Business Plans

What’s the use of having a Business Plan?

This is a question that I asked myself, prior to beginning the Entertainment Business Master of Science Program at Full Sail University. In the detail of the degree, I knew that I would get the answer that I had been seeking. Throughout my time in the program, I have gathered great insight and help on the necessity of business plans, how to create them, and how to make them effective.

I have learned that a business plan is not only useful in finding ways to obtain lenders for the business, but also for serving as a blueprint for the company leads. In my own experience, the creation of my business plan has allowed me to see the big picture of the company. It gives me no choice but to see the reality of each element of the business. From researching experts and their take on business plans, I have learned that, like many things in life, “all things never go as planned especially in show business.” That is a quote from Carl Schramm during his Straight Talk on Entrepreneurship.  It is definitely good to have an outline, and an initial plan; however, one should be able to move with time. Carl also said “If you live by your business plan, you may not only hurt your business but your ego.”

I feel that with this reasoning, in an effort to have a completed business plan, it is necessary to cover all elements, even if they seem redundant; however, I find it necessary to really focus on those elements that may be the most important to the investor reading the plan. To me, those elements are the Target Market, Competition, Marketing Plan and Financials. I see these elements as the ones that really make you aware of the actual need or success of the business.