Business Plan Advice

The development of a business plan can potentially be daunting in nature; however, it can be immensely rewarding in the end.  The overall concept begins to take form in this early stage of the process, and the author starts to understand if their idea is viable within the marketplace.  As I start on my business plan, it is important to analyze the wealth of advice there is from business professionals such as venture capitalists and angel investors.  Consequently, I have chosen to look at two very different business experts to achieve a broad range of information. Therefore, I decided to choose venture capitalist, Kevin O'Leary, and business development expert, Angelo Meneguzzi. 

Kevin O'Leary is best known for his role on the ABC hit show, "Shark Tank," but many people do not know about his impressive history in the world of business.  O'Leary started his first business, SoftKey Software Products, in his basement.  He eventually turned this small business concept into an empire and sold it to the Mattel Toy Company for an impressive $3.7 billion.  Today, O'Leary is a successful venture capitalist that looks for beneficial ways to invest his money.  I enjoy O'Leary's no "nonsense" approach on business and thoroughly enjoyed reading his tips for startup companies.  He states that all entrepreneurs need to get their "head out of the clouds" and make realistic financial goals for themselves.  Additionally, he states that the concept of a 9 to 5 for an entrepreneur is non-existent; therefore, you need to love what you do and have a good idea.  In fact, having a good idea is a top quality that O'Leary is looking for in a business plan.

Angelo Meneguzzi is a business professional in the technology sector with over 12 years of experience.  Today, Meneguzzi works in close collaboration with Internet start-ups and provides beneficial consulting to well-known brands/companies.  Meneguzzi illustrates why it is important to have a business plan in a simplistic yet effective way.      

   

“Benefits include: a heads-up to changes in the environments, better forecasting, opportunities to analyze situations before they become problematic.  Let me add this bit of advice: those who fail to plan, plan to fail - not original, but true just the same.” – Angelo Meneguzzi

The element of "forecasting" is so important in my opinion and allows a company to be prepared for the "unexpected."  In fact, I think this is what sets good companies apart from the great ones; the ability to forecast and see the "bigger picture."  I enjoy the business advice that I found from both experts, but it is Meneguzzi's take on why having a business plan is so important that truly resonates with me. 

It definitely places everything back into perspective.

References:

http://abc.go.com/shows/shark-tank/cast/kevin-o-leary

http://www.fastcompany.com/3032973/hit-the-ground-running/6-tips-to-startup-success-from-shark-tanks-kevin-oleary

http://www.bplans.com/ask-bplans/572/why-have-a-business-plan

http://bpexpertviews.blogspot.com/2012/08/andrea-cockerton-angelo-meneguzzi.html