How To Write A Great Business Plan

The Tai Lopez Show

Tai Lopez

Business

4.8 • 6.9K Ratings

🗓️ 1 July 2015

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Every million dollars you earn will start with an idea. But an idea isn't enough. It must evolve into a strategy. Another word for strategy is a "plan." In today's Book-of-the-Day, "How to Write a Great Business Plan" the Harvard professor William explains the secrets to creating your own powerful business strategy. It's a short read. But you definitely want to buy it. Here are a few of my notes for you:

1. Plan around 4 main areas:
A. Why your team is qualified (What do you know? Whom do you know? How well are you known?)
B. The opportunity (Things the entrepreneur can control.)
C. The context (Things the entrepreneur can NOT control.)
D. Risk and Reward (Be honest about what things could make your venture fail, not just about how many you could make theoretically.)

2. Your plan should seem like a movie about the future: Show the story from multiple angles. Unfold possibilities of problems and you reacting to them. Discuss things as a moving target not as a guarantee that you know what the future holds.

3. Don't be too cocky and think you're the only one with the idea: "Among the many sins committed by business plan writers is arrogance. In today's economy, few ideas are truly proprietary."

Go out and do something big with your life. But don't do it randomly. Make sure you are following a good plan.

Stay strong,

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Transcript

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0:00.0	All right do you need a business plan to make a million dollars people ask me
0:05.6	all the time you know do you have to write out this big thick business plan if
0:10.3	you want to do something big so instead of my opinion I'm gonna give you this
0:13.9	William Solomon this is a book from Harvard he's a famous professor there
0:18.4	called How to Write a Great Business Plan. Now I will have to say that most of
0:24.2	the ideas that people pitch to me I'm an investor are usually not good business
0:29.2	ideas in fact there's one that I coined called the strawberry juice idea one of
0:35.6	my friends I won't say who it is he had an idea for me that he was always trying
0:41.6	to pitch it well it's not the worst idea from a one to ten of a business plan
0:45.4	idea I would give it like a six and his idea his idea was to import strawberry
0:52.5	juice to America the reason that it became went from being a six down to like a
0:57.8	two is because he talked about it over and over for many years so it could
1:04.4	make a million dollars and a lot of people you know like I said the original
1:08.6	question do you need a business plan to make a million dollars and I think the
1:11.4	answer is this it starts like this every million dollar business billion dollar
1:16.2	business starts with a little seed of an idea so ideas first but an idea is not
1:21.1	enough lots of people have ideas in fact this book says don't be airy the odds of
1:27.0	you having a unique idea in a world of 7.3 billion people it's very rare so you
1:33.1	go from idea to what I call strategy that is a is like an idea on steroids so the
1:40.7	other word for strategy the conventional word is a plan so what are the
1:45.1	components of a good plan has anybody here ever tried to write a business plan
1:50.3	this by the way is my office here one of the offices I made everybody listen
	...

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