It wasn’t up until week 4 of my Business Development Plan class that I realize that a business plan is very important to both potential business owners and investors. A business plan can successfully guide you through your journey. I have been following some of the top Band Managers in the music industry today to help encourage me to turn my dream into reality. However, I fully understand that I need to keep learning and it doesn’t stop with my college background. This is something that I have learned not only from my industry experts Guy Kawasaki and Jeffery A. Timmons, but also from Jayson Whitmore, a former Full Sail University student.
I have learned and understand that in order to be successful that you must know your market or competitors. I have learned and found possible companies that could potentially pose a threat as possible competitors after I decided to research and learn more about my current market. However, both Guy Kawasaki and Jeffery A. Timmons would be competitors to one and another if they were in the same market, but since they are in different market, they are both very successful in their chosen field. I am aware that there are many band managers in my area and in order for me to be successful that I must bring creativity and uniqueness to the industry. In addition, I understand that I must prepare myself to be ready to conduct research on my target market.
In conclusion, since I started my business from ground up, I have learned that this is not an easy task and understand that I have a long way to go and road ahead of me. Nevertheless, I need to develop a business plan that will grasp the attention of investors so that they will be willing to lend money to help me turn my dream into reality since it does take money to make money: quote on quote. I believe every section included in the business plan holds as much importance to one and another. However, I believe the sections of my plan that is most important to investors reading my plan are:
· Executive Summary
· Management Team
· Business Model
· Product
However, along with all the key components that an investor will look for, I believe creativity, uniqueness, passion and determination to be my strengths. This will show potential investors that I’m serious about my work and making sure that my business has longevity.
Reference:
Full Sail University. (2011). Jayson Whitmore: BPD Business Plan Video. In Full Sail Online. Retrieved December 18, 2011
http://course.online.fullsail.edu/index.cfm?fuseaction=lms.activitiesDISCUSSION&activityId=555241&deliveryId=1121980
http://course.online.fullsail.edu/index.cfm?fuseaction=lms.activitiesDISCUSSION&activityId=555241&deliveryId=1121980
Jeffery A. Timmons (2011). How to Raise Capital.
Retrieved December 18, 2011
Jeffery A. Timmons (2011) Retrieved December 18, 2011
Guy Kawasaki (2011) Retrieved December 18, 2011
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