Writing a business plan can be a long and difficult process
for new entrepreneurs. It is helpful to do some research and seek professional
help from experts in business plan writing or reviewing to ensure your business
plan is up to par with the rest of the industry. I chose to highlight two writing and
reviewing experts and share their advice about start-up companies.
Founder of Dowsing for Sound, Mudhut Consulting and Co-Founder
of Brick Handbag, Andrea Cockerton is a venture funding and independent pitch
expert in the United Kingdom. She consults and advises clients from start-ups
to global brands. Areas of expertise include technology, law, international
development and the arts. She also specializes in business strategy, investment
readiness, public speaking, musical direction and self-defense.
She gives advice about the important information to include
in business plan. One of the most important aspects of the business plan is
financing. If a company does not pitch the idea correctly, or if the investors
cannot see the importance or potential success in the company, they will be
less likely to provide the finances that the company is asking for. In an
expert interview on funding and pitching, Andrea explains that there are 3
important things to include when pitching your business plan to investors: You
need to tell them that you are “(1)
targeting a growing market with a need for your product or service, (2) that
the team is talented and able to execute the business plan, and (3) that your
product, service or idea is groundbreaking” (Thenextwomen.com,
2008). Andrea Cockerton is also a mentor with FreshIdeas, a company that
provides a mentor service to advise, guide and encourage businesswomen. When
giving advice to people starting out in business, Andrea states, “Two things
really count when starting out – the first is an in-depth understanding of what
your market needs, and the second is a balance of resilience & flexibility
when crafting your product or ‘solution’ to meet that need… “ (Fresh Ideas, 2013).
Resources:
Steve Blank is a very successful businessman. In his 33-year
career, he has founded or was apart of eight venture-backed companies, four of
which went public. The Silicone Valley entrepreneur then retired, only to begin
teaching at Berkley, Stanford and the Columbia University/Berkley Joint MBA
program. He has taught many undergraduate and graduate students the business
behind successful entrepreneurship.
In his article, “Who Dares to Win-The 2nd
International Business Model Competition,” Steve talks about how the business
plan is a roadmap for execution. He explains that it is an excellent tool for
established businesses to present “follow-on products.” Steve believes that
business plans fail to stand up to chaotic real world situations. Instead,
start-up companies should be utilizing a business model to organize their
hypotheses. The business model will help businesses emulate reality and how to
develop relationships with their customers. Please feel free to read some of
these informative articles at Steveblank.com.
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