Want to Start a Business? Start with the Business Plan.

So I am nearing the end of my Post-graduate studies at Full Sail University and I am currently studying “Business Plan Development”. Although I am fairly excited about nearing the end of my learning process, I am much more interested in developing my business plan to become a successful entrepreneur within the entertainment industry at this time. I have been reviewing “experts” takes on having a well-documented business plan for the past week and chose two established people to blog about this week; Mr. Nathan Furr and Mr. Paul Heyworth.

            I want to focus on their feelings on the importance of having business plans being that both have been in the realm of business for quite an extended period of time. In short, I want to know what simple fundamentals of business they carry around with themselves on a daily basis.

            I discovered Mr. Nathan Furr because I am an avid Forbes.com reader and came across his published blog about, you guessed it, “business plans”. Mr. Nathan Furr currently teaches entrepreneurship at BYU and received his doctorate from the Stanford Technology Ventures Program at Stanford University. In his blog, “Burn Your Business Plan!” Mr. Furr speaks strongly about having a business model process before having a business plan. According to (Furr, 2012), the business model process is more important because it recognizes all business aspects, which should be tested and learned, to become and stay successful.  After which should the business plan be produced to reflect the business structure derived from the business model process. He does not state that the business plan is useless but rather that it should be done after reflecting upon the important aspects of one’s business pros and cons.

            Mr. Paul Heyworth, Director of Business at Orvia Group Limited and Director of the Business Venture Group Limited, provides my second source on the importance of having a business plan. Mr. Heyworth has over 40 years of experience within the business industry with 32 years in the Financial Services Industry and 9 years in the Management Consulting Industry. He feels the “importance of business planning cannot be overlooked even if your business is not seeking finance” (Heyworth, 2009). Heyworth states that it is also useful to have a business plan even if it only benefits oneself. Also that a business plan should clearly recognize a businesses goals and targets because without them, how do you measure what has been achieved? Lastly, Mr. Heyworth conveys how a “business plan gives investors the confidence to invest in your business” (Heyworth, 2009). All of which are very important points to have an established business plan.

            In conclusion, these two experts have given me additional sense as to why I should development my business plan(s) as much as I can. My business plan and processes will give me the ins and outs, pros and cons, and plan of action to run the successful business that I desire.

This is KB and this has been Real to Reel. Now get planning!!!

References:

Furr, N. (2012, February 24). Burn your business plan!. Retrieved from http://blogs.forbes.com/nathanfurr/

Furr, N. (2012). Retrieved from http://blogs.forbes.com/people/nathanfurr/

Heyworth, P. (2009). Expert view: Do I need a business plan?. Retrieved from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212

Heyworth, P. (2012). Retrieved from http://www.linkedin.com/pub/paul-heyworth/19/74b/a61