Running a business as a business owner is not for the faint at heart. It requires a little bit of resilience and tenacity. Along with a passion and a strong desire, a well thought out and professionally prepared business plan should also be established. Clemson University
entrepreneurship professor William B. Gartner believes business plans are
essential. A good
business plan can almost be considered one of the major requirements for
running a successful business.
Barry Moltz is considered an expert when it comes to running
small businesses and also when it comes to writing and reviewing business
plans. He has personally had a great deal of success and failure with small
businesses for more than fifteen years. He has given hundreds of presentations
to audiences ranging from 20 to 20,000 and is recognized as an expert on
entrepreneurship. He also has a host of national recognitions and has been
honored for his many accomplishments in business. He says that as an Angel
Investor, he reviews more than 500 business plans a year. In an article he
wrote, he talked about some of things that should not go into a business plan
and how those things make the plan less effective. He stated that a plan should
never read that there is no competition in your market for the product or
service you provide. He believes that every business has competitors. If there
are no competitors then there is probably no necessary solution to a customer’s
needs and ultimately no need for your type of business. He also discussed some
things that are important to include in your plan. One good point he brought up, as something
that should be included in a business plan if being submitted for an investor
to review is the investor’s exit strategy. In other words an investor should be
able to see clearly in a plan their return on their investment, how long it
will take for that return, and what concludes their involvement and commitment
to the deal.
Another business expert is Guy Kawasaki. Guy Kawasaki is the former chief evangelist of Apple and special advisor to the Motorola business unit of Google. He is a best-selling author, speaker, and investor. Kawasaki has a BA from Stanford University and an MBA from UCLA as well as an honorary doctorate from Babson College. He states that he believes the executive summary is the most important part of a business plan. He also states
that this one page document should be fantastic, eyeball sucking, and
pulse-altering, people won’t read beyond it. He believes you should spend
eighty percent of your efforts on writing a great executive summary and twenty
percent on the rest of the plan. In this interview he also gives a lot of
great information about business and current business practices in the current
as well as future market.
These experts give some very good information about running
a business and creating a good business plan. As I endeavor to create my own
business plan I will infuse some of their advice in preparation. I will make
sure I provide clear terms for any potential investors and I will also spend
time creating an inviting executive summary. Hopefully this information from
these business plan experts will assist you in the completion of your business
plan.
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