CqE and the Stay Tuned blog is venturing outside just the realm of music to talk about business itself. I am sure most readers want to end the constant working for someone else and would rather work for themselves. Who wouldn’t want to make their own rules?
Well in even in the path of working for yourself, there are some rules you have to follow to get there and to be considered successful. This path may start with your dream and idea. The navigation is your business plan. Having a tangible idea on paper helps other people see where you are going, and in turn provides you with the best chance of getting funding. In the world of entrepreneurs, everyone knows it is good to work with OPM – “other people’s money”.
There are many wonderful resources that can help you start and finish your business plan. One such resource is that of Growthink, a company that helps entrepreneurs get their ideas on paper in order to get help with startup costs. Dave Lavinsky and Jay Turo are the founders of Growthink, and have helped Growthink emerge as a premier strategic advisory and investment banking firms focused on entrepreneurship.
Lavinsky has helped many entrepreneurs and companies prepare for grow and success in the business market. He has an MBA from UCLA’s Anderson School of Management, with a Bachelor’s degree from the University of Virginia. He himself has started many successful ventures and contributes to Growthink’s informational blog, seen here.
Turo has helped to advise many growing, middle marker, and corporate clients in his time at Growthink. These include Infospace, Samsung, Porsche, and also Paramount Pictures. Turo is currently active in angel investing, and also contributes to Growthink’s blog. He holds an MBA from the Anderson School of Management at UCLA as well, and a Bachelor’s degree from Stanford University.
According to the blog, there are several lessons one can learn from Lavinsky and Turo and what investors want to see in the entrepreneur as well as in the business plan.
® DO YOUR RESEARCH – Information is everywhere. That means investors want you to collect some to tell why your venture is better than any other venture in your market.
® INVEST IN YOURSELF – How do you expect anyone else to support or believe in what you are doing, if you can’t prove you are doing so? Investors don’t mind helping or supporting a business if they see proof that the entrepreneur has tried to make it work other ways.
® TAKE RISKS – Exactly what is it that makes you stand out? If you are doing something that is commonplace, or has already been done, what are you bringing that’s new? According to Lavinsky, “every great person in history was an entrepreneur. They tried something new. They took a risk. They overcame odds. They persevered. And, at the end of the day, they made it happen.” This includes people like Milton Hershey (Hershey Chocolate Company), Clara Barton (the American Red Cross), Jim Henson (founder of the Muppets), and Walt Disney.
While there are more points to take away from the Growthink blog, I think the biggest point is, take it from someone who has done it before. We can dream all day, but our business plan should take form from an established formula. This is why people write autobiographies. Whether it is Dave Lavinsky, Jay Turo, Barack Obama, Quincy Jones, Russell Simmons, or Rick Pitino, there is something that they did that worked.
Will you be the next breakout story?
Stay Tuned.
You can check out Jay Turo, Dave Lavinsky, and Growthink at their website or @Growthink
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-Bios found on the Growthink website
-Additional information on Growthink blog posts
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