Developing A Business Plan

In developing my own business plan, I have gained much knowledge from many business plan experts. Daymond John and David Gumpert are two experts that I have found to be very helpful when examining ways to improve my business plan. The two key ideas that both of these experts emphasized to extremely important are passion and effort. I plan to incorporate these two ideas into my business plan by using more passionate verbiage and making my passion seep through the ideas, research, and structure of my business plan. Daymond and David also emphasized the importance of preparation to go with passion. About.com stated, “One of the most powerful ways to support your passion is with proper planning” (Gregory, 2011). I know that with a great idea comes an even better preparation with all successful business plans.

            Some changes that I have made in order to deliver these ideas were developing a better sense of how I promote and describe my ideas throughout the business plan. This change has made it easier for my ideas to flow out and build a more interesting business plan. Walt Goodridge of Website101.com relates to the idea of expressing passion in a business plan as he stated, “You need to become what I call a “Passionpreneur” and turn your passion into profit! “Passionpreneur” is a word I created to describe someone who has used his or her passion as the basis of a passion-centered business” (Goodridge, 2009). I really feel that Goodridge’s term “Passionpreneur” is exactly what Daymond and David see in their business decisions as well as what they look for when looking over a business plan.

            I personally consider the company description and marketing strategy of a business plan to be the most important. Reason being, these two sections will tell the potential investors who, how, what, and why for all of their financial and marketing questions/concerns. Knowing the market and delivering a new or existing need and want are detrimental for any successful company. A great idea is only a waste of thought without knowing who will want and need the new service or product. Allbusiness.com states, “The most important part of the plan is where it says specifically what is going to happen. The core of a business plan is the collection of detailed dates, deadlines, responsibilities, and commitments” (Allbusiness.com, 2005). These reasons alone are why Daymond and David have become highly successful businessmen as well as experts in their respective field. I plan to continue to use expert knowledge in the development of my business plan because utilizing resources like these are easy to obtain and extremely helpful. 

Resources:

Gregory, A. (2011). Is having a passion for business enough?. Retrieved from http://sbinformation.about.com/od/startingabusiness/a/passion-for-business.htm

Goodridge, W. (2009, Febuary). How to have passion for business: Do what you love as an entrepreneur. Retrieved from website101.com/home-business/how-passion-do-what-you-love-entrepreneur/

Allbusiness.com. (2005, March 9). What is most important in a business plan? what do i really have to cover?. Retrieved from http://www.allbusiness.com/business-planning-structures/business-plans/3505-1.html