A little bit of everything is good

      In my previous post, I talked about two business plan experts and their contradicting views. According to this article, http://www.ryerson.ca/tedrogersschool/bm/faculty_staff/bios/gedeon.html Steven Gedeon who is currently a professor in Entrepreneurship & Strategy at the Ted Rodgers School of Management, believes that one should have a sound detailed business plan before venturing off. For example, you should have every section of a business plan prepared in order to present to potential business investors. On the contrary, Chuck Blakeman who is a very successful entrepreneur (http://chuckblakeman.com) believes that having your business plan fully completed before you begin to venture out is not necessary. This theory suggests that you should add-too, or adjusts your business plan as you move forward. For example, you may know your mission statement and financials at the start of your business, but may not have a sound marketing plan, which can be easily implemented, as your business progresses. Both men give sound advice for pursuing your business. As an upcoming entrepreneur, I will adhere to both but lean more to Blakeman’s theory.

          

        Based on the culture, nature, laws and regulations of the country where my business will be based in, this theory would work hand-in-hand with the progression of my business. As this will be a small business, management and organization structure are not important at the beginning phases. Therefore the two most important aspects (financials and marketing) will be focused on the initials stages of the business. In my current business plan, I have played close attention to these two sections giving them more detail than others. For potential investors, I will solicit these two sections to them.

           

        As the business continues to grow, there will come a time where a detail, fully completed business plan will be necessary and that is where Gedeon’s theory will come into play. I have learned by taking a little from every good thing is a great way to be successful and this is what I will do.