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
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