Planning a Business

Starting a new business is a scary concept. There are so many factors that can make or break a business that many dare not try to enter into the field of entrepreneurship. But for those few that do try, it can be an amazingly rewarding experience, especially if you’re going in with a good business plan. Creating a proper business plan, in a way, helps the new business owner predict the future. It identifies the variables and helps you prepare for the worst but also for the best. When creating your plan, it is important to look at industry experts for ideas and advice. While there are many sports business experts, lets take a look at the advice that two would give: Mark Cuban and George Bodenheimer.

Mark Cuban is the owner of the Dallas Mavericks, a successful entrepreneur, and a wise investor. So what is Mr. Cuban looking for when he is considering a potential investment. In an interview with Forbes contributor Michael Wolf, he shares some of his reasoning behind investment choices. According to him, its not always just about the idea. You can have a great idea but not be the right person to implement or run that business. A lot has to do with the way you carry yourself. He also feels that a successful business plan is about creativity and industry value. A creative person will always come up with new ideas and ways to keep the company going.

Of course the business has to add some value to the industry. If there is no need, there is no business. But Cuban is not only looking for ways that you add to your own industry, he’s looking for ways that you add value to his. Make sure that your business plan not only explains the benefits to you or society, but also how this company is going to benefit this investor. They see you as an investment, not a charity, and more likely than not, they are going to be looking for something in return.

George Bodenheimer is a true story of starting at the bottom and working your way up. He began his career in the mail room at ESPN and is now the President of ESPN and ABC Sports. In his journey he realized the importance of a business having a strategic advantage. While many businesses focus on the goods or services being different, many forget that there are other ways to stand out. In an interview for the Archive of American Television, he recognizes that the advantage of ESPN has nothing to do with the work itself, but how the work is done, the corporate culture. He says that his people are passionate, take risks to gain the biggest rewards, have a can do attitude, respect one another, and aren’t afraid to make a mistake in order to better themselves or the company.

He also came to another realization when he was first starting out. In an interview for the VIP Speaker Series, he notes the importance of making career decisions, not money decisions. When creating a business plan, it is important that you are not just in it for the money. There is going to be a lot of hard work to come and if you don’t love what you’re doing you won’t succeed.

So when you’re writing your business plan remember to be creative, bring value, have a strategic advantage, and don’t do it for the money, and one day you could be the expert we look to for advice.