In constructing my business plan for my company, Highly Educated Management & Production (HEMP), I came across a multitude of information, analysis and viewpoints from many knowledgeable experts from various fields of business. In particularly Michael Porter and Daymond John have expressed the importance of a successful business plan many times throughout their career.
Porter is currently the Bishop William Lawrence University Professor, at Harvard University (Burhoe, 2011). I credit Porter with giving me insight into what owners and investors are looking for in a business plan as well as understanding the role of competition. According to Porter competitive forces drive the rivalry of existing companies. It is important that competition is there to maintain the integrity, level the playing field and create constructive analysis for business improvements and satisfaction.
Daymond John is the CEO and President of a clothing company called FUBU. Using $100,000 in start up capital, he launched his company in 1994, and by 1998, FUBU had made $350 million in revenues (Burhow, 2011). In my opinion this was a great example of putting your money where your mouth is. In this case, I learned from John that it is important to put some of your own money up for startup capital. According to John, if you are in debt and have nothing to contribute to your business venture, it looks bad to potential investors (2012).
In the end it is important to adopt concepts to my business plan that are practical and wise. Since both experts have been through the phase of constructing business plans multiple times over I aim to use some of the advice given to cultivate my own success for the future.
Sources
Burhow, S. 2011, March 31. Expert Views on Business Plans.
Retrieved from http://bpexpertviews.blogspot.com/
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