My Business Plan - Applying what I've Learned from Experts

Winding down to the end of my class, Business Plan Development.  I’ve started the process of writing my business plan.  When I first began writing the Mission Statement of my Business plan I must say honestly that I was a bit overwhelmed.  I was over thinking my Business Plan as if it was set in stone for life and I had to make it perfect.  Also, I have so many interests in concert production and sports entertainment and it was difficult to narrow my services down. Then I reflected back to the article I posted on July 1^st, where I talked about Barbara Corcoran and Steve Ellis. 

In the article Barbara Corcoran wrote, she stated that a lengthy business plan is useless and suggested to keep your business plan simple.  Her suggestion was to just list what’s most important to attend to, and to imagine what exactly you want your business to look like when it is successful.  Make a simple “to do” list of what’s most important to make your dream a reality.  These were excellent suggestions and I was able to keep my business plan simple and focus on what is important for the purposes of this business plan.  I can always change it later. (Burhoe, 2011) 

Steve Ellis suggests concentrating on your product, what you’re trying to sell.  He believes that the critical component of a business plan is the name of the company.  He believes that the name of the company must represent who the owner is and the concept the owner is trying to portray.  The company needs to be unique and marketable, and grab the attention of the investor.  The name of my company is JPS Music Tour Management.  Although I’m still struggling with the name and would like to be more creative, I would say that the name of my company does represent who I am with JPS and what I am trying to portray is Music Tour Management Company.  (Glaenzer, 2011)

The most important part of my Business Plan would be the Mission Statement and Executive Summary as both tell the investor what it is I am going to do.  Barbara Corcoran also stated that the Investor does not want to read the entire plan, and to treat it like a resume.  Put what is most important first, if it grabs the attention of the Investor, they will read further. 

Sources:

http://abc.go.com/shows/shark-tank/tips/ThemeGallery/777018

Burhoe, Steven. (2011, March 31). Expert Views on Business Plans. Retrieved on June 30, 2012 from: http://bpexpertviews.blogspot.com/


Glaenzer, Stefan. (2011, October 27). We al know that business plans are a sub-genre of science fiction. Retrieved on July 1, 2012 from:   http://fanuscripts.blogspot.com/2011/10/we-all-know-that-business-plans-are-sub.html

Experts Key Concepts of Writing a Business Plan

The world is full of successful business people.  But how did they become successful?  For the most part, it all started with a Business Plan.  In this blog I will discuss two successful business people, and what they believe are the key components in a Business Plan. 

Barbara Corcoran, a member of the Shark Tank Crew, is a Real Estate mogul who started Real Estate Company in New York with a $1,000 loan from her boyfriend.  Her Real Estate Company turned into over $5 billion in 25 years.  She also wrote a national best-selling book about business called; If You Don’t Have Big Breasts, Put Ribbons on Your Pigtails.  Corcoran believes that a critical component of a successful business plan is a great executive summary.  She makes a very good point in her reasoning as she says most investors will not read the whole plan because they have so many other plans to consider. You will grab the attention of the investor if you answer the questions, “What problem are your trying to solve?  Why are you uniquely qualified to solve it?  Is it good business? What’s it going to cost?  And how long is it going to take?” I guess you could compare this to a hiring authority looking at your resume.  You want to list your most qualifying skills and/or experience first.  Corcoran also stated that two of the biggest pitfalls in writing a business plan are overestimating your company’s addressable market and downplaying risks.  (Burhoe, 2011)

Additionally, when Corcoran was interviewed about writing a business plan, on the show Shark Tank Tips, she stated that a lengthy business plan was useless.  She suggested keeping the business plan simple.  Just list what's most important to attend to and what's not. I thought a great suggestion from her is to imagine what exactly what you want your business to look like once you are successful.  Like a daydream. Make a simple "to do" list of what's most important to make your dream a reality. http://abc.go.com/shows/shark-tank/tips/ThemeGallery/777018

Steve Ells founded the restaurant, Chipotle in 1993 with a loan for $85,000 from his father.  Ells is the co-Chief Executive Officer and was appointed Chairman of the Board in 2005.  Before to launching Chipotle, Ells worked at Stars restaurant in San Francisco for two years, and graduated from the University of Colorado with a BA in art history.  He also graduated from the Culinary Institute of America in 1990, and is currently a top investor on NBC’s, America’s Great Next Restaurant. Ells suggests to concentrate on your product, what you're trying to sell to the investor. (Glaenzer, 2011)

The investors on America’s Great Next Restaurant believe that one of the key and critical components investors look for in a business plan is the name of the company. They believe that the name of the company must represent who the owner is and the concept the owner is trying to portray.  They also believe that the concept of the company needs to be unique and marketable and grab the attention of the investor.  (Burhoe, 2011)

Sources:
Burhoe, Steven. (2011, March 31). Expert Views on Business Plans. Retrieved on June 30, 2012 from: http://bpexpertviews.blogspot.com/ 


Glaenzer, Stefan. (2011, October 27). We al know that business plans are a sub-genre of science fiction. Retrieved on July 1, 2012 from:   http://fanuscripts.blogspot.com/2011/10/we-all-know-that-business-plans-are-sub.html


http://abc.go.com/shows/shark-tank/tips/ThemeGallery/777018