Guest Speaker: Ron

First of I really like his presentation over Business Plan (BP)! Very good points were made and I was very interested to know more about certain points. Here are some points that I noted down as I was listening to the presentation.

1) Selling stuff (idea) that has no/low value:

At first I was like, "why do we want to sell something that has no value?" but Ron goes on and explained, the 'real' money comes from where no one has explored before. Great point~! Convincing or even making thing better to sell is very important skills to acquire.

2) BP is a way of communication, and having BP convinces other people that you are taking this business very seriously:

He emphasized the importance of having BP. From my understanding, BP is like a resume for a applicant to present their history. You can tell them everything about your business idea, and maybe they will get interested to buy into your business. The next thing they will ask is do you have a business plan that they can read. Well, here is you shot. Investors will want your BP and your business's growth rate, even a prediction if you are just starting.

3)Elements of BP:

Here is the five steps to write BP.

1. identify audience

2. outline BP

3. write plan

4. review plan

5. update plan

consider step 4 and 5, this two steps are repeatable, well you have to repeat them, because BP is always a draft. There is no 'final' BP, because local/global market and information get updated/changed every day and every night.