John W. Mullins is an Associate Professor of Management Practice, in which he also holds the David and Elaine Potter Foundation Term Chair in Entrepreneurship and Marketing at the London Business of School. Mullins earned his MBA from Stanford Graduate School of Business and his PH.d from University of Minnesota. He won national and international awards from the Marketing Science Institute American Marketing Association, & the Richard D. Irwin Foundation for his recognizable research. Also, Mullins frequently speak to audiences in entrepreneurship and venture capital.
In John Mullins article, “Why Business Plans Don’t Deliver,” he discusses why most business plans get tossed in the trash before reading the entire document. He stresses how it is important to have a solid foundation before presenting a business plan to an investor. Investors are looking for acknowledged problems the company may realistically face and your strategic plan to follow through with a viable solution. If this problematic situation is presented with supported marketing research, it comes across in a more serious tone that there’s a solution to be implemented. Make sure you cite the source of references. It is also important to identify which customers are affected by this problematic outcome of your business venture. Mullins noted that it would be beneficial to actually reach out and speak with prospective customers. “Every assertion in your plan needs to be backed up by evidence.” Those business plans that succeed in obtaining an investor usually has a member who has failed in a past business venture and an investor regards the learning experience as, “an education on someone else’s nickel.”
Mullins, J. W. (2009, June 22).
Why business plans don’t deliver: the five most common flaws and how to fix them. Retrieved August 3, 2011, from http://online.wsj.com/article/SB10001424052970204830304574133501980701202.html
Miullins, J.W. About john mullins. Retrieved August 3, 2011, from http://www.johnwmullins.com/about.html.
The second expert I researched goes by the name of Stever Robbins. Robbins earned his MBA from the Harvard Business School and his BS in Computer Science s from MIT. He is a Certified Master Trainer Elite of NLP and a Certified Executive Coach. Robbins has achieved to be the host of #1 iTunes business Get-It-Done-Guy podcast that has received more than 9 million downloads. He speaks at Babson College on Building Social Capital. His roles include advisor and mentor to senior managers in several companies, while he is the CEO of Stever Robbins, Inc, in which he coaches executives and high-potential leaders. Robbins is also an angel investor, and has started on his 10th business venture. Well accomplished and inspirational!
Robbins touched on business plan reviews. He suggests that before you send your business plan to an angel investor, it is imperative to get it reviewed. A reviewed business plan by a certified professional will help increase the probability of getting funded because you will then have a more convincing document; distinguish and choose strategies that are more likely to succeed; and align your team around a common vision and plan for business. As a business plan competition judge, he’ll review the logic of your proposed strategies to make sure it is consistent with market-specific statistics. Investors want to know if the business owner knows their prospective target market, if they disclose the need they intend to fill, if the plan for reaching customers is logical, does the company’s team have the skills and contacts to carry out the plan, if the marketing strategy, financial estimates, and operation plans are coherent, if the plan is written to reach the intended audience, and if the business plan is persuasive and clear.
Robbins, S. (n.d.). Stever Robbins, Inc.: productivity, profitability, & entrepreneurship. business plan reviews. Retrieved August 3, 2011, from http://www.steverrobbins.com/entrepreneurship/business-plan-reviews/
Robbins, S. (n.d.). Stever Robbins, Inc.: productivity, profitability, & entrepreneurship. about. Retrieved August 3, 2011, from http://www.steverrobbins.com/about/
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