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.