Incorporating Advice into a Business Plan

I researched Dr. Steven Gedeon’s concepts and principles of a business plan. As an expert in the field, he recommended many helpful tips that would lead to a well-written and useful business plan. One piece of advice Dr. Gedeon gives is that entrepreneurs should keep the business plan short. The suggested length of the plan is 20-25 pages. While working on my own business plan, I have tried to get straight to the point in each section and give potential investors the bottom line so it would not be too long. Based on Dr. Gedeon’s advice, I eliminated part of the marketing plan because it was lengthy. Now the marketing plan tells readers explicitly how I plan to promote my business.

Dr. Gedeon also noted the importance of having an amazing team backing you. A good team has experience, resources, knowledge and a strong work ethic that would support the business plan and carry it out successfully. I agree with Dr. Gedeon’s advice and the team I have behind me will be chosen carefully. The TV show Shark Tank features a “shark tank” of investors who listen to established business ideas from people who are seeking investments to grow their business. The tank looks for good ideas that they think will be useful enough to make money but they also always ask questions about the investment seekers background and experience. It just makes so much sense!

Angelo Meneguzzi, another expert on business plans emphasized the importance of research when writing a business plan. There is no need to include everything you find but it is a great idea to be as knowledgeable as possible with what you’re trying to do. When investors ask you questions, you will be prepared with an answer because of thorough research.

The most important section is the financial section. Investors really want to know that they are getting a return on their investment. They want to see logical numbers that project a successful startup and two successful years following the first year. Besides the numbers, the summary of your idea is also very important because investors will want to determine if there is a need and a market for your business.

Writing a business plan can be difficult but there are many experts out there with great advice that can lead you in the right direction!

Concepts of Business Planning According to Dr. Steven Gedeon

While going through different business plan experts, I discover Dr. Steven Gedeon. Dr. Gedeon is a graduate of the Massachusetts Institute of Technology. He is an award-winning entrepreneur, public speaker and venture capitalist. Dr. Gedeon’s experience consists of negotiating, coaching, financing, and business planning. He currently is an Associate Professor of the largest entrepreneurship program in Canada at the Ted Rogers School of Management at Ryerson University.

As an expert when it comes to business planning, Dr. Gedeon has a great source of information concerning the insights of creating a business plan. According to questions he answered on the Central Business District’s website, a business plan is the most vital if you are trying to acquire investments and promote your own credibility and intelligence. Dr. Gedeon explains that you should keep it short and that few people will read more than 20-25 pages. When starting the business plan, it is good to clearly and succinctly write down what your idea. Then move on to who your customer is and why they care. If your ideas are clear and articulate, investors can assume that you are knowledgeable about the process and what you want, therefore they will be more trusting.

Dr. Gedeon believes that the first part of the plan that investors will look at is the executive summary, but the first that they will look at with scrutiny is the management team. The plan is only as good as having a great team to carry it out. According to Dr. Gedeon People will bet on the “A” team with a “B” plan before they will bet on the “B” team with an “A” plan. The next thing they will look at is the overall idea of the business. They want to think about if this idea will work long-term and is it even necessary. What are the components of this business that will make it customers want to use the product or service? Third is the financials.  According to the Sierra Invest Group blog, Dr. Gedeon believes that nobody will believe the numbers in the financial section and that you are never going to get them right anyway. However, you have to estimate the best you can and include as much detail as possible in the financials. Details and great estimates are important because they let investors know that you put serious thought and research into the business and it is a guide for what you should do when you don’t reach your projections.

The business plan writing advice provided by Dr. Gedeon is helpful to those who are not sure what is most important in the plan. Make sure you have the right team and research your financials if you strongly believe in your idea.