Business Development Training
Definition of a true Entrepreneur:
A person that lives it; in the same breath I’d describe them with the ability to exibit a thicker skin while they endure all that encompasses looking like an idiot. They are commonly thought of as a bit over the top and crazy. All the while they have the faith, belief and the expectations of becoming a visionary. They truly seek opportunity and therefore it finds them.
I cant describe just how much I love Business Development (ditigal mostly). Something I hadn’t quite learned was the “business side of the business” as someone once put it.
Well…. I’ve come to find (through trial, error, failure and intense observation of others) that a good business plan from start to finish, demands (rightfully so) the attention of the audience, somewhat like a movie. Intro, body and climax all aligned like the next best screenplay. It straps you to your seat the second it begins. Almost as if the preface reads, “now brave yourself, this should be quite the ride.”
Quotes from people like Benjamin Franklink, Dwight Eisenhower and even Mike Tyson make you think that this is more than just a theory, it’s very much a reality:
By failing to prepare, you are preparing to fail.
Plans are worthless. Planning is essential.
Everyone has a plan…. Until they get punched in the face.
First and Foremost:
Be sure to include the conflict, as there is always some within any business. This could even be more obscure or abstract complex one may have read about or previously encountered that, while very my new and slim to none are the chances. If it can happen it certainly will.
Secondly and More Important:
There’s going to be good, bad, conflict, solution, and critical thinking involved within this portion of the plan. You can almost consider it the main course. The best case scenario should be the last thing on your mind when creating a business plan.
Finally (while equally important):
Even if you’re within the confines of a successful business. Even if you’re very satisfied with your position, pay, job, environment and camaraderie among employees a business plan can therefore be titled as an “intercompany plans,” which I have had the privilege of experiencing. These are almost and could be considered lateral movements within the vertical of the company and its foundational goals.
50% of Businesses Fail in the first year, and 80% fail within 5 years
All said and done, there really are just Four Strategic Parts of the Plan. Of course I could go on for days but, to present the absolute “must haves” of a business plan:
Part 1: The People: describe the team.
Who is involved, what is their skill set, and what will they potentially bring to the table that you may or may not see at the present time. This can be positive and negative, as there will be conflicts, resolutions and successes. Who did these people know, and what do they know. It’s often slightly better when you have someone on your team, staff and business plan that has the connections to help you jettison your company into its end goal.
How well are these people known within the niche that you wish to target, meaning the level of cloud, pull are even just plain connections. Are any of your players actual players with in that specific niche.
Part 2: The opportunity:
What’s within the plan that identifies a level of control ( what’s your competitive edge and how strong is that).
Everything from the current market, to the demand and even saturation of such market are all imperative to the design of such a plan. This is very often the easiest portion of the plan. The plan may not exist if there were not an opportunity to seize control of an existing market or create a new one. How big is the pie and what peace may you take?
Part 3: The context: outside variables
What are the areas that are outside of your control, therefore identifying and understanding variables in which you cannot and will not receive to be a problem while focused on the opportunity. Even though this is the least favored portion of a business plan, it is also more like the most important.
This will include things such as rules regulations and other variables that may be found through research and/or Q&A of those who currently exist and are successful with in that specific niche.
Part 4: What’s the RISK vs. REWARD
They should always be laid out, because only a fool would believe that any plan is without risk and without failure among other things. Most business plans present international loss, upfront cost, and need for working capital to offset such unforeseen and foreseen obstacles.
Arrogance is often a key contributor to failure within startups and other businesses because this is not one of the top two priorities within such a plan. Not to say it isn’t possible, but most businesses are not original ideas. Often an idea is produced but a lack of a credible and viable business plan may leave such ideas dormant and even dead for decades before someone with the foresight may take the idea and form a plan of action around it.
If by some chance you believe what you are presenting is an original idea, I strongly suggest you research it first.
Bare Minimum Business Plan:
- Market Analysis
- Strategy Implementation
- Financial Plan