Business Plan Expert Opinions

There is a debate on the importance of business plans when developing an upcoming business. The typical debate is whether or not they can actually set you up for success. I looked into two opinions of business plans, that of Growthink.com and of musician, entrepreneur Alicia Keys.


Growthink.com is a website/company that is set up to helping budding entrepreneurs start, grow and/or exit their companies. Growthink got started during the heightening of the internet era (1999) by two co-founders with full backgrounds of the business world. Growthink's mission is to "help all entrepreneurs succeed so they can create jobs, grow economies, offer customer's better products and services".

As for Alicia Keys, she is a prolific musician, author, actress, and philanthropist, to name a few of her many talents. She hit stardom when she entered the music world with her single "Falling" and has been making her way up the ladder ever since.

Keys' outlook on business isn't as traditional as what Growthink believes and portrays. Keys is more about doing something based off of your passions and interests. She once stated in an interview that "there's no foolproof [business] plan and whatever you end up doing , you need to be passionate about it". Obviously a very strong statement while leaving an impression that regardless of whether you have a set plan or are just following your heart to see where it can take you, you will see something "amazing happen" and will achieve your dreams regardless.

Although Growthink believes that business plans are the way to go, they did state in a video that a "majority of business plans fail". They suggest 5 key attributes to form the proper business plan. Those 5 attributes are:
*The right overall value proposition
*The right marketing and sales strategy
*The right business model
*Action plans developed from reverse engineering success
*Are communicated brilliantly

The reason these are so important is because they need to not only offer the right product that consumers will buy but to market it through the proper routes and at the right price in order to bring in the consumers. The proper choice in business models because that can make or break your plan completely (according to the video again). Reverse engineering success means planning where your company will be in 5 years so that you can figure out what milestones you will need to complete in order to get there. Communication, as anyone knows, is important for how a relationship will develop and grow from there. If a part of your business plan isn't effectively communicated, then it can cause confusion which can hinder the acceptance and growth of your business. If all key attributes are implemented then you are on your way to a successful business plan!