Businessmen and the business plan
This past week I took the chance to do some research on some businessmen, so I first took a look at Daymon John and then I looked at Mark Cuban.
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| Credit: www.daymondjohn.com |
First lets take a look at some of the things I learned about Daymond John. Well the first thing that I learned was he was the man that started the clothing line FUBU, up until now I always thought that FUBU was started by a hip hop artist. Daymond John started by selling hats on the streets of Queens. After much success hustling his and making $800 in just one day, FUBU was born. With the help of a few of his friends Daymond transformed his house into a mini factory and mortgaged his home to start the company. FUBU quickly became a worldwide known clothing brand and at its peak was seeing profits of $350 million in annual sales. Today Daymond is a motivational speaker, branding expert and one of the most successful fashion icons.
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| Credit: google images |
Now lets take a look at Mark Cuban. Mark is the owner of the Dallas Mavericks (NBA team), and Landmark Theaters and is the chairman of NDNet. His first shot at being a businessman came when he was 12 years old, Cuban wanted a pair of shoes so he decided to sell trash bags to raise the money he needed. Cuban has a bachelor degree in business administration from Indiana University.
Both of these businessmen have similarities in the way they look at the way to approach a business plan. You must look at the specific product or service that you want to market, you must look to see if the area that you have chosen for your business has the correct target market for what you are doing. You also must be able to show that you are willing to take the risk with your own money, investors are more likely to invest in you if they see that you will take the risk also. Also they both say that you should make sure that you include the projections of finances to your business plan, without showing what type of outcome the investment can have an investor will not want to invest in the unknown.
No matter if your business is a risk or a sure to make money deal you want to make sure to plan and develop an outstanding business plan.
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