Not long ago, I read an interesting statement on a Blog about entrepreneurs and their business planning. You see, when I give speeches to MBA students, they seem totally clueless in the WOTS analysis as the business consultant blogger indicated. Of course they are young and wet behind the ears, but they ought to know what is going on.
It seems that the MBA students do “set up a fake company” business plans and think this is good enough in the real world. One company I started had a 400 page business plan, which of course was abbreviated to 40 pages down to two + two (executive summary and outline). But we had “ALL” the information to back it up.
Indeed if you want to win you have to know “Everything” about “Everything” in the industry, competing subsectors, trends (real trends, not the BS) and all the realities and created realities surrounding the future endeavor. If not you cannot finish first and Vince Lombardi would not approve.
I recently met a gentleman working with some new advances of old aerospace technologies wishing to take it to a whole new level. I sent him some “Trade Journal” online newsletters and he basically said yes, but we are looking for 50 million dollars and this is not important information? Says who?
In that very trade journal were co-partnering companies, vendors, Banks Catering to the industry, investment bankers, etc. Besides that, you need to know this information anyway. You have to know what you are talking about. Not only to secure funding, if you need it, but simple to insure survival.
Thus the business blog post hits home and it is something I too have noticed out there, too bad really. More entrepreneurs wish to skate by, rather than hitting a home run. Without the practice, observations, knowledge and insight, they somehow think they deserve to win on BS alone? I wish it were not so, unfortunately this is what I see – Interesting topic indeed.
“Lance Winslow” – Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/. Lance is an online writer in retirement.
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