Boosting my Business Plan with Expert Advice

In my previous post I examined expert advice regarding business plans; however, I will explain how I will utilize this information to boost my business plan.

Utilizing Ted Turner and Mark Cuban’s advice:

Move fast: Ted Turner advises that you have to move fast when implementing your business plan. He makes a valid point that once competitors are aware of your existence, they can easily expand to close the door on your opportunity into the market.

As I continue to develop my business plan, I am faced with many challenges because I am creating a new market. Currently, there no broadcast exists, which focuses specifically on Jacksonville-area sports. Without an existing market, my organization is in the position to become the market leader, but it is not guaranteed. As Turner points out, you need to move fast because competitors will move in and take over if you do not move quickly. Therefore, I must build a detailed business model to ensure my entrance into the market is a smooth transition, which will not allow my competitors to take control. Ensuring a smooth, quick transition is key, so I must focus on the details and not just gloss over them.

Be aware of your weaknesses: Mark Cuban builds on Turner’s advice stating that you must be aware of your weaknesses. While Turner advises you enter the market quickly, Cuban follows up emphasizing you must be assessing everything your company is doing. While an organization may be the market leader today, it does not mean they will be tomorrow.

After establishing my company, I cannot become complacent. By examining and evaluating my company’s operations, I can identify my strengths and weaknesses. An awareness of my company’s successes and failures will allow me to adjust and support my organization’s future growth. If I were ignorant or ignored my company’s weaknesses, I could be easily overtaken by the competition and lose my position in the market.

Most important section for investors:

Target Market: Establishing a need for my new market: Since I am creating a new market, I need to convince investors that my business is needed. While I may be passionate about my new business, passion alone will not convince investors to support me. In order to convince investors my business is needed to fulfill an unmet need, I must thoroughly explain my target market. Investors will not support my organization unless I show I have an understanding of my target market, and I have the ability to exploit this market. After reading this section, investors must be convinced that there is a need for my business, and if I cannot convince them, the rest of my plan does not matter.

Asay, M. (2009, March 28). Mark cuban: open-source your venture funding [Web log message]. Retrieved from

Fell, J. (2011, March 15). Mark cuban: three tips for startups. Entrepreneur. Retrieved from

Media mogul ted turner addresses graduates on johns island. (2010, May 22). Retrieved from

O'Hara, K. J. (2011). True grit how ted turner succeeds in business. Smart Business Atlanta, 8(8), 14-19. Retrieved from EBSCOhost.

Spaeder, K. (n.d.). How to research your business idea. Entrepreneur. Retrieved from

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