As I approach the end of my Master’s Degree in
Entertainment Business, I feel it is important to hear what the experts are
saying about having a successful business plan. Whether it is a small or large
business everyone started with an idea. It is imperative to do what works best
for you and your plan. Not every business started out with a formal business
plan, there are other ways at achieving the same end result. It is important to
have everything aligned in order to productively move for with your business
plan.
Expert 1: Russell Simmons
Russell Simmons is a business mogul, activist and
best-selling author, his message for small business owners; is getting rich is
a lot easier than people think. Although not all business owners are in it to
get rich, it is important to know that anything is possible with the right
frame of mind.
In Russell Simmons book “Super-Rich: A Guide to having It
All,” Simmons says that a positive attitude, passion and openness to
wealth—both spiritual and material—are some of the qualities needed for
entrepreneurial success.
Russell Simmons offered the following advice for all
entrepreneurs: young, old, big and small.
- Do a business you believe in: “I’m an entrepreneur who is moved by passion, but not numbers. I am constantly being approached with business ideas that will make money, but if I don’t believe in the business, I won’t do it,” said Simmons
- Be passionate about what you do.
- “Stay on your hustle,” said Simmons. “Don’t quit.”
- Give away your business products and services for free. “If you are a good giver, you will be great getter,” Simmons said. “The less you need, the more you attract.”
- Find business that lift people up.
- Don’t worry about the results. Focusing on results distracts the entrepreneur, from building his or her business, said Simmons.
- “Quiet the mind,” said Simmons. The entrepreneur who has a still mind is the entrepreneur who can do anything, he said.
Expert 2: Reid Hoffman
Reid Hoffman is the co-founder of Linkedin and, according
to TechCrunch, “undoubtedly one of [Silcon] Valley’s most profiled angel
investors.” Reid wrote an article for TechCrunch giving advice to those
developing a business plan. He has three key components he looks for when
determining if a plan is worthy for his investing.
How will you reach a massive audience?
Reid writes, “In the
old days of business, everything was about “location.” In the new days of
Internet business, it is all about “distribution.” How will your business stand
out from all the rest on the Internet? Reid says, “Every Net entrepreneur should
answer these questions: How do we get to one million users? Then how do we get
to 10 million users? Then how will you get deep engagement by your users [?]”
What is you unique value
proposition?
“When building a business product for the Internet, make
your product innovative enough to distinguish your product from all the
others out there. Don’t make your product too innovative, however. If the
product is too far ahead of its time, it won’t be accepted by the general
populace and it will risk failure."
Will you business be capital efficient?
“Even if a business has both a
large audience and the right product, without cash f low, everything will end
in failure. The business plan must make allotments for not only the initial
funding but ongoing stable funding. By having available capital, a
business can continue to operate and grow no matter what
unforeseen changes may take place.”
