Last week, Denver-based Internet Pawn (InternetPawn.com) raised $1.5 million in funding from Daylight Partners and Access Ventures.
What I found most interesting about this deal was that nearly ten years ago Growthink wrote a business plan for an online pawn shop.
Conventional thinking would say that Internet Pawn was too late to the game and thus had no chance of success.
But many times it's better not to be the first mover. As the 2nd, 3rd or later mover, you learn a lot from the earlier risk takers. And you can avoid many of the costly mistakes.
Oftentimes, the later movers are headed by people who worked at the first movers and learned the mistakes first-hand. That's invaluable experience.
One key lesson is that if you are still contemplating starting your company, try to work at an entrepreneurial company where you can learn first-hand what works and what doesn't.
Another key lesson is that there is always room for a better mousetrap. So don't be too concerned if you're not the first mover...nor should you let your guard down if you are the first mover -- since someone else will always be trying to beat you.
If you would like help developing a professional business plan for your company, Growthink has developed business plans for more than 2,000 clients (who have raised $1 billion since 1999).
To learn more about Growthink's business plan services, call 800-506-5728.
And if you'd rather develop your business plan yourself, click here to download Growthink's business plan template .