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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Secrets to Writing a Successful Business Plan summary
Hal Shelton
A Pro Shares a Step-by-Step Guide to Creating a Plan That Gets Results
17 mins
Brief summary
"The Secrets to Writing a Successful Business Plan" by Hal Shelton is a comprehensive guide for entrepreneurs on how to create a compelling business plan. It includes tips on researching the market, defining business goals, and crafting a persuasive pitch.
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The Secrets to Writing a Successful Business Plan
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Key idea 1 of 8
A business plan is a multi-purpose tool for refining any idea.
Most people have heard of business plans but don’t know a ton about them. So, what exactly are these tools of entrepreneurship?
Well, a business plan is basically a brief write-up that lays out the basic elements of a soon-to-be company. There are a few things to keep in mind before you sit down to write a business plan, and the first is knowing when you need one.
For instance, say you’re forming a new business – like opening a hair salon, buying an existing motorcycle shop or launching a start-up based on your own unique idea. Every one of these actions requires a business plan that details how operations will take place.
But what does a business plan really do?
Essentially it helps structure your project, confirm its feasibility and crunch the numbers on its projected profits. So a business plan is more than a mere formal, administrative document. In fact, writing one should be a creative process that helps you flesh out your business idea.
It’s this process of thinking that will help you determine how likely your chances of success are and whether your idea is financially sound. Not just that, but in your business plan you’ll set reasonable goals, go over your benchmarks and put the finishing touches to your concept. This exercise is necessary because the time you invest here will help you identify and avoid any potential errors, thereby boosting your chances of success.
And finally, it’s important that you clearly state your value proposition. You can think of this as your elevator pitch. That is, imagine you step into an elevator only to find Mark Zuckerberg. Now you’ve got 15 seconds to win him over to your idea by answering the questions, “which problems are you solving?”, “how are you better than the competition?” and “why will you succeed where others have failed?”
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What is The Secrets to Writing a Successful Business Plan about?
The Secrets to Writing a Successful Business Plan (2014) is an expert’s guide to crafting a strategy that works. These blinks explain everything you need to know about this process in a detailed, easy-to-follow structure.
The Secrets to Writing a Successful Business Plan Review
The Secrets to Writing a Successful Business Plan (2018) is a comprehensive guide for anyone looking to create an effective business plan. Here's why this book is worth reading:
- It offers practical tips and step-by-step instructions for crafting a professional business plan that will impress investors and lenders.
- With its real-world examples and case studies, the book provides valuable insights into what makes a business plan successful in various industries.
- Written by a seasoned entrepreneur, Hal Shelton, the book is filled with expert advice and insider tips, making it an indispensable resource for aspiring entrepreneurs.
Who should read The Secrets to Writing a Successful Business Plan?
- Business students eager to learn the secrets of a successful business plan
- Anyone who’s thinking about going into business for themselves
- Established entrepreneurs who are struggling to get the financing they need
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The Secrets to Writing a Successful Business Plan FAQs
What is the main message of The Secrets to Writing a Successful Business Plan?
The main message of The Secrets to Writing a Successful Business Plan is to guide entrepreneurs in creating effective business plans for success.
How long does it take to read The Secrets to Writing a Successful Business Plan?
The reading time for The Secrets to Writing a Successful Business Plan varies, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is The Secrets to Writing a Successful Business Plan a good book? Is it worth reading?
The Secrets to Writing a Successful Business Plan is worth reading as it provides valuable insights and practical tips for creating a winning business plan.
Who is the author of The Secrets to Writing a Successful Business Plan?
The author of The Secrets to Writing a Successful Business Plan is Hal Shelton.
What to read after The Secrets to Writing a Successful Business Plan?
If you're wondering what to read next after The Secrets to Writing a Successful Business Plan, here are some recommendations we suggest:
- How to Prepare a Business Plan by Edward Blackwell
- Write Your Business Plan by The Staff of Entrepreneur Media
- How to Win Friends and Influence People by Dale Carnegie
- Why Simple Wins by Lisa Bodell
- Adaptability by Max McKeown
- Building Your Money Machine with ChatGPT by Larry Wheeler
- The Lean Startup by Eric Ries
- Reinventing the Product by Eric Schaeffer and David Sovie
- Speak Like a CEO by Suzanne Bates
- The Confidence Gap by Russ Harris