The essence of any decision by aspiring, young South African business people will surely be: What benefit is there for the entrepreneur joining the Progress Project? What is in it for you and what can we do for you? Continue reading
The process for approval to join and benefit from joining the Progress Project is easy, but designed to protect the entrepreneur.
- Submit a basic business idea to establish the uniqueness of the proposal.
- Brief online or telephonic assessment of the appropriateness of the Progress Project as mentor.
- Signing a Non-Disclosure and Confidentiality Agreement to protect the intellectual property rights in the idea of the entrepreneur.
- Quantifying the mentorship and leadership requirements and contribution.
- Quantifying the financial investment and methods of funding required and achievable.
- Decision on progressing with the project proposal of the entrepreneur.
- Drafting of basic business plan for presentation and identification of appropriate business type.
- Meeting potential key stakeholders, contributors and investors.
- Viability decision and creation of time frame deadlines for project.
- Secure and make available initial funds to the entrepreneur.
- Completion of legal paperwork to establish business.
- Establish new business.
- Ongoing guidance, expertise and knowledge sharing between the Progress Project and the entrepreneur.
At this stage, the process for approval is competed and the entrepreneur’s new business start up is underway. The entrepreneur has funds and expertise available, a comprehensive course of action plotted out and the business tools necessary to start up and successful business.
Start a Business
I was recently asked: Should I let somebody put their business in my name? A further catch, was that the third party who wanted to use another’s name to set up a business was a family member with a failed business with negative financial information and ratings.
Should you accept the Risk of Somebody Else Starting a Business in Your Name?
Do not let somebody else start a business or put their venture in your name. At the outset, and as harsh as this may sound, there is probably a reason why that other person’s current business has lawsuits and debts against it… Whether that situation came about as a result of bad luck, bad management or a combination, you would be very exposed in your personal finances if you allow them to put the new business in your name. Continue reading