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/