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.