This week I will be discussing and
sharing what I have learned from my own research on two experts that I recently
profiled in my last blog posting below. The two experts that I reviewed in my
last posting were Mark Cuban and Donald Trump. Like Thomas Edison when he
failed over 1,000 times with his light bulb invention before he finally made a
successful prototype (Success.com, 2013), both of these entrepreneurs success
didn’t come overnight or without failure.
I will be successful and stand out to potential investors by taking what
I have learned from them and their past failures and successes, and applying it
to my current business plan.
In my research, there were a few
key lessons and pointers that Mark said which I found to be very beneficial.
One of the first lessons that I learned from Mark was that he believes you
should always be as creative as possible (Forbes.com, 2013). The amount of
creativity that you put into your business plan will directly affect the end
outcome and how many investors are potentially interested. I can apply this to
my current business by ensuring that my business plan iterates how different my
business is from the competition. The addition of a tattoo parlor to a venue is
not something that many people would even think about doing; however, it is
something that is creative and new, which will entice people to invest in my
business. A second lesson that I learned from Mark that I will apply to my
business plan is to include a visual of how my investors will make money now, in
the future, and in the event of expansion. According to Forbes.com (2013), the
use of visuals such as graphs, charts, and images are what bring your concept
to life and allow the plan to flow better. Mark believes that this is vital for
investors because it will allow them to understand and visualize how they will
make their money back, which is very important to any business plan
(Forbes.com, 2013).
In my
research, there are a few key lessons that Donald said, which I found to be
very beneficial. One of the first lessons that I learned from Donald is that
the key to a businesses success is that the “business must have a plan”(YahooVoices.com,2009). According to SmallBusinessTrends.com (2010), as stated in my previous
posting, people who complete detailed business plans are nearly twice as likely
to successfully grow their businesses or obtain capital as those who didn’t
write a plan or whose plan was poorly executed. I can apply this to my current
business by making sure that I do have a plan and that it is as detailed as
possible. Another key lesson that I
learned from Donald is from his belief that “you shouldn’t be afraid to fail
because it is inevitable” (YahooVoices.com, 2009). I can apply this to my
current business plan by planning for that failure. In the event that my business
begins failing, I will prepare an exit strategy in advance in order to avoid
further losses. If failure does occur, I can take that failure, improve it, and
apply those lessons to my next business. Another important less that I learned
from Donald is that you should know whom your target market is and if they have
money. I will apply this to my current business plan by researching my current
target market and supplying statistics that show they actually have the money
to spend on my businesses product. This will show my investors that there is a
customer base and market that can be taken advantage of.
The sections of my business plan
that are most important to my investors and myself are the financial section
and industry market analysis. These two sections will allow the investor to see
how they are going to make their money back, the amount of time it will take to
get that money, and whom that money will be coming from. By giving the
investors this statistical data and research, it will allow them to feel more
confident in investing, as they will be able to see the potential for growth
and profit. Overall, all of these lessons will prove to be very beneficial in
the future for any business that I am involved in.
References
Forbes.com.
(2013). At Age 25 Mark Cuban Learned Lessons About Leadership That Changed His Life. Retrieved on August 20, 2013, from; http://www.forbes.com/sites/monteburke/2013/03/28/at-age-25-mark-cuban-learned-lessons-about-leadership-that-changed-his-life/
Forbes.com.
(2013). 5 Tips for a Great Business Plan. Retrieved on August 20, 2013, from; http://www.forbes.com/sites/patrickhull/2013/02/28/5-tips-for-a-great-business-plan/
Images.Politico.com.
(2013). Light Bulb Image. Retrieved on August 20, 2013, from; http://images.politico.com/global/news/110707_lightbulb_ap_328.jpg
SmallBusinessTrends.com.
(2010). A Business Plan Doubles Your Chances for Success, Says a New Survey.
Retrieved on August 20, 2013, from; http://smallbiztrends.com/2010/06/business-plan-success-twice-as-likely.html
Success.com. (2013). Why Failure
is Good for Success. Retrieved on August 20, 2013, from; http://www.success.com/articles/1181-why-failure-is-good-for-success
YahooVoices.com.
(2009). Ten Donald Trump Business Tips for Entrepreneurs. Delores Williams.
Retrieved on August 20, 2013, from; http://voices.yahoo.com/ten-donald-trump-business-tips-entrepreneurs-3022099.html?cat=3
