The Experts Speak: Business Plans

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This is my town

Carl Schramm intrigues entrepreneurs everywhere, for he seems to understand and easily identify them.  Carls primary characteristics of an entrepreneur: they are an outsider, ask the hard questions, unashamed to ask why around the status quo, see things differently, competent, have worked in multiple places and industries.  With this being stated, it is important to reflect on the relationship between an entrepreneur and their business plan. 

As a expert on business plans, Schramm, mentions that as soon as a plan is complete—it is out of date.  It is his suggestion that a business plan be limited to a one pager.  Similar to what is required of a resume, list the important information for investors may or may not move past the first page.  The one-pager should include what the product is , who’s going to purchase it , why they need it and how one would build and deliver it based on what they owners knowledge.

Expert Entrepreneur

Chuck Blakeman, a serial entrepreneur and business mentor, suggests that business plans are a waste of time. Blakeman, like Will Hsu have agreed that  a business plan is not the most important aspect of “planning for business”.  Will suggests that the time should be dedicated toward determining whether or not the target market is truly interested in the product, while Blakeman suggest perfecting as time progresses for we do not know what the future holds.

The aforementioned advise by business plan experts collectively remind us of one thing.  As entrepreneurs we must remain sharp and knowledgeable about the market we plan to serve, writing and perfecting the plan as we grow in business. Business plans are living documents that define the business at any given time, however limited to the time they were written.

Blakeman, Chuck. (n.d.) How: the worst, most asked planning question. Retrieved from http://chuckblakeman.com/2012/8/texts/how-the-worst-most-asked-planning-question

Stein, Andrew. (2012.) Carl Schramm—Straight Talk on Entrepreneurship . Retrieved from http://steinvox.com/blog/carl-schramm-straight-talk-on-entrepreneurship-why-we-need-it/