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

The Experts View

In any business plan development, it is important to take notice and advice from those who review and fund business plans for a living. These people are often referred to as venture capitalist, angel investors, or simply, experts. Entrepreneur.com states, “These individuals look for companies that exhibit high-growth prospects, have a synergy with their own business or compete in an industry in which they have succeeded” (Entrepeneur.com, 2012).  In examining two recognized experts, I found many similarities that are very beneficial to the development of a business plan and the ideas that follow it.

            My first recognized expert, Daymond John, is the CEO and President of the clothing line FUBU. Daymond helped launch the clothing line in 1994, and shortly after 1998, FUBU hit $350 million dollars in revenue. Daymond now works on numerous venture projects as well as a keynote speaker for his business mind and experiences.

            My second recognized expert is David E. Gumpert. David has had a wide range of business experiences ranging from co-founder of NetMarquee, an Internet marketing firm, to writing two highly read business books about business plans and business success guidelines. David has had constant success in his business ventures and practices.

            Both Daymond and David have had great success in their business decisions, but both have two different roads to their victories. They know what it takes in order to not only succeed with a business plan, but to also build from that success in order to stay relevant and ahead of the curve. Passion and effort are two key components that both David and Daymond look for in a business plan. These traits are important because they will work as the backbone of an idea, whether good or bad. With passion and effort comes risk and taking chances. Most people, or better yet business plans do not attempt taking chances for the fear of failure. Both David and Daymond believe that chances have to be taken in order to accomplish a goal. Daymond for example took a serious chance that could have had himself and his mother living on the street if his passion was not standing strong behind his idea. “In need of start-up capital to keep up with demand, Daymond and his mother mortgaged the home they collectively owned for $100,000. Soon, the home was turned into a makeshift factory and office space.”(Boomdigital, 2012). Risk like these make great success stories when passion is the focus of why people take them.

            According to David, acting on an effort is more important than simply planning. His quote, “Act, don’t plan” (Gumpert, 2003, paragraph 13) describes his view on why business plans are more than just a plotted list of ideas that may or may not turn into funding, but rather, actions are better fit for a cause and reaction in the pockets of potential investors.    

            Both of these experts share similar views but from different minds, which make their respected components of importance even more valuable when developing an effective and passionate business plan. Tim Berry’s “8 Factors That Make Good Business Plans” backs up these ideas with his seventh factor in the development of a business plan, “It gets people committed” (Berry, 2009). Commitment brings forth effort and effort can only be measure with passion and that is why these experts are outlined with success and their passion keeps them committed to helping others reach their dream.

(Youtube, 2008)

Citations

Entrepreneur.com. (2012). A guide to angel investors. Retrieved from http://www.entrepreneur.com/article/52742

Boomdigital. (2012). About daymond. Retrieved from http://daymondjohn.com/about/

Berry, T. (2009, Febuary 18). 8 factors that make a good business plan. Retrieved from http://timberry.bplans.com/2009/02/some-key-questions-on-business-plans.html 

Youtube. (Editor) (2008). Fubu founder daymond john interview [Web]. Retrieved from http://www.youtube.com/watch?v=79a3nTDmeNo