Business Plan Strategies 

When starting a business it can be overwhelming for a novice entrepreneur. They're a plethora of factors involved in creating a successful business plan. Subsequently, with the start-up landscape being so vast and wide, the question becomes, which path is best to take? Two industry experts help navigate us through the set-up process with the following key insights.

Andrea Cockerton has worked as an independent pitch expert for over a decade. Throughout her career she has worked with over 350+ entrepreneurs and business leaders on investment and commercial pitches. Her company Mudhut offers consulting in commercial pitches, investment pitches, speech writing, and   communication training. (Cokerton, 2005).

Cockerton's business plan principles focus on three essential components.

1. Target a growing market with a need for you product.
2. Ensure that your team is talented and able to execute the business plan.
3. Assure your product/service is groundbreaking (Brummelhuis, 2008).

Cockerton teaches the importance of having a revolutionary product and then finding a growing market that needs your creation. In the book The Successful Business Plan: Secrets and Strategies, Rhonda Abrams (2009) explains, “Meeting needs is the basis of all business. You can devise a wonderful new machine, but if it doesn’t address some real and important need or desire, people won’t buy it, and your business will fail” (p. 4). The readings further explain that having a great product is simply not enough, especially if one is seeking funding.  “Many investors look for companies aimed at substantial-sized markets and that are market driven. In other words, they seek to fund companies whose orientation is shaped by the demands and trends of the marketplace rather than the inherent characteristics of a particular product or service” (p. 99).

Angelo Meneguzzi has over 12 years of high tech marketing, public relations, product developments, and sales experience. He offers strategic counseling on branding, marketing, and business development. Meneguzzi has created a successful business approach by using extensive marketing technology, media, and networking skills to identify and leverage worldwide opportunities with products and company exposure. Resulting in strongly increased global brand awareness and sales. (Meneguzzi).

Meneguzzi’s business plan expertise focuses on three pieces of advice

1. Business plan benefits include: a heads-up to changes in the environments, better forecasting, and opportunities to analyze situations before they become problematic. (Meneguzzi, 2011).
2. The actual steps to starting a business are really quite easy, as it only takes hard work, smarts, and cash. Cash can make up for the other two to some extent, but not forever. Whereas the steps are to create an idea, craft a plan, continue the research, edit the plan, secure investment, and execute the plan. Bingo, you're in business. (Meneguzzi, 2011).
3. There has to be a great team that understands their big/growing market and can execute the solidly crafted plan, which at its core is simply a great investment. (Meneguzzi, 2011). 

Meneguzzi teaches the importance in being proactive. Developing a business plan early on is the essential preventative care approach every start-up should be implementing. An owner can now avoid various career pitfalls by producing this vital tool. Megenguzzi further explains that having a well thought-out business plan is not enough. In order to generate success an owner must have a strong team of executers that can optimize the tool. Abrams (2009) offers identical sentiments expressing, “Perhaps more than any other factor, competent management stands out as the most important ingredient in business success. Your business plan must inspire confidence in the capabilities of your management, and you should put your management team together carefully.” (p. 8).

Cockerton and Meneguzzi offer very similar advice. L.I.V.E. has found value in all the guidance given. Although our entire premise is based on filling the needs of the culture, the key takeaway is maximizing this outlook through a revolutionary and innovative approach. Conjointly, having the proper tools makes for a smoother and effective journey. However, a tool is only as good as its craftsman. Thus, L.I.V.E. has an established understanding that creating and maintaining a potent team is vital to the business's success.

Resources:

Abrams, R. (2009). Successful marketing: Secrets & strategies (5th ed.).

Palo Alto, Calif.: The Planning Shop.

Brummelhuis, S. (2008, December 27). Expert interview: 13 questions on Funding &

Pitching (part 1). Retrieved June 7, 2015, from

http://www.thenextwomen.com/2008/12/27/expert-interview-13-

questions-on-funding-pitching-part-1

Cockerton, A. (2005). Mudhut Communication Ltd. Retrieved June 6, 2015, from

http://www.mudhut-communication.co.uk/mudhut-background.html

Meneguzzi, A. (n.d.). How do I start my own business? Retrieved June 7, 2015, from

http://www.bplans.com/ask-bplans/1332/how-do-i-start-my-own-

business#ixzz22jJCYhsf

Meneguzzi, A. (2011). How do I start my own business? Retrieved June 7, 2015, from

http://www.bplans.com/ask-bplans/1332/how-do-i-start-my-own-

business#ixzz22jIjDH9o

Meneguzzi, A. (n.d.). Angelo Meneguzzi - Bplans Blog. Retrieved June 6, 2015, from

http://articles.bplans.com/author/angelo/

Meneguzzi, A. (2011). Why have a business plan? Retrieved June 7, 2015, from

http://www.bplans.com/ask-bplans/572/why-have-a-business-plan