Barbara Corcoran and Daymond John are two business entrepreneurs who are considered to be gurus in their respective fields. Barbara a Real Estate mogul and Daymond a pioneer in the clothing industry have both offered suggestion to help create a superior business plan. After looking at some very insightful suggestion proposed by the two, here is how I would utilize their words of wisdom to help me create a good business plan.
Barbara Corcoran gave great advice pertaining to creating a good business plan and I have implemented her suggestion into my own. Barbara stated that the most critical point of a business plan is the Executive Summary. Viewing my present business proposal I have critique some things based upon her belief. First I focused my attention on completing all sections prior to developing my Executive Summary. When developing my Executive Summary I focus on answering some specific questions, proposed by Barbra. Those questions were, “What problem are you trying to solve? Why are you uniquely qualified to solve it? Is it a good business? What’s it going to cost? And how long is it going to take?” (Corcoran, 2009) Clarity is most important when creating a good business plan. I have made some adjustment to my Executive Summary changing the language and making it more clear and understandable.
Daymond John also offered some great advice pertaining to a good business plan. According to Daymond, he thought that most important portion of a business plan was the Branding. Branding can be defined as the way people view your company. In order to develop a good brand you must market your company in a way that makes it stand out. Taking Daymond’s advice I choose to answer some specific question in my own business plan. Those questions were, “What makes your product or service different,” “How much profit has it made so far,” and “Why is your company worth what you say it is?” (John, 2007) Answering these questions has made my business plan more reliable and dependable to potential investors.
In my opinion the most important portion of a business plan is the Executive Summary. First impressions are typically lasting impressions. Being that most investor will look to this section first to determine if it’s a good fit, it is imperative that you outline your company in a very powerful manner attracting the potential investor
Corcoran, Barbara. (2009, September). Six ways to land venture funding. Retrieved from http://barbaracorcoran.com/2009/09/six-ways-to-land-venture-funding/
John, Daymond, & Paisner, Daniel. (2007). Display of Power. Thomas Nelson Inc. Retrieved from http://www.danielpaisner.com/works.htm
