Dr. Gartner is the chairman of Entrepreneurship at the University of South Carolina. According to JIU.edu, "Dr. Gartner is the leading authority on entrepreneurship, new venture development, and the problems of emerging organizations." (www.liu.com). He is a published author and responsible for many award winning articles. He has taught at such universities as: USC, Georgetown University, University of Virgina, and San Francisco State. He is one of the top advocates for business plans in the country.
Dr. Gartner believes that if you physically write the business plan, your more likely to follow through with it and succeed. "In addition, Gartner’s study indicates that entrepreneurs with business plans conducted more market research. They also created cash flow projections that permitted them to get started with required funding." (Huber, 2011)
One key factor that Gartner stresses is that a 20-40 page business plan is no longer needed. Many entreprenurs put fluff into their business plan beacuse they feel that the longer the document is, the more work they put into it. Gartner says:“investors want to see that an entrepreneur has actually examined the market for a product or service, identified potential customers, assembled a capable team, devised a business model and more”
Dr. Gartner believes that if you physically write the business plan, your more likely to follow through with it and succeed. "In addition, Gartner’s study indicates that entrepreneurs with business plans conducted more market research. They also created cash flow projections that permitted them to get started with required funding." (Huber, 2011)
One key factor that Gartner stresses is that a 20-40 page business plan is no longer needed. Many entreprenurs put fluff into their business plan beacuse they feel that the longer the document is, the more work they put into it. Gartner says:“investors want to see that an entrepreneur has actually examined the market for a product or service, identified potential customers, assembled a capable team, devised a business model and more”
Daymond John
Daymond John is a complete different story than William Gartner. Mr. John is a self made millionaire who had the understanding how to take a small clothing line and grow it on a national level. Using $100,000 in start-up capital, John turned his clothing line "FUBU" into a 350 million dollar corporation.According to John "Branding is the most important part of a successful business plan. The plan should be focused, and the business should be able to be marketed in a way that makes it stand out from all of the other similar businesses." He feels that for a business plan to be successful you need to look at your idea as a brand and separate yourself from your competition. In John's mind, when writing your business plan it is important to think of your idea as a "brand", not just a business. This will attract and impress smart investors.
John believes that one of the best pitfalls in writing a business plan is over-estimating your company's worth. When seeking funding it is important to be honest and practical with potential investors. If you overvalue your company, an investor will see that you don't have a clear understanding of your business plan.
For More Information, Check out the following articles:
http://www.jiu.edu/people/william-gartner
http://www.activefilings.com/startups/planning-ahead-for-a-successful-new-business-launch/
http://www.portfolio.com/industry-news/advertising-marketing/2010/04/15/daymond-john-on-the-power-of-branding/
http://www.daymondjohn.com/power_journal/carving-out-a-niche/
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