Part of entrepreneurship involves the brilliance of a concept. But most of entrepreneurship is a matter of building up your track record- as a business, or as an entrepreneur. Your business and personal track record are what investors look for as proof of competency, it is what partners will look for when seeking confidence in your ability, and it allows you to get more funds- and more sweat equity- for less shares in your company. Entrepreneurship might be innovation at its foundation; yet building on that foundation requires you to demonstrate milestone performance markers- as follows.

1. Complete designs, mockups, flow charts, story boards, videos, or research papers explaining your idea

2. A long list of customers who want to use your product. Even without actual revenue- ‘Letters of Intent’ from customers can secure more investment than you would have otherwise garnered.

3. Awesome resumes. It’s the painful truth- partners, investors, banks, and even vendors will look at your professional resume. It’s the personal track record behind your business track record.

4. Prior business success. If you built and sold a company before- your current venture is valued higher. If you have never built a company before, team with someone who has.

5. Revenue. Even without profit- revenue shows the reality of your company. Web companies can get investment as long as they have revenue- even with a complete absence of profits.

6. Business Plans. I’ve never written an entire business plan; but all things being equal- a 50-page plan demonstrates a certain volume of research and financial projections that contribute to your track record of diligence.

7. Skills. Engineering degrees, business degrees, law degrees- even accounting certifications value you, and your venture, higher.

8. Experience. If you are starting a software company targeting restaurants- work in a restaurant for a few months. That way, you can speak to investors, partners, and even employees ‘from personal experience’.

If your business is growing- all of the above items fade in comparison to real business success. But if you want respect and attention before your business takes off; build your track record.