In my last post, I talked about Mark Cuban and his stimulus plan. In his latest update, he spoke of the overwhelming response, more than 1,400, to his stimulus plan idea. Of the 1,400 that responded, Cuban had disqualified the majority of them for not following the terms set in his 12 rules to follow. Out of the ones that did follow the rules, Cuban narrowed down the list further by choosing to give those with businesses established preference over start-ups. The reasoning for this was because established businesses have a better idea of where to spend the stimulus opposed to those just starting out
To this date, Cuban has only invested in three companies-
Wickler, a program that tracks occupancy for entertainment sites; Naked Pizza,
a pizza company with a natural, lower calorie product; and superfeedr.com, a
company that specializes in real-time deliver of messages to mobile and desktop
software. All three of these companies had a business plan that had three vital
components to their business plan: a mission statement, industry analysis, and
financials sections.
For those writing business plans, a good mission statement
defines your business at the most basic level, tells your company’s ideals and
background- in a short amount of time. The background should include: who your
company is, what they stand for, and why they do it. The industry analysis is
another important factor in a business plan. Identifying your main competitors
and defining your target market are crucial to the success of your company.
Once you’ve identified your target market finding ways to reach out to them
becomes an easier task.
Lastly, the financials section of your business plan is
crucial when it comes to selling investors on the profitability of your
company. It is vital that one is able to show that their company is worth
investing in.
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