How To Write A Great Business Plan

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Complete Video Transcript

0:03to make million dollars people ask me all the time
0:06I you know do after right out there is big business plan if you want to do
0:10something big so
0:11is that in my opinion I’m gonna give you this William saw men
0:15this is a book from Harvard he’s a famous professor they’re called
0:18how to write a great business plan now I’ll have to say
0:23that most of the ideas that people pitch to me I’m an investor
0:26are usually not good business ideas in fact
0:30there’s one that I corning call the strawberry juice idea
0:34one my friends I won’t say who it is %ah
0:38he had an idea for me that was always trying to pitch
0:41it’s not the worst idea from a one to 10 have a business plan idea
0:46out you like a six and his idea his idea was
0:50to import strawberry juice to america the reason
0:54then it became went from being a six down to like it too
0:58is because he talked about it over and over for many years up
1:02so he could make a million dollars
1:05and a lot of people I you like I said the real question do you need a business
1:09plan to make mine are
1:10and I think the answer is this it starts like this every
1:14million dollar business billion our business starts with the little seed of
1:17an idea
1:18so ideas first but an idea is not enough must be web ideas
1:23in fact his book says don’t be a really the Aug you have a unique idea
1:28in a war to 7.3 billion people it’s very rare so
1:32you go from idea to what I call strategy
1:36that -ism is like an idea on steroids
1:39so the other were poor strategy the conventional word
1:42is a plan so what a components up a good point
1:46as anybody here ever try our this byways meh
1:51office here 1 offices I made everybody listening
1:55so not only you’re getting a simple by
1:58everybody works for me hopefully there are in step 2 so here’s what
2:03the No
2:05I’m you’d okay montana’s
2:08that sacks actually right in the movie soul movie
2:12you write out the script rewrite the whole thing that someone like a plan so
2:15here’s the components actually a shooting that you like
2:17note number one a good business plan
2:22should seem like a movie me
2:25it’s a projection into the future
2:28that includes all the conflict so a good movie
2:32has I decide jurassic world
2:36I wouldn’t miss Thursday the world’s greatest movie but it has the element
2:39I’ll the initial idea there’s gonna be dinosaurs on an island
2:43then it has like this little side story of the family and all that and then it
2:48progresses
2:49into the conflict what they thought was going to happen area you know great the
2:52dinosaur get out
2:53China I was in a spoiler alert and you go to the movie that’s how your business
2:57plan should be most people write a business plan it’s just like
3:00get my idea pop Ali G did this once
3:04you see if there’s a good all the G where talk donald Trump it said
3:07a funny show but you basically goes any project he says I’m an idea for
3:11ice cream love and causes damage money’s gonna make
3:15I googled the amount of people on the planet who have hands
3:18in the mouth people
3:21who like ice cream and I multiply them together not comment
3:25and then time ten dollars how much money I’m gonna make and the number was like
3:28two trillion dollars
3:30and nah settlement a very bad his plan because
3:33that’s not how the movie goes a movie is
3:36good bad conflict have resolve conflicts your business plan you that include
3:42all of those things not just the best case scenario you wouldn’t want to give
3:45you one and it’s on traffic world
3:47and he sat down and movies like they made a park
3:51with dinosaurs menu the whole movie everything goes great Noman paper that
3:56movie
3:56because its peak you have to be real so that’s number one
3:59da the number two thing is that a good business plan
4:04comprised
4:05for me elements you happy al Haq
4:08and by the way you know we are you have a business so you guys are working
4:12in someone businesses every time we come with a new idea
4:16you should also make a point so our plan is an always just for brand new thing
4:20its can be a column intercompany plans not just
4:24you know all a brand new from scratches so
4:27here’s the four elements that your plan should have he says is on page
4:31by the way these are little teen books there 40
4:3460 pages have little faith is here
4:38that harper puts our and so you have no excuse
4:43my children on the deck about third Harvard actually send them to me
4:47a semi a whole stack because I I sell a lot of them for
4:50so before things that you might have heard as buyer the people
4:55okay now is the most important part
4:58on display and here’s what you should address so let’s say
5:02you where try to reduce idea okay
5:06I’m not saying it was his idea say
5:09theoretically one firm on argentinians driver decided yet of
5:14so number one his driving team so here
5:17and other people were with what do they know
5:21so what has come on a bus driver jus okay
5:24number two who did they know like the old saying
5:27not what you know to you are knows
5:31hopefully some good strong urges connections number three
5:35how well are you know ish our media player
5:38eating the juice world so you got to answer those three questions that number
5:43one
5:44okay about people number to think are
5:47is the opportunity to the opportunity he’s basically
5:52what in control so yes Robert views
5:55opportunity these billion dollars few people here views
5:58I’m gonna market got a call about opportune most visible and just about to
6:02next thing the third thing is the context
6:06which are thing outside
6:08troll like the regulations on importing juice you need to address those because
6:13those are real thing
6:14and you right now you plan like all attendees import charges
6:18Argentina is not realistic it’s a bad movie are and in the fourth thing
6:23is the risk and reward and you should always
6:26layout you know he says him all
6:29paintings they have something that have no
6:32risk to it okay you always have risk
6:36is a direct quote among the many sins committed by business plan writers
6:41is area gets in today’s economy few ideas
6:44are truly proprietary so that means firm on that thing
6:48they per person bus driver reviews
6:51is very loss what’s probably happening somebody’s
6:54try important properties and falling on her face
6:57gone bankrupt so if her mind air against the wall
7:01look into why it failed in the past you think you the first one
7:05who happy I year for Instagram or move your snack chat or whatever
7:09probably before you know Kevin Systrom trust our Instagram there was four other
7:14people trying
7:15you must be humble enough to go why did
7:18other people our other people not able to pull it off
7:21okay so remember that make a plan and stick to a plan
7:26but make a good plan it’s not just an idea strategy
7:29he says that a good business plan does not need to be this
7:32back good business plan should be a very very
7:36then she by ample paper okay
7:39expand it later so I hope
7:42whatever venture you’re trying to do trying to make a lot of money million
7:45are doing our
7:46or maybe even just a hundred thousand dollars a year to be financially
7:49independent
7:50are that you will do it are humbly
7:53you’ll think through all the characteristics general be a well-lit
7:57laid out movie including all the good
7:59a bad and how you react to the bad to solve it
8:03okay so that today’s begin today check it out on
8:06Amazon you can buy this book
8:10or go direct to harbor business review so question for you what
8:15is your current idea and
8:18write a comment below a few little points
8:21that you can elaborate on your idea you want to give it all in the comments here
8:25but we will comment
8:26on a an additional strategy that you can add to start rounding out
8:31your basic idea OCR already got it
8:34question real quick you have a question driver reviews
8:38have comic business I yet
8:41dry it work Mon
8:44else about a business idea with them
8:50her mom doesn’t want to be named as the outage in life
8:53for one paintball company and your
8:57adventure part and it started out whose idea was it
9:00mine was your idea and how did
9:04turning now you’re working on all this architecture designing
9:08have you right now okay
9:15there’s a saying %ah if you don’t have it right now
9:19I comprise guess how much money you’re making and not much money
9:22as you could go uniform on here or here
9:26tumors you write something out even if it’s just a little bit
9:30somebody else that
9:43ok
9:44so that’s good
9:51ride
9:51so you admit found that other good thing
9:54about a business plan Barcia disappointing to really look into
9:59weather is work to vote in a large amount years of your life do so
10:03cool so the few comments if you have any even below
10:06and %ah doctor