In
our last
post we discussed some advice business plan experts had to give when it
came to putting together a business plan. The two experts spotlighted were Steve
Blank and Andrea
Cockerton. Both had rather interesting views on what things were important
to consider when developing a plan. The question now is, how applicable is their advice when looking to build an
entertainment business? Like with most advice one may get, good advice is only
as valuable as a person chooses to act on it. From personal experience and
research, there truly is no one “right way” to make a business plan. Every business is unique, which in it of
itself is key to success, and the plans those businesses were built on differ
as well. This is said for the sole reason that, as you read this, if you feel
the advice showcased here is not applicable to your business, do not get
discouraged. The best advice that can be given, should you find your self in
that position, is to try a new perspective. Meaning, how does that advice
benefit another company per sé and
what would be a comparable benefit in your field.
Steve Blank
Now
if you all recall from the last post, Steve Blank basically believes business
plans are put to better use when applied to companies that already have “history”.
While no one is arguing that statement, the truth is that business plans are
great and just as important for start-ups as well, if not more important. Mr.
Blank said that business plans for start-ups served their purpose in giving its
entrepreneurs “practice”. Although his statement may be true, the benefits of
writing a business plan for start-up do not stop there. Aside from having a
scenario of what your business would like when its all up and functioning,
having a business plan also shows potential investors that you know what you
are doing. In reality every business has to start somewhere, and even though
they do not all start with a business plan in hand, it is this blog’s opinion
that having one can only make your case and idea stronger. For those out there
looking to make their entrepreneurial dreams come true, we recommend that you
do your research well from the beginning. There are plenty of sites and
resources out there one can learn from. Sites like Entrepreneur.com post
articles and other information continuously, like Adam Toren’s “5 Ways to Set A New Company
Up For Success”. Again, every business is different, so take any and all
advice with a grain of salt; some resources may prove to be better suited for
your venture than others.
Andrea Cockerton
Andrea’s
advice on writing a business plan can be applied to almost every individual out
there doing so. She gave us three must-haves a business plan should have before
even considering to ever pitch the idea to potential investors. Again, from
personal experience, her three must-haves make perfect sense. She said one
thing everyone had to look for was that his or her intended market was still
growing. If you find yourself creating a new market, then the growth ability
has yet to be seen, but that also makes another must-have you should have
easier to push. That must-have is that what you are intending on selling is
unique in some way. Most people may get turned away at this point for various
reasons, maybe they get overwhelmed or something. Having a unique idea does not
mean having a game-changing invention or innovation. For all you know the
unique idea may not even be on the product side of your plan but on the
execution side of it. Meaning, you may be selling a product that is already out
there, but you have found a way to do it faster and cheaper, or safer and more
reliable, or whatever else the case may be. It is a lot like that saying that
goes that beauty is in the eye of the beholder; well substitute uniqueness for
beauty and the same thing can be said. Andrea finally said that the third
must-have had to be the talent one had executing the business as a whole. If
you are a budding animation company, you would do better having top-notch
animators. If you were a video game company, your programmers and engineers
should come with their fair share of experience. Investors like to see that a
company is in good hands with people who know their craft as best as possible.
This not only reduces the learning curve but also the risk a company might have
within investors’ eyes. Visiting again Entrepreneur.com, writer Kara Ohngren gives
everyone examples of where one can go to find that right talent to make up that
core of individuals your business may need. The key thing is to think out side
the box and strive to make your business idea as best thought out as possible.
If you do that, then investors will not only see that you are serious, but also
that you are worth making that investment on.
Like
it was said above and in the last post, no two businesses are ever identical,
and what may work for one does not necessarily mean it will work for the other.
If you stay grounded and keep within realistic means, what you then pitch
towards investors would yield a much better result as opposed to doing
otherwise. We here at Pencils and Vectors cannot stress enough the importance
of doing your research. Knowledge is power, and thoroughly investigating your
field and industry will only make you a much stronger and more able player
within the business field in general. We wish you the best of luck in all of
your endeavors and look forward to hearing your thoughts on all of this.
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