Experts Views on the Value of Business Plans

In the final months of completion my Masters in Entertainment Business, Business Plans has been the topic and focus. Any successful business person has created a business plan and soon it will be my turn. This post focuses on two experts who have the knowledge of creating business plans. This post will review some background information of the experts, their key components that investors look for in a business plan and which components or resources that I will use when constructing my business plan.

The first expert that I decided to research was Chuck Blakeman who is a successful entrepreneur, best-selling business author and world-renowned business advisor. His company, Crankset Group, provides outcome-based mentoring and peer advisory for business leaders worldwide (Blakeman, 2015). The second expert that I decided to research is Tim Berry who is a business plan expert and also the official business plan expert at Entrepreneur.com (J, n.d.).

Both of the exerts gave interesting information regarding business plans. I found Blakeman advice to be a little interesting. He often talks about how business plans hurt business and how business plans are not necessary. This rung an alarm because in several courses I was told that business plans are a must. “Not a single Fortune 500 was started with a business plan; not one. They understood that the second worst thing someone starting a business can do is create a traditional business plan, and the worst thing they can do is follow it” (Blakeman, 2015). I understood what Blakeman but I will not use his advice. I will use a business plan so that my ideas of my company are meet. I understand that you can not predict the future but I believe the best thing for me to do is to create my company with a business plan.

Tim Berry gave some great advice that I will consider using in my business plan. In his latest book Lean Business Planning he encourages readers to get focused and align strategy tactics, milestones, assumptions, and essential cash flow to your business plan com (J, n.d.). Since I am not interested in math the essential cash flow segment will be an area I will stay on top of. I will eventually purchase his book so that I can make a successful business plan.

Reference:

Blakeman, C. (2015). Chuck Blakeman. Retrieved August 7, 2016, from Chuck Blakeman, http://chuckblakeman.com/about

J, T. Business plan expert Tim Berry. Retrieved August 7, 2016, from TIM BERRY Lean business planning, startups, social media, and having a life, http://timberry.com/business-plan-expert/

Burhoe, S., & profile, V. my complete. (2004, January 10). Expert views on business plans Retrieved from http://bpexpertviews.blogspot.com