After reading through a lot of the industry experts on business plans and business development, I have come to the conclusion that I must invest a significant amount of thought into producing a solid business plan. I have learned a great deal of information from experts in this field and plan to apply them to my own entrepreneurship endeavors. I observed two well-known entrepreneurs Daymond John and Barbara Corcoran who are both on the ABC show “Shark Tank”. Daymond John is the founder and CEO of the iconic brand FUBU and is a branding and marketing expert. Along with being a strong presence on Shark Tank, Daymond owns several other companies and has authored some business books. (
http://www.daymondjohn.com) Sarah Corcoran is a real estate mogul who turned a $1000 dollar loan into a 5 billion dollar real estate company, which she then sold for 66 million. Barbara continues to build her entrepreneurial portfolio along with being an author, and a motivational speaker. (
http://barbaracorcoran.com)
Daymond John recommends that a person write out a business plan with all the strengths and weaknesses. Then find out the costs of hiring those people for doing the weaknesses you have in business. I like the statement that Mr. John makes regarding a business plans which is, “Think of it as roadmap, personalized just for you, that is going to guide you from where you are now, to where you want to be”. (
www.daymondjohn.com/power_journal/carving-out-a-niche/ )The perspective that Barbara Corcoran has is that a business plan should be a list of items that need to be attended too and items that do not. She describes a business plan as, “It's a daydream in living color. Then I make a simple "to do" list of what's most important to make my dream a reality”.(
abc.go.com/shows/shark-tank/tips/)According to bpexperviews.blogspot.com Real Estate guru, Sara Corcoran also states the three most important questions to an investor, which are: “What problem are you trying to solve? Why are you uniquely qualified to solve it? Is it a good business? What’s it going to cost? And how long is it going to take?” These tips on a business plan are very useful and can give any entrepreneur starting out a firm foundation.
Sources:
http://abc.go.com/shows/shark-tank/tips/
http://barbaracorcoran.com
http://bpexpertviews.blogspot.com/
http://www.daymondjohn.com/power_journal/carving-out-a-niche/