Tag Archives: Notre Dame

Memorial Day, Draft Lottery, Reality TV, Flags

I woke up yesterday in Portland (OR), in a condo near the top of W. Burnside. The area has a series of cemeteries, dark green rolling hills, breaking up the otherwise thick forested landscape. It had rained all night, so there was a thick mist cushioning the quiet hills. It was early Sunday of Memorial Day weekend, not a lot of cars around, very quiet. Through the mist I could see the U.S. flags dotting the graves on the hills. Random patterns. A lot of the graves have flags today.

Later in the day we drove by, commented on the flags. How many from this century, Afghanistan, Iraq? Hard to tell. They’d be so young, somebody said.

Whether they died in 1943, or 1969, or 2007, they were all so young.

Switch to reality television. 1969. The draft lottery. They put the 366 possible days of the year in transparent plastic eggs, one each for each possible birthday. The put them all into a giant transparent barrel like we see in lotteries these days. They spun the wheel. They drew a date. Those of us born on that date got a number.

My number was 243. I didn’t get drafted. I didn’t go to Vietnam.

By 1969, most of us opposed the Vietnam war. We talked about what we’d do if drafted. Al became a conscientious objector, emptied bedpans for two years. I was engaged to be married, but that was not going to get me out of the war. But a January birth date did.

It turned out later that somebody did a statistical analysis on the draft lottery and the dates. They started on January 1 and threw them in from there day-by-day to December 31. The later birthdays tended to be on top. Or so I read later.

But we didn’t oppose the people, our peers, who fought. Whether it was their choice, or not.

Few in my generation chose to go to war. One who did, who graduated with me from Notre Dame, chose ROTC. Traveling around Europe, he collected military paraphernalia. His father was in the army. His grandfather had been in the army. He volunteered to be a helicopter pilot, and he died in Vietnam. In his helicopter. We weren’t that close, I heard about it later. My memories of him are of a 20-year-old kid having a wonderful time during a year in college abroad, laughing, drinking Austrian beer, learning; as alive as any memory could be. What a terrible loss.

Memorial Day, patriotism, flags, wars. Protests, anti-war, opposition. Memorial Day isn’t about war, or politics, or patriotism, or whatever might be the opposite of patriotism. It’s definitely not about flags. It’s about young people who died, and the people left behind who loved them. And all the people who endured it, risked their lives, went through the hell of it, for whatever reasons.

I lucked out. I won the reality TV of the last half century, the 1969 draft lottery. And I thank God for that. And honor and respect the ones who went, for whatever reasons. And hope that we can end the present war without causing chaos, and more death and suffering; and that we never fight another war again.

Memorial Day, Draft Lottery, Reality TV, Flags

(This was first posted here three years ago.)

I woke up yesterday in Portland (OR), in a condo near the top of W. Burnside. The area has a series of cemeteries, dark green rolling hills, breaking up the otherwise thickly forested landscape. It had rained all night, so there was a thick mist cushioning the quiet hills. It was early Sunday of Memorial Day weekend, not a lot of cars around, very quiet. Through the mist I could see the U.S. flags dotting the graves on the hills. Random patterns. A lot of the graves have flags today.

Later in the day we drove by, commented on the flags. How many from this century, Afghanistan, Iraq? Hard to tell. They’d be so young, somebody said.

Whether they died in 1943, or 1969, or 2007, they were all so young.

Switch to reality television. 1969. The draft lottery. They put the 366 possible days of the year in transparent plastic eggs, one each for each possible birthday. The put them all into a giant transparent barrel like we see in lotteries these days. They spun the wheel. They drew a date. Those of us born on that date got a number.

My number was 243. I didn’t get drafted. I didn’t go to Vietnam.

By 1969, most of us opposed the Vietnam war. We talked about what we’d do if drafted. Al became a conscientious objector, emptied bedpans for two years. I was engaged to be married, but that was not going to get me out of the war. But a January birth date did.

It turned out later that somebody did a statistical analysis on the draft lottery and the dates. They started on January 1 and threw them in from there day-by-day to December 31. The later birthdays tended to be on top. Or so I read later.

But we didn’t oppose the people, our peers, who fought. Whether it was their choice, or not.

Few in my generation chose to go to war. One who did, who graduated with me from Notre Dame, chose ROTC. Traveling around Europe, he collected military paraphernalia. His father was in the army. His grandfather had been in the army. He volunteered to be a helicopter pilot, and he died in Vietnam. In his helicopter. We weren’t that close, I heard about it later. My memories of him are of a 20-year-old kid having a wonderful time during a year in college abroad, laughing, drinking Austrian beer, learning; as alive as any memory could be. What a terrible loss.

Memorial Day, patriotism, flags, wars. Protests, anti-war, opposition. Memorial Day isn’t about war, or politics, or patriotism, or whatever might be the opposite of patriotism. It’s definitely not about flags. It’s about young people who died, and the people left behind who loved them. And all the people who endured it, risked their lives, went through the hell of it, for whatever reasons.

I lucked out. I won the reality TV of the last half century, the 1969 draft lottery. And I thank God for that. And honor and respect the ones who went, for whatever reasons. And hope that we can end the present war without causing chaos, and more death and suffering; and that we never fight another war again.

10 Requests From Your Business Plan Reader

I’ve started my business plan marathon season again. Between now and the end of May, I’ll read several hundred business plans: some for my angel investment group (Willamette Angel Conference), and others for judging business plan contests at the Universities of Oregon, Texas, Rice, Princeton, and Notre Dame.

paperworkI’d like to use the famous T.S. Eliot line from The Wasteland: “April is the cruelest month.” The trouble is that I like reading business plans, so that wouldn’t fit. I posted about his last year around this time, and here I am again, reading plans.

What does seem appropriate, however, is my plea to business plan writers, wherever you are, if you’re going to produce a plan that I have to read:

  1. Convert it to PDF please. I hate those big honking bound documents. They weigh a ton. Most of my business plan judging involves planes, hotels, and airports.
  2. Give my aging eyes a break. Learn the definition of presbyopia and then reflect on the demographics of angel investors and business plan judges.
  3. Make it about the business, not the science. I want to see target markets, channels, sales, costs, exit strategies, defensibility, scalability, and things like that. Unless it’s software or Web stuff, where I’m more at ease, I’m not going to read or understand your science. I’ll look at your experience and degrees and I’ll take your early sales, testimonials, and such as validating your science.
  4. Summarize well. Make sure you hit the high points. Don’t ever let me finish a summary without knowing what you’re selling to what market, why they’ll buy it, what it does for them, how much money you think you need, how fast and to what sales level you can scale up, strengths, core competence, and a quick sense of your team.
  5. Tell me stories. Make me understand what problems you solve, for whom, and how they find you. Make that story credible. Give me some real examples, real situations, real people, and make it believable.
  6. Show me milestones: milestones you’ve achieved, and milestones you need to achieve.
  7. Don’t give me dumb profits. If you’re going to generate margins at twice the average industry levels, then you better have a convincing reason for why that’s possible. When I see huge profitability, it doesn’t make me think you’re going to be amazingly profitable; it makes me think you don’t know the business you’re in.
  8. Show me your patents if you have them but if you do, show me something about how defensible they are (if at all) and make sure your projections include legal expenses to defend them.
  9. Show me that you know something about cash flow: inventory management if you have products, receivables and collection days.
  10. Think of your reader. We don’t all have hundreds of plans to read, but whether it’s for angel investing or a business plan contest, we do all have a good number.

(Image: AVAVA/Shutterstock)

Interesting Points, But Winning a Business Plan Competition is Still Better Than Losing One

This morning I can’t resist writing about Vivek Wadhwa’s Winner’s Curse post on TechCrunch last weekend. Odd combination: it’s interesting, thoughtful, well-written, about a subject near and dear to my heart, and, at least in the title, wrong.

In the full title of his fascinating post, he says losing a business school business plan competition is better than winning. imageThat title assertion is my only real objection. He makes several great points explaining how business plan contests can be good for people, and how the winner isn’t necessarily the best business, and how these contests should not be confused with reality. No argument from me on any of those points. However, even if it’s not much difference, even if it means very little, winning is still better than losing.

Maybe it’s just a blog post title thing: surprise gets better traffic. Contrarian gets better traffic.

I’ve frequently been a judge at business school business plan contests (Moot Corp, Rice University, University of Oregon, University of Notre Dame, and others) and some non-school contests too (Forbes, for example). I think they’re great fun, great experience, a real educational opportunity, and pretty much right in line with his summary on that post:

This is not to say that the contests are bad. Instead, they educate students in entrepreneurship and motivate them to come up with interesting ideas. But for all of you out there who think a biz plan victory is a ticket to the big time, think again. And for all the engineering students who think any outcome but victory is a waste of time, you also need to think again.

He goes on to say that losing is better because winning generates praise too early in the business life cycle:

I submit that losing in a business plan contest is actually more beneficial than winning. There is a growing body of research that children who are praised too early and too easily end up under-performing peers who are not praised but are told, in constructive terms, they can do better.

I don’t buy that argument. I’ve been judging these contests for 12 years now, and I see a steady progression towards more and more real businesses, out there in the real world, rather than imaginary or hypothetical business. And in that case, as soon as the awards ceremony is over, the winners are right back out there in the real world, fighting the real battles on the front lines, with no time to bask in any glow. It’s reality for all, winners as well as runners-up and also-rans and losers.

So agreed, winning doesn’t mean much; but it’s not bad.

I’ve seen some really good winners in these contests. Look for example at Klymit, or Qcue, just to name a couple. These are companies which won business plan contests and continued growing. Wadhwa says “not a single home-run has emerged from this now-omnipresent practice.” But hey, that’s placing the bar pretty high. We’re talking about a few dozen such contests per year. Is there nothing between home run and failure?

By the way, this is the second really good post by Vivek Wadhwa about entrepreneurship on TechCrunch in barely a week or so. I posted here on the first one. Good stuff. His work is a nice addition to TechCrunch.

(Image credit: Aleksandr Kurganov/Shutterstock)

Memorial Day, Draft Lottery, Reality TV, Flags

(This was first posted here last year.)

I woke up yesterday in Portland (OR), in a condo near the top of W. Burnside. The area has a series of cemeteries, dark green rolling hills, breaking up the otherwise thick forested landscape. It had rained all night, so there was a thick mist cushioning the quiet hills. It was early Sunday of Memorial Day weekend, not a lot of cars around, very quiet. Through the mist I could see the U.S. flags dotting the graves on the hills. Random patterns. A lot of the graves have flags today.

Later in the day we drove by, commented on the flags. How many from this century, Afghanistan, Iraq? Hard to tell. They’d be so young, somebody said.

Whether they died in 1943, or 1969, or 2007, they were all so young.

Switch to reality television. 1969. The draft lottery. They put the 366 possible days of the year in transparent plastic eggs, one each for each possible birthday. The put them all into a giant transparent barrel like we see in lotteries these days. They spun the wheel. They drew a date. Those of us born on that date got a number.

My number was 243. I didn’t get drafted. I didn’t go to Vietnam.

By 1969, most of us opposed the Vietnam war. We talked about what we’d do if drafted. Al became a conscientious objector, emptied bedpans for two years. I was engaged to be married, but that was not going to get me out of the war. But a January birth date did.

It turned out later that somebody did a statistical analysis on the draft lottery and the dates. They started on January 1 and threw them in from there day-by-day to December 31. The later birthdays tended to be on top. Or so I read later.

But we didn’t oppose the people, our peers, who fought. Whether it was their choice, or not.

Few in my generation chose to go to war. One who did, who graduated with me from Notre Dame, chose ROTC. Traveling around Europe, he collected military paraphernalia. His father was in the army. His grandfather had been in the army. He volunteered to be a helicopter pilot, and he died in Vietnam. In his helicopter. We weren’t that close, I heard about it later. My memories of him are of a 20-year-old kid having a wonderful time during a year in college abroad, laughing, drinking Austrian beer, learning; as alive as any memory could be. What a terrible loss.

Memorial Day, patriotism, flags, wars. Protests, anti-war, opposition. Memorial Day isn’t about war, or politics, or patriotism, or whatever might be the opposite of patriotism. It’s definitely not about flags. It’s about young people who died, and the people left behind who loved them. And all the people who endured it, risked their lives, went through the hell of it, for whatever reasons.

I lucked out. I won the reality TV of the last half century, the 1969 draft lottery. And I thank God for that. And honor and respect the ones who went, for whatever reasons. And hope that we can end the present war without causing chaos, and more death and suffering; and that we never fight another war again.

True Story: 75 Business Plans in a Month

Sometime in middle May you might find me emerging, blinking, uncomfortable from the sunlight, after reading and evaluating 75 or so business plans in a single month. And watching and judging and asking questions about almost as many presentations. I can see the headline:

Man reads 75 business plans in a month … and lives to tell about it.

Does that sound like a complaint? I hope not. Actually; there’s a touch of bragging to it. I couldn’t have spent the last 30 years focused on business planning if I didn’t like reading them (although, perhaps, maybe it would be better without so many all at once).

This is business plan season for me. I just finished reading half a dozen plans for Notre Dame’s annual business plan competition (we, Palo Alto Software, give a prize to the best one), and another half dozen plans for the Rice Alliance business plan competition (I’m a judge, and we have a best business plan prize for that one too). I still have to read five plans for the University of Oregon’s New Venture Competition next weekend (I’m a judge), and I’m supposed to produce a first-cut on 43 plans for the Willamette Angel Conference (I’m one of the angel investors) by the end of the workday today.

Oh, and this is the season I teach my Starting a Business class at the University of Oregon, so I’ll have another 20 or so plans to read as part of the class.

Despite all this, I’m very disappointed that I have to miss the University of Texas’ Moot Corp Competition this year, because of a scheduling conflict. That would have been another half dozen or so plans, also this month.

So don’t tell me, please, that nobody reads business plans. I do. So do the other judges. So does a whole team at Palo Alto Software. And so do all the other members of the angel investor group I’m in.

So you’d like tips, hints, suggestions? If you wrote one of those plans then it’s too late for you to change it now; but maybe I can influence your presentation. And also, maybe if I comment on some of the business plans I’m reading while I’m reading them, it might help somebody else with a plan later on.

All for the greater good, I’m sure.

Maybe I’ll make it a category, like “the business plan marathon,” or something like that. So you can click for related entries. Tim’s folly, perhaps.

And just to kick this off, some points worth noting:

  • Profitability too high: I’m not impressed with a plan promising 40%, 50% or more net profit on sales. That doesn’t mean the business is very profitable; it means they’ve underestimated expenses.
  • Dense text: Particularly dense scientific text. I’m a business reader, I’m not going to evaluate your science anyhow. I’ll just look at your degrees and past work to see whether that makes your claims credible. Maybe the patents, too, but patents don’t mean much unless they’re good strong patents with a lot of legal work supporting them.
  • Missing tables and charts: For example, I want a bar chart to show me the highlights — projected sales, gross margin, and net income, for the first three years, or five years if you insist. I want to see the projected income table in detail, so I can track things like marketing expenses and payroll. I want to see cash flow table. I want to see startup costs, and what the proposed investment is going to buy the venture. 
  • Treasure hunts: Don’t make me hunt around to find exit strategy, valuation, defensibility, market focus, or any other key point. Make it all easy to find, please.