How many times have you been awake late at night thinking about a business venture that you wish you had the courage to go through with? I know this has happened to me often. The best thing to do when you have these ideas is to write them down, then start a business plan for the one that you like the most. Composing a business plan may seem like a daunting task but, the internet is a vital source to gather all of the data needed to impress potential investors. One of the first things you should do is read up on information posted by leaders and professional who are experts in creating business plans. I’ve recently learned about two people who are great at teaching others how to write the best business plans. Some of the information that I learned can be found below.
According to bpexpertviews.blogspot.com, William Sahlam has an impressive background and resume (¶ 52). Besides the fact that he has degrees from Princeton and Harvard, two of the most highly respected schools in the nation, he has also sat on the board of several different for-profit and non-profit organizations. I greatly respect his commitment and involvement in non-profit organizations because of my desire to one day start one of my own. Sahlman also published a book titled “How to Write a Great Business Plan.”
Also on bpexpeertviews.blogspot.com, I was introduced to Michael Porter, who currently holds the highest faculty recognition at Harvard University as the Bishop William Lawrence University Professor. In his book titled “On Competition” he stresses the importance of being knowledgeable about your competition. He exlplains how healthy competition can lead a company to success through several different avenues.
Through reading about just these two men and their accomplishments, I have learned that investors are interested in the basics when decided whether or not they will give a chunk of their money to you. These things include:
· The People – Employees
· The Opportunity
· The Context
· Risk and Reward
Burhoe, Steven (2011). Expert Views on Busines Plans. Retrieved on September 7, 2011 from Bpexpertviews.blogspot.com
Sahlman, William (1997). How to Write a Great Business Plan. Retrieved on September 7, 2010 from http://www.google.com/search ?hl=en&source =hp&biw= 1440&bih=715&q=how+to+write+a+great+business+plan+sahlman&oq=how+to+write+a+great+business+plan&aq=2&aqi=g6&aql=&gs_sm=e&gs_upl=692l4748l0l6850l34l19l0l6l6l2l933l5263l188.8.131.52.5.2.1l13l0
Institute for Strategy and Competitveness (2008). On Competition, Updated and Expanded Edition. Retrieved on September 7, 2011 from http://www.isc.hb s.edu /On_Competition.htm