Write the Vision - Dr. Nicole Rankine

Dr. Nicole Rankine - Adulting in My Purpose

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INTRODUCTION

Show Objectives - Adulting In My Purpose helps young leaders who aspire to become business owners prepare to take their first steps into entrepreneurship. Throughout this show, I will share lessons I have learned about entrepreneurship that every young leader needs to know before their journey begins. 

For this episode, we will talk about what you need to develop a business plan. In this episode, we tackle developing an Effective Business Plan. How do you “Write The Vision”. 

A business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives. Benjamin Franklin once said, "If you fail to plan, you are planning to fail."

While a business plan is essential to entrepreneurship, not every entrepreneur sees the need for one. Many are reluctant to have their plan written down and there are numerous articles online claiming that the business plan is dead or irrelevant. Of course, not everyone agrees with that.

A large number of business funding experts support the idea that having a good business plan is not enough. Even excellent business ideas can be useless if you cannot formulate, execute and implement a strategic plan to make your business idea work. If you are looking to raise funds from institutional investors and lenders, keep in mind that having a good business plan is extremely valuable. You should aim to have a well-documented plan that speaks for itself. It needs to be clear and easy to read and understand.

Key Issues - Owner Perspective:

A well-written business plan is an important tool because it gives entrepreneurs the ability to lay out their goals and track their progress as their business begins to grow. Formulating a business plan should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business in on the right path and worth putting money into.

What You Need to Know - The What
Why creating a Business Plan is important 

1. To help you with critical decisions
2. To iron out the kinks
3. To avoid the big mistakes
4. To prove the viability of the business
5. To set better objectives and benchmarks
6. To communicate objectives and benchmarks
7. To provide a guide for service providers
8. To secure financing
9. To better understand market
10. To reduce risk

What You Need to Do - The How
Top 10 Components of a Good Business Plan

1. Executive Summary
2. Company Description
3. Market Analysis
4. Competitive Analysis
5. Description of Management and Organization
6. Breakdown of Your Products and Services
7. Marketing Plan
8. Sales Strategy
9. Request for Funding
10. Financial Projections 

Shows 
Next: Episode 6 -  Being a Solopreneur: Where Should I Start?  

Resources (optional):
Dr. Nicole Rankine, affectionately known as Dr. Nic, is one of the most engaging certified Personal Growth Coaches around. She is a consultant with the John Maxwell Team and the CEO of the COLE Academy of Personal Growth, a training, and development company that uses a systematic personal growth program to help young leaders discover who they are, clarify their vision and develop a plan to achieve their goals.

​Dr. Rankine travels both nationally and internationally devoting her life to equipping, inspiring, and empowering leaders and youth worldwide In the areas of leadership development, personal growth, and communication.  Before transitioning to entrepreneurship, Dr. Rankine spent 20 years working in the scientific research industry.  Dr. Rankine now travels both nationally and internationally devoting her life to equipping, inspiring, and empowering leaders and youth worldwide. She serves as an Adjunct Professor, Entrepreneur, Empowerment Speaker, Teacher,  and Coach. She also is the author of the Adulting in My Purpose Journal. 

Adulting In My Purpose The Journal 
https://bit.ly/38jli4Z

Website: www.drnicolerankine.com
Email: nicole@drnicolerankine.com
FB/Twitter/IG: @drnicoelrankine
 

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