There has been a growing debate about business plan versus business model. The lines are being drawn. However, I would chime in to say that both sides of this debate are right, and both sides are wrong. To mix metaphors, let’s not throw the baby out with the bath water, even though that may be one ugly baby!
My Interview with VC Vic Gatto
Belmont Sweeps Entrepreneurship Event
Belmont students had another highly successful year at the International Collegiate DECA competition this year. Our 25 students were part of a competition that included almost 1,300 students from the US and Canada.
23 of the 25 students on the Belmont team made it to the finals this year in a variety of business related events. 10 of them made it to the national finals in two events.
Belmont students swept the top three awards for the Entrepreneurship Growing a Business event (business plan event for students who have started their businesses while still in school).
Ross Hill — First place
Tom Haarlander — Second place
Tim Weber — Third place
For the second year in a row Belmont students had eight of the top ten teams in the Entrepreneurial Challenge event (we had nine teams in this event).
Our teams took two of the top three awards:
Eric Guroff, Taylor Fish, and Blake Mankin — Second place
Ross Hill and Griffin Wendt — Third place
Top Ten Teams:
Jeremy Gold, Riley Bauer, Elizabeth Rhyne
Charles Williams, Max Magura, Cole Auville
Tim Weber, Jen Baiada, Maya Asked
Matt Madden, Hillary Unis
Amy Ashida, Kylie Davis, Lauren Gunther
Gabe Zurek, Levis Padrom, Jena Lavicka
The following students were Top Ten national finalists in their individual events:
Eric Guroff — Entrepreneurship Starting a Business (b-plan)
Hillary Unis — Entrepreneurship Starting a Business (b-plan)
Charles Williams — Corporate Finance
Maya Akser — Fashion Merchandising and Marketing
Lauren Gunther — Marketing Management
Kylie Davis — Retail Management
Max Magura — Sales Management Meeting
The following student was a national finalists:
Griffin Wendt — Marketing Management
First Model, Then Plan
When advising people about what they need to do as they get ready to launch a business, there are two distinct approaches recommended by experts.
The first, which has been the traditional approach, tells aspiring entrepreneurs that writing a business plan is the first critical step.
In business schools the business plan was the core of our entrepreneurship curriculum for decades. Writing a business plan that’s thickness is measured in inches is still a rite of passage in many top entrepreneurship programs.
However, there is a growing chorus of experts questioning why business plans get so much attention. After all, most entrepreneurs will tell you that once the business gets going it can quickly look fundamentally different than described in their original business plan.
Merry Christmas!
Help Non-profit Help Fight Poverty
One of the great joys of my work is keeping in touch with our alumni as they make their way in the world. I met last week with one alum who is volunteering for Krochet Kids, which is helping women in Uganda and Peru pull themselves out of poverty through commerce. They are in the running for $1 million from the American Giving Awards. All they need is your vote. Please help.
Making Strong Partnerships
When starting a new business together, business partners are brimming with excitement about the possibilities that the new venture may bring. There is a collective air of anticipation like a team in the locker room getting ready to head out for the “big game.” The last thing new business partners think about as they launch their new venture is what will happen when the day comes when the partnership ends.
But the truth is that eventually every business partnership will come to an end. It may come earlier than the partners expect, due to fundamental and irreconcilable business disagreements. Or maybe because one of the partners simply has lost a passion for the business and decides it is time to pursue a new career direction.
When to Implement Budgeting
In the early stages of a new business, entrepreneurs do not pay much attention to budgets.
Financial forecasts that estimate revenues and expenses are part of the business planning process. But these are really just estimates, since so much is unknown about what will actually happen as the business begins to grow. Because of this, it is impossible to develop accurate budgets. Managing cash flow is a week-to-week or even day-to-day challenge that is a reaction to what bills need to get paid first based on what revenues have come in the door. Continue reading When to Implement Budgeting
Look for Veins of Gold in the Market
When first starting a new business, entrepreneurs are not well served when they view themselves as builders or architects. That is the wrong frame of mind.
When entrepreneurs enter the market with a predetermined view of what they are going to build or design they run the risk of creating a business that does not really fit with what the market wants.
Steve Blank, successful entrepreneur and author, cautions entrepreneurs to learn the difference between the searching stage of launching a new business and the executing stage. Continue reading Look for Veins of Gold in the Market
Learning Through Experience
Entrepreneurship is something that is best learned through application and experience, which is why we focus so much on experiential learning in our program at Belmont University.
One way we help give our students an opportunity for experience is through participating in the international competition called Collegiate DECA. Continue reading Learning Through Experience