For those whom read my previous post entitled, " Venture Capital, and What Experts Look For in Your Business Plan", it is no surprise that the underlying message from industry experts, Oprah Winfrey and Mark Cuban was having a business plan that not only was compelling and showcased the essence of your passions, but also one that is very much cost and competitively savvy.
In a sense, What Oprah Winfrey stated is paramount to anyone that plans on entering any business endeavor is this. In an article written by Polly Brewster for O Magazine Online in 2007, Brewster was able to tap into the mind of Oprah Winfrey at gain key insight in "Your Great Idea, Whose Time Has Come". Oprah Winfrey explains that one of the most vital portions to business success is creating a superior, yet simple business plan. Oprah says that, "Writing a business plan will force you to consider the what-ifs (what if you get sick, need a trademark, need worker's comp insurance) and the tiny costs that you might overlook. A business plan forced me to figure out exactly what I would have to charge to make money (Brewster, 2007)." Also, According to Brewster (2007), Oprah explains that, "As you get ready to launch your business, estimate how much money you will need to keep your business running for 12 to 18 months, or however long you believe it will take to give it a shot at success. Then figure out how much you can provide from your own stash—your savings, your family and friends, or cash flow from a current job. The difference between what you need and what you have is the amount you'll need to raise from other sources."
Mark Cuban also taught me that to be successful with your own business, you have to have a sense of complete ownership and entitlement to every aspect of your business. To me, his most important 3 rules from his article, "12 Rules For A Start-Up Business" are to Know your core competencies and focus on being great at them, As far as technology, go with what you know, to never hire a PR Firm(Cuban, 2012). These are vital, because it always leaves you in complete control and have an understanding of what lies ahead of you, and can execute it on you own, in the event that your staff can't deliver. This always gives you an edge. Sometimes it takes you doing it yourself. But as far as your business culture, it needs to be open and adaptable.
But the driving factor of a solid Business strategy and plan came from a very compelling video on Entrepreneur Online entitled, " The Innovators: Spanx Founder Sara Blakely".
Within this video, the underlying message was to establish a product that is undeniable and speaks to a direct niche market. In addition, I believe that Sara Blakely revealed two very important truths to finding, maintaining, and establishing your target market. One of which is by cultivating your idea so much that you are prepared to present it at the optimal time of need for the consumers, however, not seeking advice with the initial idea, as to not get discouraged or derailed by the thought process or opinion of others prematurely (Blakely, 2011). The second, is the fact that she created the concept of her product off a consumer mindset herself, always thinking of innovating already existing products and making them better, or creating a product that would satisfy her need as well in regards to being a woman (Blakely, 2011).
When Blakely stated, " When do come across that profound, good idea, don’t seek validation, but always seek out the people that can help you get it made. When we have an idea, we look for support from our closest family members and friends. However, out of love, they are the ones who bring up concerns and discount the idea before it has a chance to prevail (Blakely, 2011).”
With these points being the foundation to which cultivated my ideas for my own multi-media corporation, I feel that the most important facets of any business plan to all of the experts to the likes of Mark Cuban, Oprah Winfrey, and Sara Blakely is the brand identity/marketing strategy and the cost sections.
As a whole, I believe that individual passions should always be the focal point to which inspired the blueprint to even take an honest attempt at starting a vision for the businesses in the first place.
Secondly, having an understanding that one of the driving principles of a business venture is to make them be unique and so compelling that the demand from consumer interaction comes naturally, because they feel the business is one of a kind. Lastly, factoring in the social-economic demand and landscape for the business within the market and providing a simple solution to special interest and niches that will create customers of its own. But none of this will ever come about without incorporating it with a gripping brand story that relates to the market to which it appeals. My business plan will do just that.
With that, to anticipate the increase of market and competitiveness of Dallas, I also plan on tweaking my cost section to cover more defined salaries, ever changing technology cost, and incorporating change in cost in regards to marketing to always create the optimal impact in regards to bringing our innovative services to the people.
Resources
Blakely, Sara. (August, 2011). The Innovators: Spanx Founder Sara Blakely http://www.entrepreneur.com/video/220185
Mehta, Jigar (2009). New York Times. Unlikely Business Plan. Retrieved on February 1, 2012 fromhttp://video.nytimes.com/video/2010/01/09/us/1247466288845/an-unlikely-business-plan.html
Brewster, P. (2007, September 6). Your Great Idea, Whose Time Has Come. Retrieved February 5, 2012, from Oprah.com : http://www.oprah.com/omagazine/Your-Great-Idea-Whose-Time-Has-Come/2#ixzz1lVVixYqJ
Cuban, M. (2012, January 10). Mark Cuban's 12 Rules for Startups. Retrieved February 5, 2012, from Entrepreneur : http://www.entrepreneur.com/article/222524
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