by Mike Goodrich | Jun 28, 2021 | 2021, Birmingham, Birmingham Funded Start-Ups List, Business Lessons, COVID-19, Entrepreneurialism, Founders, Services, Small and Medium-Sized Businesses, Start-Ups
“You need to make hay when it rains.” I first heard this axiom — in that instance, in connection to a business in high-end consumer goods — in my early days as a lawyer. Simply put, the goal is to make your money during the good times, knowing that the...
by Mike Goodrich | Apr 30, 2021 | 2021, Business Lessons, Entrepreneurialism, Football, Mission-Driven Businesses, Small and Medium-Sized Businesses, Social Capital and Social Entrepreneurialism
Last week, a group of 12 European soccer teams tried to form an exclusive league unto themselves only to see it crumble. The plan became the business mistake du jour and had even the most casual soccer fan engaged and enraged. Since I follow it only loosely, I didn’t...
by Mike Goodrich | Apr 9, 2021 | 2021, Business Lessons, Competition, Entrepreneurialism, Founders, Small and Medium-Sized Businesses, Start-Ups
Part Three of Three: Competitive Landscape[1] Read Part One: Valuation here and Part Two: The Five-Year Pro Forma here While you and your company are indeed unique and special, do not delude yourself into thinking you are so unique and special that you created...
by Mike Goodrich | Mar 19, 2021 | 2021, Business Lessons, Entrepreneurialism, Founders, Small and Medium-Sized Businesses, Start-Ups
Part Two of Three: The Five-Year Pro Forma[1] Read Part One: Valuation here Budgets are crucial — and usually provided to investors — for even the most nascent start-up. Even if no revenue is expected within the first year, money is still needed to run the...
by Mike Goodrich | Feb 26, 2021 | 2021, Business Lessons, Entrepreneurialism, Financing, Small and Medium-Sized Businesses, Start-Ups, Valuation
Part One of Three: Valuation[1] The question of how one should value an early-stage company is often asked, but usually has no good answers. If the opportunity is large enough (which is the goal with venture capital), a thorough valuation is perceived as irrelevant....
