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.