the format investors crave, and includes the best business-building strategies.

And here’s the kicker: You’ll also get access to our database of 80,000 equity and debt investors.

Your plan will get the attention it deserves. Let’s make it happen.

Trivia

Today’s Question: Which eyewear startup founded in 2010 began with an online-only business model and promised to donate one pair of glasses for every pair purchased?

Previous Question: What is the "trashier" name for a "high yield bond" that is typically issued by companies with low credit ratings?

Previous Answer: Junk bonds

Junk bonds are bonds that carry a higher risk of default than most bonds issued by corporations and governments.

News

If You Think Owning a Sports Team Is Hard, Try Naming One

18 Eye-Catching Social Media Ad Examples to Spark Your Creativity

Help Other Entrepreneurs & Business Owners

Do you know someone who could benefit from our newsletter?

Please let them know they can sign-up here.