Welcome back to this month’s entry of SHOWBIZ OVERDO™. The focus for today’s discussion will be expert views on the value of business plans. Two very successful experts in the industry are Andrea Cockerton and PhD Carl Schramm. We will focus on what are some of the critical and key components that investors are looking for when reviewing a business plan. Andrea Cockerton is from the United Kingdom and is an independent pitch expert and advisor. Throughout her career she has worked with three hundred and fifty entrepreneurs in the world of business. Her expertise revolves around “venture funding and business critical ideas.”
Andrea Cockerston’s success throughout her career has allow her to be able to hold entrepreneurial workshops, network events for businesses in the United Kingdom and has also helped large companies develop key talks in order to successfully impact the business world. One of her suggestion that I’ve considered for my own plan is when Andrea mentions that it is important to ask for money from investors and bankers before there is no cash left. Andrea states, “Going to investors at too late a stage is a risky strategy. Better is to look at the long-term objectives.” Carl Schramm is a PhD economist and also a former President and CEO of the Ewing Marion Kauffman Foundation in 2012, which is a private philanthropic foundation.
The Economist magazine named Schramm the "evangelist of entrepreneurship". The most critical and key component that Carl Schramm is looking for in a business plan is the characteristics of the entrepreneur. Carl Schramm believes that entrepreneurs must be outsiders, and capable of asking the hard questions. The entrepreneur usually has worked in multiple places in the world, and been involved with a start up company. Also the entrepreneur has worked in multiple industries and has had a job that he or she did not like. The most valuable point that I’ve gained personally for my own business plan is that Carl Schramm does not believe in sticking to business plans. It is important to be able to adapt to changes and respond intelligently. He believes that business plans get out of date quickly, and things never go as planned. Especially working in the entertainment business.