In an earlier post, the
expert views of Dr. Steven Gedeon and Steve Blank were discussed. Dr. Steven
Gedeon is an expert on business plans, and states the Executive Summary and
qualifications of the management team are the most important aspects of that
plan. On the other hand, Steve Blank believes a business model is more important to start-up companies
because they focus more on dynamics and iterative realities these companies
face.
As an individual, planning
and execution has never been a strong character trait for me. I enjoy taking
each day as it comes, while allowing anticipation to fuel my excitement. The
unknown does not ignite fear in me but excitement. I welcome change in most
aspects of my life and look forward to the mysteries that each day brings. This
is not the personality of a successful business owner.
As a business owner, a
business plan was the better choice based simply on the knowledge I already
have about business plans. There is one area where the ideologies of Steve
Blank seem to be precise and has allowed me to rethink how I continue my
business plan process. It is difficult to base a business plan on realities,
regardless of the amount of research done to anticipate the success or failure of a business.
There are so many factors
that contribute to a company’s success. Timing is a factor that is not often
considered. I have found that asking relevant questions and finding the answers
is a great way to determine the demand for specific products and services. For
instance, is the company’s product more advanced than the technology or the
individuals that may be using it? Is it cost effective for the area where it
will be sold? In other words, it doesn’t make sense to offer a high end product
in an area stricken by poverty. This strategy currently allows me to measure
and develop strategies for the market I m currently trying to introduce my
products and services. Besides this simple technique, I am still employing all
of the traditional business plan methods such as research and development and
past marketing strategies.