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Cleveland, TN, United States, 2008/06/26 - D. Anthony Bright, Founder/CEO of PDCA Holdings and Inventor and Founder of Flex-Trax, Inc. "Advanced Traction Systems"®.
It takes more than just a great idea to run a successful business. Entrepreneurs and existing business owners need capital to pursue their vision. To learn more about the best ways to acquire start-up funding and other financing for business ventures, we spoke with PDCA's CEO D.Anthony Bright. Here's what he had to say on the topic:
Q: Tell us the story of how PDCA came to be?
Bright: Being an inventor myself, I suffered all the frustrations that most inventors experience, as they attempt to birth their bright idea. After achieving success, I took what I learned from the many years of trial and error, and structured a program to help eliminate the many problems associated with the capital raising process. The end result being PDCA’s full service business development system.
Q: What is your long term vision for PDCA?
Bright: I am now mentoring my 10 and 12 year old sons to continue the mission and improve upon this unique program for generations to come.
Q: What is the first thing business owners should do when they have an idea that they want to get off the ground?
Bright: Research and once considered viable, quickly move into Development. Creation of a business is exactly like creating an invention. You first make a list of all of the crucial elements which would comprise of an efficient working model of your concept. You first begin with those items immediately available and as you begin the building process, you gather all the missing pieces.
Q: Entrepreneurs and small business owners are often lectured on the importance of networking. How important is it for start-ups to network?
Bright: It is vitally important to know our limitations and fill the gap with managers that have the skills requisite for success. Therefore networking is the ideal vehicle to acquire these essential ingredients.
Q: Where should entrepreneurs concentrate their networking efforts?
Bright: In the early stages, entrepreneurs should be an evangelist for their cause and it is much easier to begin their networking efforts with family and friends. This immediate network often times can provide the missing links and most importantly share in your aspirations.
Q: Is there any way for entrepreneurs and existing businesses owners to use the Internet to get the funded they need?
Bright: Yes, but they’re so many scammers playing within this medium, entrepreneurs often suffer much anxiety and loss of money, as they attempt to find legitimate opportunities and honest service providers.
Q: How exactly does PDCA work?
Bright: We offer free initial assessments of the proposed business model. Once a project is deemed viable, we work closely in assisting the client in properly structuring the deal and then create a marketable investment offering in presentation format. Once the client is coached on their elevator pitch, we then begin introduction of the client to our investor network.
Q: Entrepreneurs are sometimes shy when it comes to seeking start-up funding because they worry about someone stealing their business idea. Is this a legitimate worry?
Bright: Yes and no. It greatly depends on who they are approaching. Yes they should be concerned if they send confidential information across the Internet to unknown sources, with or without an NDA in place. The answer is no, if they chose to deal with credible known sources and companies of high integrity. The latter has no use of someone’s ideas, because they put extreme emphasis on the existing management team and their capabilities of execution on their plan. Their mission is to find and invest in great management with logical vision, because ideas alone have no value!
What can business owners do to protect themselves and their ideas?
Bright: Be very selective in those you chose to conduct business with.
Q: Are there any common scams that people should be aware of when searching for start-up funding?
Bright: Any person or firm that offers to provide funding without thorough due diligence being performed.
Q: Do you have any other tips you can share with start-ups and existing business that are seeking capital?
Bright: See 15 tips in MyBusinessAssistant Newsletter (NL_june08_art1)