After doing some research on Dave Lavinsky and Donald Trump, my two business plan experts, I learned a lot. Their advice will allow me to incorporate what I’ve learned from my research on the experts and make my business better. From Lavinsky, I think the two biggest things I will take from him is the importance of a financial model in order for investors to know when they will be paid back, and sales projections about products and services to be sold, then the other important thing I learned was to make sure my pitch is crystal clear in my one-line summary of what my company does.
Donald Trump’s tips that I learned are that it’s importance to find my passion, know my target audience, and when/if I fail…come back stronger. These tips are important because there’s no point in having a business plan if a person doesn’t know what their passion is for the business. I need to know my target audience so that I know who to cater to and not just anybody or whoever I can get. The last tip is vitally important because we are all bound to fail, we just have to learn from our mistakes then come back stronger and better.
The most important sections of my plan would be the company summary/description, the marketing plan/strategy, and the financial information. These three are important because the company summary helps potential investors know what they are getting from your company and the plans for the company. The marketing plan/strategy is important because its what the company plans on doing market wise to gain money, and the financial information is an overall outlook on what the company’s plans are to get out of debt from the initial loan they acquired.
