In the first week of my Business Plan Development course, we were required to select two experts from the world of business plan development. After reviewing the background and history of several experts in the field of business, my first choice was Dallas Mavericks 2011 NBA Champion owner and Chairmen of HDNet and HDTV. Mark Cuban is also founder of bplans.com.
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Mark Cuban was born on July 31, 1958, in Pittsburg, Pennsylvania. He grew up in a working class environment, which caused him to learn the business world at a young age. He attended Indiana University business school, and was later banned for taking graduate-level classes as a freshman. However, Cuban was allowed to keep his credits, but was dissuaded from getting his MBA after receiving a bachelor’s degree (www.askmen.com). Mark Cuban is a billionaire with a net worth of over 2.5 billion. Since the age of 12, Mark Cuban was influenced by the working-class city he grew up in. As a young entrepreneur he decided to sell garbage bags door to door in order to purchase a new pair of shoes. According to the bpexpertsview blog (2011) some of the key components to look for in a business plan is if there is an actual need for the product or service, and is there an actual market for the specified product or service.
These components are considered to be of key importance because if your products market is not open for competition, then you can limit your company’s growth and your business plan will fail before you really get started as a company. The business model must also have room for potential growth, and that will ultimately determine what your company can bargain with. Furthermore, your business plan has to generate customers who are interested in your product or service to develop company growth and expansion. It is important that you know these factors when presenting your business plan to a potential investor. The investor will know if he or she will be able to make a profit after the business plan’s financial assumptions are reviewed and are accurate.
Featured Video: Dave Lavinsky talks about Kidprenuers
My second choice was business plan expert Dave Lavinsky, founder of Growthink and president of Growthink Publishing as my business plan experts. Lavinsky is the Co-Founder of Growthink, Inc. Growthink, Inc is a national business plan writing company that helps thousands of entrepreneurs and business owners to start, and grow their businesses. His net worth is over 1 billion and Dave obtained his MBA form UCLA, and a Bachelor’s from the University of Virginia (bpexpertviews, 2011). Dave is also a successful entrepreneur who has developed more than 100 business plans (bpexpertviews, 2011). According to David Lavinsky, “In order to consider investing, angle investors must believe that the company has great potential to achieve a liquidity event, and one that enables them to earn a significant return on their investment (Angel Investors, 2011).
According to Lavinsky and bpexpertviews blog (2011), “Every aspect of the business plan including Executive Summary, Company Analysis, Industry Analysis, Marketing Plan and Operations/Designs and Development Plans, Management Team and the Financial Plan must be understood in order to make sure that your business is worthy of being funded. It is crucial that these specific key elements are carefully considered when preparing a business plan. Dave stated that yout unique qualification for success 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 (bpexpertviews, 2011)." While doing in depth research, I found this video by David Lavinsky called, "Kidprenuers"to be very informative anyone who wants to start teaching their children the basics of business.
Here are the links below for future references.
Resources
(2011). Dave Lavinsky Biography. Retrieved August 6,2011 from, http://www.growthink.com/team/dave-lavinsky
(2011). Retrieved August 7, 2011 from, http://bpexpertviews.blogspot.com/
(2011). Mark Cuban Biography. Biography.Retrieved August 7, 2011 from,http://www.woopidoo.com/biography/mark-cuban/index.htm
(2011). Mark Cuban Photo. Retrieved August 7, 2011 from, http://www.askmen.com/celebs/men/business_politics_60/60_mark_cuban.html
(2011). Kidprenuers Review by David Lavinsky. Retrieved August 7, 2011 from http://www.youtube.com/watch?v=UbPjyHgASlo
(2011). What Angel Investors Look for in a Company. Retrieved August 7, 2011 from, http://ezinearticles.com/?What-Angel-Investors-Look-For-in-a-Company&id=2395656
