Your
business plan is considered to be the most important tool needed in order to
determine how successful your business can possibly be. Steven Gedeon is an
expert on the value of a business plan. According to http://www.ryerson.ca/tedrogersschool/bm/faculty_staff/bios/gedeon.html, he is currently a professor in
Entrepreneurship & Strategy at the Ted Rodgers School of Management and has
founded and led more than a dozen public, and venture capital and non- profit
organizations. Another expert in the field of business plans is Chuck Blakeman.
Blakeman is an entrepreneur with an
irregular approach to business. His view basically states that business plans
are not necessary and focus too much on the future. Instead, one should
“implement now and perfect as you go.” According to http://chuckblakeman.com this approach has been adopted by
thousands of business owners. Currently, he is an internationally acclaimed
business speaker with an average of 100 plus speaking engagements and workshops
per year. Here we have two highly recognized persons that are experts in
starting a business, extremely successful, but have two totally different
approaches. However, these approaches can both be used. The reason for this is
that when starting a business, there should be certain elements present. Both
include critical and key elements that investors look for. Certain elements must be known in
order for the business to a success. These include:
- Who am I selling to?
- What is the growth rate of this market?
- What is the price point for the products and services my company will offer?
- Who are my competitors?
- How will I make a profit?
In addition,
the overall business idea and the necessary financials should be present when
starting a business. These elements are key as they guide you to understanding
what strengths, weakness, opportunities, and threats your business may have.
Your business must be able to impact the audience you will be catering to.
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