Are you thinking
about owning your own business or seeking funding for you new business?
In order to secure the necessary funds you been told you need a solid business
plan. What is a business plan and why would you need one? A
business plan is a road map on where the business is going. It serves as
a tool for your team to succeed. Eugene
Kleiner stated, “ In today’s environment, a business plan is an
entrepreneur’s most crucial business document. No company can expect to
articulate its goals or to secure financing without a well-conceived and
well-present business plan.”
Let take the time
to explore two different types of accomplished entrepreneurs in the
field. They are both recognized as experts in the field of writing and/or
reviewing business plans. Reid Hoffman is a partner at Greylock and
Co-Founder of LinkedIn. His areas of expertise are consumer Internet,
social gaming, online marketplaces, payments social networks and gaming. David Skok started three companies and all
of them going public reaching revenues in excess of 100M. During this
time he was able in employ 800 people with offices in over 20 countries.
David Skok is now a general partner at Matrix Partners.
Reid Hoffman and David Skok are looking for specific
information when deciding on if a business plan is worthy of an investment.
Some of the questions they might ask is how will reach your audience? What is
your unique value position? Will your business make money? Identify your risks?
How will you mitigate your risk? What milestones are you raising money
for?
There are over
27.5 million businesses nationwide according to the Office of
Advocacy. Dave Thomas
article in BPlans
stated, “Whether you are a new small business about to unveil itself, or
a business that has been around for some time, you will often be asked about
your business plan. Simply put, the business plan involves the business
owner laying out in detail how they will go about placing their company in a
strong position in the marketplace, how they will finance their operation, and
how they plan to earn a good return on investment (ROI).”
Whether or not
you are looking to borrow money or seeking investors a business plan is needed.
Doing so will help you determine if your idea is feasible and establish a
road map for the future of your business. For further research visit the U.S. Small Business
Administration website for information on planning your new
business.
The beauty of music is the creation of where it comes from, so be unique
and different!
Sing, write, compose and produce from your
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