I’ve Learned To "Mind My Own Business!!"

Having completed the online Business Plan Development course, I can appreciate the essential components that investors are looking for in a good business plan.  Although the essential components include a vision statement, the target market, my business profile, economic and cash flow assessments, it is extremely important to know whether you possess the characteristics of a successful entrepreneur. Understanding these components helped to identify whether I possessed the guts, brains and capital needed to pursue the endeavor.

According to Mr. Holland, “The most common serious mistake made in business is not picking the right business to begin with.”  I now feel that I possess entrepreneurial instinct, the “guts” characteristic, which means having an overwhelming desire and dedication to have my own business and be completely dedicated to the goal. 

I also discovered that in order to become a successful entrepreneur, the “brains” characteristic means having working knowledge about the business “before you start it.”  Having good common sense pooled with appropriate experience and research is necessary brainpower elements.

Because every business needs sufficient cash flow control, the third characteristic, “capital”, means knowing how to forecast future cash requirements, and how to maintain positive cash flow. 

The sports industry is a very competitive environment.  By having a growth plan and projected cash flow, I will be able to incorporate these essential components and characteristics in my business, which will help me to control the risks, gain additional experience, and to grow the business. 

One specific change that was made to my business plan was the vision statement.  Although the vision statement does not tell how I will get there, it set the direction for my business planning.  I understand how important it is when crafting a vision statement to let my imagination go, dare to dream, and give the roadmap on how I plan to soar to success.   It is important that my vision statement captures my passion.

Ultimately, investors want to know how will they get a return on their investment.  In addition to the vision statement, I believe the economic and cash flow assessments are the most important components to the investor reading the plan.  The economic and cash flow assessment is the forecast of the business plan highlighting how I plan to grow the business and become financially successful.

Three books that I discovered to be helpful while doing necessary research for my business plan are “Made in America: My Story” by Sam Walton, “The Book of Entrepreneurs’ Wisdom: Classic Writings by Legendary Entrepreneurs” by Peter Krass (Editor), and “The Great Game of Business” by Jack Stack.

EXPERT VIEWS ~ MINDING YOUR OWN BUSINESS!!

 WILLIAM A. COHEN, PhD

            A business plan is what is presented to investors in order to obtain financing.   Therefore, success will depend on whether there is a good plan tailored to specific needs. William A. Cohen, PhD, is the author & founder of Institute of Leader Arts, and he gives expert video advice by answering these eleven questions: 

          · What is a business plan?

· What is a marketing plan?

· When should I create a business plan?

· What should I do before I draft a business plan?

· What are the most important parts of a business plan?

· How do I create an executive summary?

· What style business plan should I use?

· What is the length of the average business plan?

· What is the key to a successful business plan?

· What are the top business plan mistakes?

· Should I hire someone to write a business plan for me?

· Where can I go to get help with my business plan?

Dr. Cohen is also Professor of Marketing and Director of the Small Business Institute at California State University, Los Angeles.  He has authored 31 business books, including Model Business Plans For Product Business.  Some of the critical and key components that investors are looking for are a competitive environment, a growth plan, and projected cash flow.  These are considered key, because according to Dr. Cohen, “Smart entrepreneurs know that a clear, well-written business plan is absolutely essential to any new venture: it guides your first steps, helps you develop marketing strategies, and allows you to quickly seize new opportunities.”

VIDEO

"Dare the Impossible - Achieve the Extraordinary." (Cohen, W. 2010)

PHIL HOLLAND

has a thorough understanding of the world of business, and it has been demonstrated through both his successes and failures through various and demanding business professions. He has been an entrepreneur throughout most of his adult life, including “building "spec" houses, the manufacture of automatic doughnut machinery, designing and building apartment complexes, restaurant franchising, doughnut retailing and the development and management of shopping centers.”

With only a $5000 investment, he founded the Yum Yum Donut Shops, Inc. in 1970, which grew to be the largest chain of privately owned donut shops in the United States. 

To encourage people to start new businesses shortly after the Rodney King riots in Los Angeles in 1992, Mr. Holland offered a free night course in Compton, CA. 

 

“The course was designed to help entrepreneurs avoid the common mistakes many entrepreneurs make when starting out. With this beginning, a 501(c)(3) non-profit organization was formed, My Own Business, Inc. (MOBI). The goal was to help foster successful entrepreneurs worldwide. Mr. Holland brought together a Board of Trustees consisting of business and professional experts who continually expand the content and outreach of the free My Own Business Internet course, www.myownbusiness.org. Mr. Holland serves as Chairman of the MOBI Board of Trustees. “

According to Mr. Holland, the critical and key components that investors look for in a plan are:

• A Vision Statement
• The People
• Your Business Profile
• Economic Assessment
• Cash Flow Assessment

Some of the reasons these are considered a valuable tool and roadmap are:

• Using appropriate information and analysis, it will define and focus the objective,
• The plan may be used as a selling tool with lenders, investors, or banks.
• It may uncover omissions and/or weaknesses in the planning stages.
• The plan may be used to solicit opinions and advice.

 
 For more detailed information, check out my sources:

My Own Business 

Stuff of Heroes 

Business Plans 

Phil Holland Bio 

Model Business Plans For Product Businesses by William A. Cohen PhD