I recently examined the views of two experts who focus on business plans. The first expert is Associate Course director Steven Burhoe who has completed over 75 business plans for companies around the world. Mr. Burhoe chose to focus his analysis on two very familiar names in the business world. DONALD TRUMP and OPRAH WINFREY were the focus of his analysis. We can start with Trump, to offer more background on the successful moguls and the challenges that eventually led them to their present success.
Background
Trump was sent to the New York Military Academy at age 13. He graduated from the University of Pennsylvania with a degree in Economics, followed in his father’s footsteps and entered the real estate industry. While Winfrey, grew up in a troubled home in Mississippi where she was repeatedly sexually abused until she moved away to Nashville to live with her father who was also a businessman. In college at Tennessee State University, she started working in radio and television broadcasting and in 1986, Winfrey launched “The Oprah Show.” During the first year the show grossed $125 million in profit. Oprah received $30 million of that for herself and decided to take control of her show from ABC under her Harpo production company. For years, the show has remained to be one of the highest grossing daytime television shows in history.
Analysis
Donald Trump and Oprah Winfrey are both individually known for their vast business models and their high grossing television success. Expert Steven Burhoe determines that Donald Trump’s stance on business plans is that an entrepreneur must have a clear and concise focus before he starts his venture. Burhoe agues that a business plan is a model and this model offers direction and focus. Oprah’s stance on business plans is that you must monitor and adjust your business plan to increase your outcome for success.
Overall, in his analysis of Oprah Winfrey, Donald Trump and their business plan models, Steven Burhoe concludes that:
* If there is no business plan, then there is no focus for your business and you are bound to fail.
*With a plan, you know where you are going, what you are doing, and how you will get
where you want to be.
*The biggest pitfall mentioned is not making a business plan at all.
I also viewed an interesting interview that was featured on Bloomberg Business week
with expert Dave Lavinsky, the co-founder of Growthink, a business plan consulting firm that has helped write over 1,000 business plans. Lavinsky offered his analysis on what potential investors want to see and the misconceptions that entrepreneurs make. Lavinsky argues that a lot of business plans were “predicated on companies that were making first time developments.” However, investors have began to reconsider their investment decisions because the companies that made first time developments are now being pushed aside for companies coming behind them. Lavinsky offers expert advice for starter companies and entrepreneurs who are developing their business plan:
*Review the track record for your market niche
*Do market research as soon as you have an idea
*Evaluate if your idea makes sense and if it does attack the market
*If you need financing, then you need to have a complete business plan. This includes setting up milestones
*Improve what you can measure
*Research what investors in your market niche want
After examining the views of Steven Burhoe and Dave Lavinsky I must say that I agree with their assertion that an effective business plan goes a long way. A plan is a simple road map in the right direction. Proper planning gives your business purpose and speaks for itself. I have learned a lot of useful information over the past year and these experts have reinforced what I was taught in reference to effective research and planning. It was a privilege to share the views of these highly qualified experts with you. Today has been great, tomorrow will be even better! Until next time!
You can find a link to Expert Steven Burhoe at: http://bpexpertviews.blogspot.com/
or view full interviews with business plan experts at: http://feedroom.businessweek.com/index.jsp?fr_story=a6be55484f395148180836b4e80cb8d042fb2c8e
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