Experts Views on the Value of Business Plans

After performing some extensive research and beginning to develop the foundation of my business plan I can see Steven A. Gedeon, PHD (MIT), MBA PEng point on the importance of the process by which you think through. Countless hours have been invested into my research and thought process. The economy (music industry) is changing everyday and my business plan must be able to adapt in order to survive. For example technology doesn’t have to be a musician’s enemy if they’re willing to grab hold of it and creatively deploy their products.

Angelo Meneguzzi said the benefits of a business plan include “a heads-up to changes in the environments, better forecasting, opportunities to analyze situations before they become problematic,” (Bplans.com, 2011). The process of writing a business plan has allowed me the opportunity to see errors in things that I had assumed I knew. Imagine starting a business based off assumptions, this could and would be a disaster waiting to happen. Understanding the market and where it’s going, who’s consuming the product and how they’re consuming it is all key elements to any business plan in order for them to grow.

In any business plan there are several key sections but in my opinion of my plan the market analysis has been a key section. The market is changing at a much more rapid rate than I had previously thought. Know that I understand the market I can better identify my target market as well as my strengths and weakness with the untended market. With the proper research and understanding of what was researched I can now set myself on a path to overcome the hurdles that would not have otherwise been seen.

Resources:

http://www.ryerson.ca/tedrogersschool/bm/faculty_staff/bios/gedeon.html

http://www.bplans.com/ask-bplans/572/why-have-a-business-plan

http://bpexpertviews.blogspot.com/2012/08/andrea-cockerton-angelo-meneguzzi.html

Dr. Steven A. Gedeon & Angelo Meneguzzi talk business plans

Steven A. Gedeon, PHD (MIT), MBA PEng is the professor in Entrepreneurship & Strategy at TED Rodgers School of Management. He has founded or led over a dozen private, public, venture capital and non-profit organizations. He has won over 20 awards including the 1^st place of the 3E Learning Award. In an interview he talks about his career and his current position teaching business plans. He said if you want to raise financing you want to develop a business plan. He mentioned keeping it short no more than 25 pages as more people wont read any more than that. He said writing the business plan itself is not as important as the process you by which you think through is a successful business. The key is to be able to sell your idea in two sentences. If you can’t you may be confused on your idea. Hear more of this interview at Start Me Up Video 

Angelo Meneguzzi has more than 10 years experience in business. Mr Menguzzi has developed many business plans while assisting other organizations. He talks about the importance of having a business plan and how having one gives a heads-up to changes in the market, better forecast and opportunities to analyze situation before they may become problems. Mr. Menguzzi adds this bit of advice: “those who fail to plan, plan to fail”. 

Both business plan experts have great points on planning and preparing so you can pitch your idea and/or plan for what changes may be ahead. I agree with Dr. Gedeon that if you can’t explain your product or plan in two sentences you may be confused as to what you have to offer. In developing a good business plan you have a chance to get a heads up before its too late as Mr Meneguzzi said.

Experts Views on the Value of Business Plans