Developing a business plan is important if you want investors to read it and take your potential offer very serious. But when it comes to a business plan what do investors look for? What makes a great and interesting business plan that will pique the interest of investors and allow them to write a check and fund your idea?
While reviewing successful businesses we decided to review what were some points entrepreneurs should focus on when presenting ideas to investors. Steve Ellis, who is the founder of Chipotle states that one of the most important aspect of a business plan is the name. Steve began his dream with a loan from his father for $85,000 and is currently the co-CEO and Chairman of the Board in 2005. (Bpexpertviews.blogspot.com 2012) I am one that agrees that if a name does not match the idea or theme of the business then it will leave the customers or patrons wondering who you are. If the potential customer wonders who you are then they will take their resources elsewhere where they know what to expect.
A name can project a grand idea or it can come across as a small mom and popshop, well it depends on what you are looking for. Ellis states that it must portray who the owner is and the concept the owner is trying to portray. (Bpexpertviews.blogspot.com 2012) Ellis also states that “ a logo must be simple and to the point for it to be appealing”. (Bpexpertviews.blogspot.com 2012) Also the slogan must be catchy and unique and take the consumer on a journey and be well rounded with the concept. (Bpexperts.blogspot.com 2012) I believe what Steve Ellis is telling us to do is to Keep it simple and clear when it deals with the concepts of your business plan so the consumer can understand your vision and idea.
Billionaire and Investor Mark Cuban states that for a business to succeed you must know your core competencies and focus on being great at them. He also states that you should “never start a company unless it’s an obsession and something that you love”. (Entreprenuer.com 2012) I totally agree that if you are not passionate about your dream and vision then when turmoil’s and trouble comes then you will seek a way out. Successful business owners all have one thing in common; they over come adversities and find a way to win.
I believe the most important task of a business plan is to create a vision and outline and a coherent set of values for your company. (Allbusiness.com 2011) I believe that you can have the best or better idea than your competition but if your plan dies not create a vision for the future or a vision period then it will not last through the test of time to be and remain successful such as McDonalds, Dell Computers, Apple, Microsoft and others just to name a few. As we walk away with these tips I hope they will assist you in penning your dreams and making your business a reality for all to enjoy.
References:
Allbusiness.com 2011 Top 10 tips for writing a business plan retrieved on March 4, 2012 from http://www.allbusiness.com/writing-small-business- plan/16689921-2.html
Bpexpertviews.blofspot.com 2012 Bobby Flays and Steve Ellis retrieved on March 4, 2012 from http://bpexpertviews.blogspot.com/
Entreprenuer.com 2012 Mark Cuban’s 12 Rules for Startups retrieved on March 4, 2012 from http://www.entrepreneur.com/article/222524
I'm also thinking to start my own business in the near future! Entrepreneurs like Warren Buffett, Yuri Mintskovsky or Bill Gates are good role models for me. Their success stories give me courage to take chances in the business world! By the way, great post! thanks for this sharing!
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