Entrepreneurs and Business Plans (pt. 2)

After doing my research on the Economic experts of Chuck Blakeman, Carl Schramm, and Kyle Murphy, in regards to business plans, I’ve taken into account their views. I have then adopted a couple of their ideas to incorporate into my business plan in order to have a sound business plan for success. Some of their ideas seem odd, but there is some truth to them, however, without a sound foundation of knowledge, these ideas would be a waste.

One of the main things that I found interesting about business plans from Chuck Blakeman and Carl Schramm is that they do not really care for them. Odd, but they do not like business plans and they would be the first to tell you that. Don’t get me wrong they do not avoid them altogether and they feel that business plans are a great starting point to beginning a business, but it shouldn’t become the entrepreneur’s “bible.” Meaning that an entrepreneur should use the business plan as more of a guide than sticking to the plan no matter what. I find this useful, because there have been times, while formulating my business plan, where I felt something major needed to be changed, which would end up altering the end product. If I stick by my original business plan and ignore the major change, I will end up with something I feel is incomplete. In my opinion, the business plan should be treated like an outline.

The other main idea that I incorporated into my business plan was Kyle Murphy’s idea of having a savvy team. First off, this doesn’t mean I need to hire good people, it means that the people I hire should have the capabilities to execute the business plan successfully. He points out that when investors are looking at a company to invest in, they aren’t just looking for the best return, they looking to see if the company can successfully do what they say they can do. Moreover, they are looking to see if a company can be experts in the field they are trying to go into. Once they know executing wont be a problem, they’ll be more likely to invest. Therefore, in my plan I will “show off” my knowledge of cloud-computing and make sure I hire people who are as good, if not, better than myself. 

Entrepreneurs and Business Plans (pt. 1)

Carl Schramm graduated from LeMoyne College, did his undergraduate at the University of Wisconsin and acquired a law degree from Georgetown. Carl is University Professor at Syracuse University and has worked as a CEO for various large companies. He worked for The John Hopkins University, wrote several books where he collaborated with other leading economists, and won numerous awards. Furthermore, he has written a number of articles for The Atlantic, Forbes, and the Huffington Post, just to name a few. 

Chuck Blakerman is a unique individual when it comes to the world of business. According to Chuck’s site, “he has created five different businesses and two non-profits from the ground up, making every mistake possible along the way to some big wins.” He is a major business speaker on an international platform and is responsible for over 100 speeches and workshops each year. He has written articles and been featured in Entrepreneur Magazine, CNNMoney, NYTimes, and several other publications in Australia and New Zealand. Currently, Chuck runs his own company called the Crankset Group, which helps other business owners get the passion they once had for their business so it can get back on course and become more successful. 

What is interesting about these two celebrated economists is that when it comes to a business plan, they are not too concerned with them. Both Schramm and Blakerman are not keen on business plans, they agree they have a place, but one should not base everything on the business plan in their minds. According to Loreal Hartwell, “Basically, it is [Blakeman’s] belief that a new company does not need a business plan to get started.” However, a business plan still needs to be a good business plan regardless of how much you stick to your plan. 

Therefore, what are investors looking for in a good business plan? They’re obviously looking for a return on their money, but the most important thing is not the idea or the company, it’s you. Investors are basically trying to see if you and your team are savvy enough to see your idea through from start to finish with few hiccups. The last thing they want to do is take a risk on an idea or business that has a bunch of flaws and an unclear way of fixing them. According to Kyle Murphy, Entrepreneurship Lecturer at Pepperdine University, “they’re betting on the jockey and not the horse.” Therefore, a good business plan must start with you. Make sure you have a clear idea, a great team, and a passion to see it to fruition.