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