Last week saw the thrust and parry of dueling keyboards as [a mainstream media consortium] took umbrage with the blogosphere, and bloggers’ frequent quotations from the [mmc]’s posted stories. There were demands for the take-down of various blog pages, and attempts to collect fees-per-word of quotes, as well as rapier-like witty ripostes. You can read about this on the TechCrunch blog, Post 1, and and Post 2.

While this issue seems, on the surface, to be about copyright, fair use, and possibly expansion of new revenue streams, it also deals with attribution and citing of sources. This is not just for journalists. It is just as important to entrepreneurs.

When you write your business plan, especially if you are using the plan to secure funding, you must cite your sources. Your plan will have topics and statistics covering your target market, population demographics, spending habits, market trends, market growth, and the like. The banks or investors or VCs are savvy business people. They know how to double check your assumptions, and will have no qualms about calling your bluff…and quashing your funding if they don’t credit your stats.

If your business is going to provide day care services, you’d better be able to show an increase in young dual-income families in your area. Investors are unlikely to support the construction of high-end mansions in a community that has been losing all of its industry. If you forecast skyrocketing sales, you’d better be able to document how a similar product or service did the same, and why yours will follow suit, and not crash and burn in a saturated market niche.

In other words you can’t pull your projections out of your … that is, out of thin air! Do your research! Develop your forecasts using that information. Document your sources in your plan. Take a look at this blog post by Alan Gleeson, Managing Director of Palo Alto Software Ltd, in the UK. The post quotes several people, businesses and news sources, and includes links and footnotes. Your business plan should do the same, giving the proper attribution to your sources.

As a raconteur I can make it up as I go along. As a business owner you don’t have that luxury.

Steve Lange
Senior Editor
Palo Alto Software

Tags: attribution, business plan, citing sources, document forecasts, quotes, research
Posted on June 25th, 2008 | No Comments »

A few days ago the Wall Street Journal published an article about the results from a survey at a Microsoft Small Business event called Vision to Venture conference. The survey at this event found that 61% of women who own small businesses do no online marketing and 40% do not have a website. I read the results and naturally I was disappointed. Why is it that women continue to fall behind? But then as I thought about it, and investigated the source, I can say I don’t think these stats are representative of all women-owned businesses. Think about it:

1. Microsoft could have an agenda releasing this survey.
2. We don’t know where this survey was taken. Perhaps it was at a seminar or event all about how to take your business online. If that is the case you would expect most people attending to not yet have their business online.
3. We don’t know whether Microsoft enticed women to fill out the survey by offering any special prizes or rewards. What if the prize was a chance to win Web design time to get your business a website? If you already have a website you might not bother filling out the survey.
4. You get the picture - I can go on and on with different reasons to potentially doubt the survey.

So what’s my point? I think it is really important for everyone to understand that there are professional survey writers who know how to position a survey to get the results they want. Think about how politicians come out with survey results that always support them and their issues to a tee. I am going to say that I don’t believe that there is such a discrepancy between men and women in business when it comes to being online. I think that being online depends more on which generation you belong to than what gender you are.

-Sabrina Parsons, aka Mommy CEO
www.paloalto.com
www.emailcenterpro.com

Tags: research, Small Business, women
Posted on June 11th, 2008 | 2 Comments »