Experts Views on the Value of Business Plans

While exploring for expert advice on how to improve my business plan for my company Muzik Mind Entertainment, I came upon on the views of two. The first is from one of the Co-Founder's of Growthink, the country's largest strategic advisory and investment banking firm. The other view is from Donald Trump, who is a business mogul and brand within his own right. Growthink's co-founder's Jay Turo and Dave Lavinsky have used their business to successfully secure a countless number of entrepreneurs and business' funding to help them to get started. For this blog we are going to focus on Dave Lavinsky, Growthink's President who as stated on BP Expert's blog "is internationally known for his work with business planning, capital raising, and new venture development...Lavinsky is also responsible for Growthink University, an institution created to assist entrepreneurs and business owners through the process of raising capital for their businesses." Lavinsky received his bachelor's from the University of Virginia and his MBA from UCLA. Lavinsky and his partner Turo state that a business plan needs to include 10 key sections: Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Analysis of Competition, Marketing Plan, Operations/Design and Development Plans, Management Team and the Financial Plan. On BP Expert's blog post on Dave Lavinsky, it states some essential elements that he believes need to be covered in a business plan which are:

1. A one-line summary of what your company does - This cuts right to the chase of the matter and helps potential investors know exactly what they are doing. Dave says he has sat on many panels hearing pitches and many times it is unclear to the investors what the company does. For this reason, he stresses the importance of this element.

2. Financial Model – A summary of finances, how and when investors will be paid back, and sales projections are essential to the success of a business plan.

3. Risk Mitigation Milestones – For every milestone your company achieves, the risk of investing diminishes significantly. Investors want to see an action plan to prevent the potential for failure.

4. Your unique qualifications for success – Dave says this is the most important component investors want to see. Personal qualifications and ideas such as a great marketing campaign must be included so investors know they can believe in you personally. This helps build confidence in the success of the investment.

The other expert, Donald Trump graduated from the University of Pennsylvania with a degree in Economics. Ever since he was a child he was pushed by his parents to be the best and he even today he continues to follow through with all the accomplishments he's achieved. BP Expert's says that Donald Trump's simple stance on a business plan is "with a business plan, there is direction and focus. (Williams, 2009)" Basically Trump is saying "No business plan means the business is bound to fail" and this true because nothing can be built without a plan to follow. An Associated Content article on Yahoo! states that Donald Trump's Top 10 Business Tips are:

1. Find your passion.

2. Business Plans: Plan for Success.

3. Know your target (niche) audience: Target people with money, but help those in need. People who target everyone are really not targeting everyone.

4. Setting Rates: Demand to be paid what your services are worth.

5. Mentors: Surround yourself with smart people, not yes people.

6. Negotiations: Don't be so invested that you cannot walk away.

7. Fail then come back stronger.

8. Business Growth: Always Be Open To New Ideas.

9. Critics: Answer your critics by your actions, not your words.

10. Live Well, but wisely: Never apologize for being successful.

After reading the blog posts and articles about Lavinsky and Trump, I've taken some important and essential tips that will help my business be successful.

Bonus: In an interview with Forbes, Trump speaks on a successful business and his kids following in his footsteps and his succession plans for his Trump Empire.

The Music Industry Masterminds

Jay-Z. Justin Bieber. Wiz Khalifa. Young Jeezy. Trey Songz. Ne-Yo. Rick Ross. Lil' Wayne. Ludacris. All these artists are great and successful in their own right, but what many fans don't know it's not just the artist themselves but the people who were hired to perform various roles that make a signed act work. There's the A&R, Marketing & PR, Lawyers, Agents, Publishers, Managers, and the Producers & Engineers. All these vital roles make sure everything about an artists' career and albums are successful. These are the people that spend sleepless nights and work tirelessly in order to make sure you're favorite artist is successful and sells a lot of records. The "Creative Choices" article "A guide to the music industry" examines all those positions and defines what the positions are supposed to do. All these positions work together to make an artists' career go smooth and successfully. People like Russell Simmons, Blue Williams, Kevin Liles, Diddy, Scooter Braun, Lyor Cohen, and plenty of other successful industry people started off doing jobs like A&R, Marketing, talent & booking, etc. The best execs in these positions make sure the artist not only makes a hit, but a chart topping album and can make themselves a brand that can garner more money for themselves and the execs. They require someone who is an innovative person with a love for the business side of music, film and television. They also need to be a go getter and have an ear for music and good talent to scout for producers and songwriters if they aren't already a producer or songwriter. It is positions like these that get me excited for the music industry so that I can work my way up like some of my favorite industry execs like Russell Simmons, Diddy, and Kevin Liles. I am ready to be one of the music industry masterminds behind your favorite artists' career!