The key to a successful business is a well-put together business plan. Any one who has a vision and dream of starting a business will need a well-written and thought out business plan. There are several experts, business owners and entrepreneurs who have mastered the field of writing and reviewing business plans. The graduate program at Full Sail University encourages their students in the position to be able to develop a successful business plan of their own. In this month’s Business Development Plan class, we are encourage to focus on two individuals who are experts in the field of writing and/or reviewing business plans.
I have great interest in the artist management, graphic design and event planning industry. There are several experts who inspire me to become a successful owner in those fields. Guy Kawasaki and Jeffery A. Timmons are the two successful experts who know what it takes to achieve long-term success.
Guy Kawasaki was born in Honolulu, Hawaii in 1954. Dr. Kawasaki grew up in a rough neighborhood called Kalihi Valley. Guy Kawasaki graduated from Stanford University in 1976 with a major in psychology. After Stanford University, Mr. Kawasaki attended the UCLA MBA Program. While attending UCLA, Dr. Kawasaki got his first job at a fine-jewelry manufacturer called Nova Stylings. It was there that he learned how to count diamonds and how to sell.
Jeffery A. Timmons was born in Pontiac, Michigan. Dr. Timmons graduated from Colgate University. He also earned a MBA and DBA at Harvard Business School. Dr. Timmons is also famous all over the world for his innovative curriculum development, teaching in entrepreneurship and research. Dr. Timmons has been involved in the field of entrepreneurship for almost thirty years. His involvement has been either direct or an advisor in private investment funds and companies. He provided entrepreneurs with tools so that they can raise funds or obtain venture capital investors.
I have learned so much from Dr. Guy Kawasaki and Dr. Jeffery A. Timmons. They have the knowledge and experience in the field of writing and/or reviewing business plans. Both experts motivate me in various ways to make sure that my business plan is well put together. They mastered their plan and made sure that key components were there to carry out their business plan.
What are the critical & key components that investors are looking for in a plan?
There are four areas that are strongly looked at d by investors when evaluating a business plan. The critical and key components that investors are looking for within a business plan are:
• The Executive Summary
• Management Team
• Business Model
• Product
Why are these considered key?
A business plan should possess those four components (The Executive Summary, Management Team, Business Model and Product) in order to get the attention of investors. However, starting a business first before seeking capital from investors is also a key component that investors look for. Investors will assume that you do not need their capital and would make them want to dish out money to the business.
In conclusion, I have learned more than enough from my education and work experiences that it is not always as easy as it seems. I understand that it will take hard work and dedication to develop a strong business plan, but it can be accomplished. Along with a strong business plan, you should have faith and believe in yourself. That will also determine the success of your business plan.
References:
http://www.guykawasaki.com/about/
http://www.openforum.com/connectodex/how-to-change-the-world
http://ecorner.stanford.edu/author/jeffrey_a_timmons
http://www.booksamillion.com/p/How-Raise-Capital/Jeffrey-A-Timmons/Q6381855?id=5225926089545
http://finance2business.com/business-articles/the-components-of-a-business-plan/
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