Successful Business Plan Tips

As I approach the end of my Master’s degree program, a reflection of my learning experiences throughout my time in study is the focus of this write-up. Most recently I have shared my views on a couple of research experts and how they managed to obtain their title. As this month comes to an end, a substantial amount of what Dave Lavinsky and Bryan Howe has advised was covered within my studies. Well, what did I learn?

For starters, having confidence in your brand is key. While this may be true, having confidence and a great business plan is the key to success. The statistical reference of small businesses that fail every year is exponentially significant. I have learned that the statistics for the start-up business failure rate states that 50 percent of businesses fail in the first year and 95 percent fail within five years. It helps to know what investors seek when approaching them for funding; both research experts provided insight into the demands of investors and what to prepare for upon meeting them.

My course director posed a question to the class this week. He asked, “Which sections of your plan do you consider to be the most important to the investor reading your plan?”

The sections of my plan that I consider to be the most important read to the investor reading it is my competitive analysis, my financial overview, and referrals. The competitive analysis will provide details that will assist in the investor knowing what my business’s advantages are over the competition. The financial overview is the major importance of all, as this section will help investors evaluate how to help out, if possible. Lastly, having referrals from more than one trusted source is helpful in establishing credibility within the industry. In the end, the referrals are used as great leverage within the negotiation process.  

http://www.growthink.com/team/dave-lavinsky

http://www.bizjournals.com/portland/stories/2010/02/08/tidbits3.html?page=all

A Review of Entrepreneurs Who Think, Grow, and Develop Master Plans

Growthink.com

Dave Lavinsky founded Growthink in 1999. He is the President and Co-Founder and has assisted thousands of entrepreneurs to start their companies though various business plan development techniques.

If he is not making public appearances, you can find interesting, thought-provoking background information about critical & key components that investors seek in one’s business plan. He states that investors seek: credibility, operational success, quality content in your business plan and it helps if you have more than one referral/recommendation from a trusted source. He outlines how to be a successful entrepreneur by incorporating details on services such as: Strategic Business Plan Consulting, Exit Strategy Planning, Private Equity Investing, Market Research and Feasibility Studies, and Investment Banking.

Dave is what the business world calls a ‘serial entrepreneur’ having launched businesses ranging from nutrition to an online music website.  He has an MBA from the Anderson School of Management at UCLA and earned his Bachelor's degree from the University of Virginia.

http://www.linkedin.com/in/davelavinsky https://twitter.com/#!/davelavinsky

MasterPlans.com

Bryan Howe founded MasterPlans in 2002, as a Sole Proprietorship company. He currently holds the title of President for the 24-member MasterPlans team of associates.

I found the MasterPlans website to be very helpful, as Mr. Howe and his team suggests the components needed, if a start-up business should require more than what the business plan suggests. One main suggestion is to establish a partnership with companies that share your same focus in being the best at what you do. By doing so, this will allow you to establish credibility, and capital outside of what an investor has to offer.

As a guiding principle, Mr. Howe suggests that you always remain on the offensive end of the competition. He says: “If your competitor is constantly defending his or her position, you don’t have to worry about yours.” He has a MBA in Finance from Portland State University and earned his Bachelor’s from Lewis and Clark College.

http://www.linkedin.com/in/bryanhowe https://twitter.com/#!/bryanhowe

References:

 http://www.growthink.com/category/blogs/dave-lavinsky http://www.growthink.com/team/dave-lavinsky http://www.masterplans.com/about-us.php http://www.bizjournals.com/portland/stories/2010/02/08/tidbits3.html?page=all

         

Nyquil Has Teamed up with Drew Brees, Quarterback for the New Orleans Saints.

Over the past few weeks, I have notice more and more television commercials, staring professional sports figures. This marketing tactic is nothing new but with time, innovation, and, more creative influence, companies are able to afford better opportunities to connect with their audiences.

For instance, Nyquil has teamed up with Drew Brees, Quarterback for the New Orleans Saints. The Nyquil brand has been around since the fall of 1968, with its well-known product description as: "The nighttime, sniffling, sneezing, coughing, aching, best-sleep-you-ever-got-with-a-cold medicine.” The Saints won the 2009 Super Bowl against the Indianapolis Colts.  This victory came shortly after the devastating natural disaster; Hurricane Katrina struck the state of Louisiana and left the city of New Orleans in routines. 

As far as endorsements are concerned, marketers increasingly turn to athletes to promote their products. After leading his team to the 2009 Super Bowl victory, Drew Brees became an admirable role model to fans of all walks.  Now that traditional marketing tactics have taken a backseat to the new, innovative, highly popular digital marketing tactics; marketers believe that it is getting more difficult to reach a wide group of consumers and gain credibility by using television commercial campaigns.

Spectators may wonder what Nyquil’s marketing objective is and why they chose to endorse an NFL star instead of a star from any other professional league. Well, flu season starts during the fall months and so does the NFL. The concept of the advertisement is that NFL Quarterback Drew Brees has too many fans depending on him to let cold and flu symptoms keep him under the weather. Guess what he consumes as a preventative?  The campaign message really connects with fans and these fans are attached to this athlete. It also helps to add a sense of humor, and relatable sports content within the advertisement. As an official sponsor of NFL, Nyquil also hosts the "Most Dedicated Fan" campaign, which requires the most dedicated fan to follow a three step protocol. Step 1: Show and Yell; Step 2: Rise to the Challenge(s); Win, Brag, Etc. This competition requires a lot of fan engagement, which results in Nyquil raising a great deal of awareness for their brand. I find it to be a valuable campaign, do you?

Take a look!

References:

http://hbswk.hbs.edu/item/5607.html

Really? Guns N’ Roses Fans Like Major League Baseball?

Well, I have never been a true fan of Guns N’ Roses but like many avid music listeners, I am familiar with specific hit songs off of their ‘Appetite for Destruction’ album, such as “Welcome to the Jungle” and  “Sweet Child o’ Mine.”  Since the original group’s full demise in 1996, fans have been torn between the media-filled controversy over why the group broke up, and why Axl Rose was able to obtain naming rights of the group’s name.  Without ever getting too much into the reasoning, lets reflect on present day.

Last night, I was granted the opportunity to work the Guns N’ Roses concert at the Amway Center, in Orlando, FL.  Pre-event, all workers were warned that the concert could lead well into the morning, which it did.  We were to report to the Amway at 7 p.m. for a 9:30 p.m. Showtime.  It was rumored that Axl Rose would be late but it was undetermined how late.  I was warned that this type of behavior was common for the rock star, but what a selfish act.  In the meantime, fans piled into the venue as the opening act, Buck Cherry took the stage.  There were a few sound issues with the production, which left fans extremely irritated.  They complained a lot!  They also became uninterested in the concert and requested to watch the St. Louis Cardinals vs. Texas Rangers World Series game.  Really?  Guns N’ Roses Fans Like Major League Baseball?

In fact, they are as passionate about Major League Baseball (MLB) as they are for the grungy, Rock N’ Roll sounds of Guns N’ Roses.  The request for the game to playing during the opening act was plentiful.  There is a concert venue rule at the Amway that prevents any house television screens to be operating once the show has started.  Being one of few people, who had to relay this news to guests, was not the favorable highlight of my night.  There were many angry fans.  Who would have thought?  After many requests, the North Club Level Bar was kind enough to display the game on one television screen, away from the concert action.  The bar was packed!  Hold on, did you all pay $100 per ticket to watch the World Series or to rock out?  Either way, disappointed concert fans turned happy, thankful MLB fans.  Go figure.

As the St. Louis Cardinals went on to win the 2011 MLB World Series, there was still no Axl Rose.  Concertgoers became weary and bored because the game that had been occupying their time while waiting on Axl, was no more.  What now?  Ultimately, the main event that was scheduled to start at 10:30 p.m. start was finally in progress at 11:30 p.m.  At that point, St. Louis Cardinal fans were prepared to celebrate the victory over the Texas Rangers.  Texas Ranger fans were just ready to forget the game even happened and took kindly to the Guns N’ Roses show.  In the end, I learned that grungy Rock N’ Roll fans are passionate about MLB.  Besides, it being the World Series title game probably had a lot to do with the hype also.  You think?

LeBron James Openly Takes to Twitter About Joining the NFL Due to the NBA Lockout

Sadly enough, the NBA lockout is still underway, leaving players, and fans of all walks clinging to hope for a partial season.  NBA commissioner, David Stern recently announced that the NBA would not be starting their regular season on time.  In fact, they will be delayed at least two weeks at this point. 

On Tuesday, LeBron James openly took to the highly populated social media network, Twitter.

"When is the deadline for a team to sign a free agent?" James tweeted at ESPN senior writer, John Clayton. 

Do you think he was serious?  Well, maybe not.  Twitter has over 100-million unique users therefore; followers and his fans sent hundreds of reply tweets within minutes following the infamous question.  This is a perfect example of how a popular athlete’s questions and/or concerns affect the opinions of others.  Not only that but when media outlets were made aware of the tweet, the Twitter brand name and its’ website were amongst the top stories in headline news.  Fans feel a sense of closeness to a public figure, especially if they feel as if their point-of-view may actually be recognized.   

Take John Clayton, for instance.  "LeBron, sorry to get back to you so late," Clayton tweeted. "Trade deadline next Tuesday 4 p.m. Free agency goes until last team is eliminated. Game on." 

Of course there was no reply tweet from LeBron after John Clayton cautiously wrote back.   In no way, shape or form does anyone take this situation seriously but to most, it was worth speculating about.   The NBA lockout has affected many people, not just the players and owners but fans, workers, and businesses also.  Besides, with no season in progress, how else should a multi-million dollar athlete remain relevant?  You can always count on social media, that’s for sure.  

References:

http://www.ibtimes.com/articles/229385/20111011/lebron-james-nfl-news-football-twitter-john-clayton-miami-heat-philadelphia-eagles-michael-vick-tony.htm

http://www.huffingtonpost.com/2011/10/10/nba-lockout-2011-first-two-weeks-cancel_n_1004387.html

Octagon: Passion. Engagement. Results.

After researching ideal companies within the Sports Marketing and Sponsorship field that I would like to someday be employed with, I came across Octagon.  Here are a few interesting facts about the award winning company, with locations in the US; Virginia and Connecticut; Brazil, Australia, South Africa, and the United Kingdom.

Octagon is the world’s largest sponsorship consulting practice and a pioneer and leader in athlete & personality representation & management.  With more than 800 employees globally, Octagon manages/influences billions in worldwide sponsorship rights fees and activation.  They track passion and the emotive power of sports and entertainment content in order to create measurable awareness and loyalty of fans.

The company has been around for over 40-years and represents the notion that they know the industry and the corporate marketplace better than anyone.  They truly believe that no matter what sport or area of entertainment, their creative and collaborative approach combined with their trademark passion will continue to set them apart from the competition.  All operational tactics are derived from within.  Octagon owns and manages many of the world’s most prominent professional sports events, including premier tennis and golf tournaments, and some of the world’s largest marathons.  There are more than 13,400 events managed per year.  The Sports Business Awards named them “Sports Agency of the Year” in 2008.

Octagon represents NBA stars like: Stephen Curry, Rudy Gay, David West and Kirk Hinrich.  Also, NFL, MLB and Soccer stars like: Justin Tuck, Willie Parker, LaMarr Woodley Andrew Johnston, Jeffren Suarez, David Ospina and Emilio Nsue.  Our event producers and directors are some of the finest in the world whose credits include:  The Emmys, The Neighborhood Ball with President Obama, The American Music Awards, The Academy of Country Music Awards, America, The Radio Music Awards, The Source Awards, the BET Hip Hop Awards, and Miss USA.

I became highly attached to this company because they are extremely versatile.  Although they have been around for 4-decades, other sports marketing and sponsorship companies have had the opportunity to enter the global realm of this field, but no other company has ever exceeded the 360-entertainment representation approach of Octagon.  This company is truly a well-rounded entity. 

Passion. Engagement. Results.

References:  http://www.octagon.com/Default.aspx

Issues with Media Rights, Broadcasting, and Press Credentials in Sports

http://profootballtalk.nbcsports.com/2009/08/31/nfl-adopts-game-day-social-media-policy/

Over the past five-years, various means of social media has become a real-time, trusted news source. Because of such technological advances, the NFL is not allowing reporters and commentators to participate in any social networking during games.  By doing so, the NFL seeks to protect their copyrighted material from losing money.  Franchises want as much exclusivity and ownership of the aired material as possible.  In my opinion, having reporters, bloggers and commentators upload play-by-play details to social media outlets during the games will be beneficial to their brand awareness.  This could also increase revenue streams if carried out the correct way. 

http://sportsillustrated.cnn.com/2011/writers/jeff_wagenheim/04/13/credentials/index.html

Two reporters assigned to cover a Mixed Marshal Arts (MMA) event were denied access to press credentials.  The reporters denied credentials were Josh Gross, of ESPN.com and freelance journalist Loretta Hunt, she was assigned coverage by CBSSports.com.  These reporters are two of the most experienced and respected journalists covering MMA fights.  MMA President Dana White was not pleased with the press coverage of theses two individuals after prior MMA events and denied them access at the door.

http://john-seidenberg.suite101.com/increased-restrictions-on-covering-sports-events-a149480

Certain media rights precautions that the National Football League (NFL), National Basketball Association (NBA), and Major League Baseball (MLB) have taken are restricting the duration of audio and video involving team members during game situations.  Also, they have limited the allotted length of game footage that can be archived on a Web site.  Leagues have followed many of these existing limitations in trying to control the product that comes out of sports coverage.  After reading this article, I became more aware of the minute details that are involved in each league’s content coverage standards.  Individually, they have a set news value placed on their content coverage.  For instance, MLB believes a game has no news value beyond 72 hours.