When creating a business plan there are many specifics that need to be address. Specifics such as Management plan, financial control, Technology plan or principal location. These are just a few of the many components that are required to created a thorough and well thought out business plan. There are classes and seminars on the best ways to do this, but how many of this resources give you the simply advice to be professional and your-self.
I understand this to mean, to make your plans according to what fits to you, yet make them factual. So many of us get caught up in the process that we loose ourselves or forget the main reason we started. This in the end causes many of us to create something that, when it is all said and done, are not happy with. For those who are successful in receive necessary funding and follow through with the plan anyway end up failing a few miles down the road. Do you think there is a large chance this is due to the fact they followed through with someone else dreams, hopes and idea.
After researching Jay-Z and Russell Simmons, I was able to see the entire process in a new light. Through there techniques and styles I realized that knowing the business, and having the education is not enough to run or create your own business. It is important that you keep your main goals in mind during the entire process and while the business continues to grow. To many times companies, after reaching a numerous amount of goals or after being in business for so long, tend to get, well, comfortable where they are and feel no need to continue to grow.
Jay-Z and Russell have yet to settle in their seats. Once their companies have reach a certain plateau they are able to move on to bigger and better things. They were able to start something new or partner with someone that would make a change or difference. Mr. Summons now has a corporation with many establishments under its name. These companies are set up not only to make money but also to help make a change. Looking at the purpose of most of his business it is obvious he works to create a pathway for those who are having harder times than the average moneymaker.
While being honest with myself I have made changes to my plan that reflect more of what I find realistic to what I am capable of when starting my business. Some changes include the property where the company will be established, the numbers of employees that will work for me to the type of music I plan to focus on. Of course changes to any business plan can be made in the future, however these changes better focus on the start of the company, as well as the immediate future.
These two experts were an inspiration to me, in that they prove creativity is something that is not lost, but instead redirected as you grow in your abilities to keep the business wheel moving. I have learned that having knowledge of the business is not enough. Running a business requires me to know the business, as well as myself. Being aware of my week points, strong points and my limits is very important in that it can help or hurt my success. These factors combined with the personality can make a long lasting impression on an investor. Therefore it is important that in the process of creating my business plan, to remember to stay true to what my goals are, research the market well, establish the uniqueness of my plan in a way that portrays who I am, and the excitement of the possibilities of the future.