Opposing Plans

          Starting a business is likely one of the toughest choices one will have to make. It involves a lot of planning and research before the business is even launched. Along with that, a potential business owner needs to find the capital in order to get their business off the ground. So to get the capital, one needs to find investors. However, to get investors a solid business plan is required to help sway the investors into lending out the money that is needed.

            A business plan that has been put together well will help find the investors needed to get a business going. Business plans should show investors all the required info they might need for a new business. Things like, the service or product being provided, target markets, potential competitors, projected profits, etc. These are just some of the few things that should be in a business plan, but that is all that should be included.

            To help find out what makes a solid business plan I looked into some experts in the field. One expert is Carl Schramm, the onetime CEO of Ewing Marion Kauffman Foundation with a PhD in Economics. Carl Schramm states that one “Stick to the minimal – what is the product, who’s going to buy it, why need it, and how you are going to build and deliver it based on what you know.” This is important to understand because it will show investors that you have done your research and focused on making the business succeed. Carl Schramm also said not to spend too much time on perfecting the business plan, but rather go out and make the business.

            Short and to the point business plans will also no bore potential investors with a lot of fluffy material. They will be able to see what your business is about and made a quick decision on whether or not your plan is investment worthy. With that, a business plan should be an extension of you, in a sense that it backs up what you are presenting. If you are good enough to make a solid case about your business then the plan will not be needed.

            Going off the short and to the point business plans, I found that Chuck Blakeman had an intriguing view on the subject. Chuck Blakeman is acclaimed business speaker that has been featured in CNNmoney.com and NYtimes.com, he is also the founder of Crankset Group. A service that helps business owners make more money in a short time.

            Chuck Blakeman is against business plans and sees there is no use for them. Chuck has stated “that the second worst thing someone starting a business can do is create a business plan, and the worst thing they can do is follow it.” He goes on to say that business that follow plans lose their innovation and take risks. What I believe he is saying is that if a business follows a laid out plan without diverging on it, then that business takes the risk of missing out on opportunities that may present themselves.

            Chuck’s views may be appropriate for those business owners that have a business success under them as they will be viewed by investors as those who know what they are doing. Like I stated before, a business plan is more about you and what you know versus a hard copy plan. If you know what you are talking about, the plan isn’t needed. Those that are just starting should at least have an outline of what they are going for before meeting with investors. With that being said, if you do write out a plan, then be flexible with it. I side with Chuck on that reasoning, because nothing ever goes to plan. One needs to adapt and overcome, and obstacle put in their way. Also, if a good opportunity comes around and it is not in the plan, don’t blow it off. Take a look at it and see if you can benefit from it.

            Remember, you are the business plan, and what you put into it is what you get out of it. These two experts have shed some fresh light on what it takes to make a new business work. Both Chuck Blakeman and Carl Schramm are experienced in the business world with the knowledge of what it takes to succeed. Even though they have different views on business plans, one could potentially combine the two views into something that works for them.