PhD Economist Carl Schramm is the past President and CEO of
Ewing Marion Kauffman Foundation. He has
several interesting views on the Entrepreneur and business plans. In regards to the entrepreneur, he feels that
the main characteristics are that of someone who has worked in many industries,
in jobs that they have not enjoyed, and in multiple places in the world. He also notes that many entrepreneurs will
have worked in startups, will not be afraid to ask hard questions, and will be
considered somewhat of an outsider. I
think that many of these characteristics make sense, and would prove to be true
of many Entrepreneurs, as these traits and experiences will have allowed them
to form a very clear picture of what they want out of their business. In regards to the business plan, Schramm
believes that it is an item that becomes quickly out of date, and that one
should not stick solely to it. This I
absolutely agree with, as I feel that it is impossible to predict the future,
and therefore impossible to know if your business plan will be 100% correct and
appropriate indefinitely.
Dr. Steven Gedeon is an award-winning expert in business
plan writing and professor of Entrepreneurship at Ted Rogers School of Management. He has founded many organizations and has
several excellent view on business plans, the critical questions you must ask
yourself, and what the most important part of the business plan is. Gedeon knows that you must ask yourself what
your business is and who you are selling to.
He also knows that you must have a clear vision of your price point and
who your competitors are when developing your business plan. He believes that
the Executive Summary is and qualifications of the management team are the most
important parts of the business plan, and that the key component of the plan is
its credibility.
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