This entire program is designed to propel us into becoming, if not already, entrepreneurs. From the beginning with Research Methodologies to now, putting together our final business plan it has provided with tools for success, negotiation, managing a product and artist, and knowing how to effectively generate and manage finances.
You may be asking, why is a business plan so important? Why do I have to create one? Why does it matter? It does not matter the industry, but in order to reach your long-term goals, a business plan is the way to show investors, banks, etc how you plan to execute, why, where, and what. It is the glue that holds the success of the business together. According to Nic Brisbourne, “writing a business plan typically helps to clarify and enhance thoughts and plans about the business.” There are many things that I want to include in my plan, but I have to be really careful when it comes to non-profits. Unlike for profit companies, who petition investors or venture capitalists for finances, non-profits have to go through a series of trial and error when it comes to finances. I intend to focus mainly on my Executive Summary, strengthening it to reflect who I am and why I want to do what I plan to do. The financials are another important focal area. I plan to map out every detail possible to show what we will need to start-up, maintain, and keep the organization thriving.
In our textbook, The Successful Business Plan: Secrets and Strategies it provides us with a roadmap to creating a successful business plan. “Creating a business plan as a response to an external request makes the process seem like a burden instead of an opportunity” (Abrams, p. 1). You may still be asking what can a business plan do for you? Well write one with the proper components and see. Paul Heyworth makes an excellent point; he says, “A plan will help you to put your ambitions for the business down on paper so that you can have a clear vision. Then you can monitor your progress.”
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.
Brisbourne, Nic. (September 17, 2010). Understanding how a business plan is read. Retrieved on June 12, 2011 from http://www.theequitykicker.com/2010/09/17/understanding-how-a-business-plan-is-read/
Heyworth, Paul. (n.d.). Expert view: Do I need a business plan? Retrieved on June 26, 2011 from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212
26 June, 2011
05 June, 2011
Through the lens of an 'Expert'
What makes an expert and expert? Is it because they are more knowledgeable in their field of choice? Or is it because they have taken the necessary steps to master their field of choice? The two individuals I will discuss are Dave Lavinsky, President and co-founder of Growthink, the largest strategic advisory and investment banking firm and Peter Shankman, founder of HARO.com (Help a Reporter Out).
Since 1999 Growthink has completed more than 2,000 engagements for companies in the technology and energy, consumer and retail, entertainment, financial services, and healthcare industries. Lavisnksy received his MBA from Anderson School of Management at UCLA and his BA from the University of Virginia. Lavinksy, along with Jay Turo, co-founder of Growthink devised a list of components that will make any business plan stand out and get investors to actually read it through. It must have an Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, and Financial Plan (Growthink.com). Of these components, the Executive Summary is the most important. “The Executive Summary alone persuades a reader to spend the time to find out about your product, market, and techniques” (Abrams, p. 47).
On the other hand, Peter Shankman is best known for founding (Help a Reporter Out) HARO which in under a year became the de-facto standard for thousands of journalists looking for sources on deadline, offering them more than 200,000 sources around the world looking to be quoted in the media (Shankman.com). Shankman, a Boston University graduate is also the founder of The Geek Boutique, Inc., a boutique Social Media, Marketing, and PR firm in New York City. In Shankman’s high-resolution life of an expert he feels that a business plan is not necessary. Instead he says:
• Don’t launch into your business plan right away, or in fact, at all, the first time we meet
• Don’t go deep
• Don’t be a close talker
• Lastly…
o Practice.Smile.Believe in whatever you’re saying.Again-Smile.
Though these two individuals are experts at what they do in their perspective fields, they see the world of business plans different. Both are successful and have generated revenue totaling billions, I mean hey, Peter Shankman sold HARO.com for $5.7 billion dollars, built lasting relationships with thousands of companies, and still continue to build on their ‘plan.’
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.
Kennedy, Peter. (n.d.). How to Write a Business Plan for Venture Capital. Retrieved June 3, 2011 from http://www.growthink.com/content/how-write-business-plan-raising-venture-capital
Shankman, Peter. (November 15, 2010). What is the first thing you say to me?. Retrieved on June 4, 2011 from http://shankman.com/whats-the-first-thing-you-say-to-me/
Since 1999 Growthink has completed more than 2,000 engagements for companies in the technology and energy, consumer and retail, entertainment, financial services, and healthcare industries. Lavisnksy received his MBA from Anderson School of Management at UCLA and his BA from the University of Virginia. Lavinksy, along with Jay Turo, co-founder of Growthink devised a list of components that will make any business plan stand out and get investors to actually read it through. It must have an Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, and Financial Plan (Growthink.com). Of these components, the Executive Summary is the most important. “The Executive Summary alone persuades a reader to spend the time to find out about your product, market, and techniques” (Abrams, p. 47).
On the other hand, Peter Shankman is best known for founding (Help a Reporter Out) HARO which in under a year became the de-facto standard for thousands of journalists looking for sources on deadline, offering them more than 200,000 sources around the world looking to be quoted in the media (Shankman.com). Shankman, a Boston University graduate is also the founder of The Geek Boutique, Inc., a boutique Social Media, Marketing, and PR firm in New York City. In Shankman’s high-resolution life of an expert he feels that a business plan is not necessary. Instead he says:
• Don’t launch into your business plan right away, or in fact, at all, the first time we meet
• Don’t go deep
• Don’t be a close talker
• Lastly…
o Practice.Smile.Believe in whatever you’re saying.Again-Smile.
Though these two individuals are experts at what they do in their perspective fields, they see the world of business plans different. Both are successful and have generated revenue totaling billions, I mean hey, Peter Shankman sold HARO.com for $5.7 billion dollars, built lasting relationships with thousands of companies, and still continue to build on their ‘plan.’
------------------------
Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.
Kennedy, Peter. (n.d.). How to Write a Business Plan for Venture Capital. Retrieved June 3, 2011 from http://www.growthink.com/content/how-write-business-plan-raising-venture-capital
Shankman, Peter. (November 15, 2010). What is the first thing you say to me?. Retrieved on June 4, 2011 from http://shankman.com/whats-the-first-thing-you-say-to-me/
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