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.”
"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.
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