Business Plan Advice

             In my last article titled "Business Plan Tips" I discussed some great tips from two stars of the show "Shark Tank", Daymond John and Barbara Corcoran. From them I learned some techniques and principles I can apply to my business plan to make it more effective. Daymond John mentions that one must do some homework and completely research their business and the industry they are entering into. If the person doesnt know all there is to know about their business he states, "Why should I be interested."www.daymondjohn.com/power_journal/carving-out-a-niche/ I have done some research on my business and industry but, I could definitely do some more research. I feel that there are areas that I do not have much knowledge of my business which is something I need to do to make my business plan better.
        The insights I also learned from Barbara Corcoran have been a true insightful in helping me perfect my business plan. She stated that when starting a business an investor wants to know: “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? http://barbaracorcoran.com So I have taken thought of these questions and made sure that my business plan answers these questions clearly.
        I have taken a lot of good advice from these experts and I still have plenty more areas in which I could improve my business plan. Reading through the article http://bpexpertviews.blogspot.com/    I would have to agree with Dr. Guy Kawaski on his point of view that the Executive Summary is the most important aspect of the business plan. I have taken this advice and have been working to perfect my Executive Summary so that it will be concise and appealing to the reader. Dr.Kawasaki views that it is the most important element because it is the first component of the business plan the investor sees. I also believe that it gives the investor a snapshot of the whole business plan because its everything summarized concisely. These tips from these business experts have been very helpful to me and I look forward to the continual knowledge I will gain from experts such as these. http://bpexpertviews.blogspot.com/   


Sources:
www.daymondjohn.com/power_journal/carving-out-a-niche/

http://barbaracorcoran.com 

http://bpexpertviews.blogspot.com/   

Business Plan Tips

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/