A Successful Business Has A Business Plan

Practically every successful business had started out with a strategic business plan. Business plans are strategic guidance that allows people to analyze their business ideas on written format. People have new and improved ideas for products and services all the time. However, it takes discipline, integrity, patience, resources, dedication, strategic planning, a smart business team and money invested to have a successful business. Two great business people come to mind when it comes to building a business empire and that is no other than Mr. Donald trump and Ms. Oprah Winfrey. Both are two of the greatest examples of leadership of entrepreneurship. If there ever were two people to follow in business planning, it would be Ms. Winfrey and Mr. Trump to learn from. 

 

Donald Trump was born in 1946 in Queen’s New York. As a child, Donald Trump’s parents sent him to a military school called New York Military Academy at the age of 13 to help channel his energy into something positive.  Because of the discipline teachings from the academy, Mr. Trump became a leader within his student body and a star athlete. After high school, Mr. Trump graduated from Pennsylvania University with a degree in Economics. According to Bio True Story, “Trump seems to have been strongly influenced by his father in his decision to make a career in real estate development, but the younger man's personal goals were much grander than those of his senior” (Bio True Story, 2011). Donald Trump believes a business plan helps an individual with focus and direction. He basically believes a business without a plan is a business that will fail. 

 

Oprah Winfrey was born in Mississippi raised on a farm by her grandmother who taught her how to read bible verses and poems by the age of three. By the age of six Oprah was sent to Milwaukee to live with her young mother who was working as a housemaid. Ms. Winfrey later in her childhood was able to move with her military dad Vernon who put her through college at Tennessee State University and found a job working in radio and television broadcasting. Since then Oprah has launched The Oprah Show in 1986 earning over $120 million in profit’s it’s first year, along with being the highest grossed daytime show in history. Ms.Winfrey states, "Where there is no struggle, there is no strength" (Winfrey, 2010). 

According to George Deeb who writes topics on his blog about business plans, there are six critical and key components that investors are looking for in a business plan: (1) your industry/competition; (2) business/revenue model; (3) sales/marketing plan; (4) management team; (5) cash requirements; and (6) forecasted financials/expected ROI (Deeb, G., 2011). Mr. Deeb believes industry and competition is the most critical because of the research needed up front. All six categories are all considered key because an individual cannot expect to have success without a plan that does not execute knowing the competition and industry for the business desired. Knowing how to implement the business structure is key for the operation of the business. The sales and marketing plan is being creative for all avenues reaching potential customers and revenues generated. A good management team can make or break a business, so it is important to choose a management team that really cares about the business and it’s future growth. Choosing a good management team means choosing a team with the skills needed for the job, prior experience, and a good fit for one another that share the same vision. Knowing your cash requirements is helpful because investors prefer a smaller cash need from a business than a higher cash need. All of these elements for critical and key components are what shapes successful businesses in tomorrow’s leader’s.

References: ABC News. (2011). Official ABC News Website. Retrieved November 26, 2011 from
http://abcnews.go.com/Entertainment/oprah-winfreys-chapter-gamble/story?id=15000171#.TtEmbeZnK2x
                       Bio True Story. (2011). Donald Trump Biography. Retrieved November 26, 2011 from
http://www.biography.com/people/donald-trump-9511238
                       Deeb, G. (2011). Lesson #7. Key Components For Writing A Business Plan. Retrieved November 26, 2011 from http://redrocketvc.blogspot.com/2011/03/lesson-7-key-components-for-writing.html
                       Trump, D. (2011). Official Website. Retrieved November 26, 2011 from http://www.trump.com/
                       Winfrey, O. (2010). Oprah Winfrey Quotes. Retrieved on November 26, 2011 from
http://www.strategicbusinessteam.com/famous-small-business-quotes/oprah-winfrey-quotes-business-success-secrets-of-a-talk-show-billionaire/