Thursday, August 25, 2011
A Graduate’s Retrospective.
I can still se myself sitting in my garage, wondering what I was going to do with my career. One of my wife’s friends had gone back to school years before and he went to Full Sail University. I thought it was worth checking in on, when I did I found a University with my own set of interests. I decided to get information about the school and my wife though it would be cool too. After researching the school and our financial capabilities, my wife and I decided to drop the hammer. We sold our 12,050 square foot house in coastal North Carolina and our Volkswagen Jetta and move to Orlando Florida. I think everyone who knew us also knew we are very strong people, but I think they might have had some reluctance to see us off.
After our first year, we accomplished some very great things. I received numerous course director’s awards and almost straight A’s throughout the entire Associate’s program. We had planned to continue onto the Bachelor’s of Entertainment Business program, however a wonderful opportunity presented itself close to the end of the first year. There was a Bachelor’s of Recording Arts now available and for me it was a completers’ course. We headed into year two and the Bachelor’s of Recording Arts program. We had many goals set from the very beginning and we blew past them in the first year. At the end of the second year I had risen to the top of my graduating class and received many more course director’s awards than the previous year. My wife and I had joked with each other during the first graduation, “What if I was chosen to give the commencement ceremony speech next year?” I said I would be like Rodney Dangerfield in Back to School, we laughed. To my surprise, during one of the last class meetings with career development, the graduation staff came in and we were voting for that very gift. I was shocked to find my name within the running for giving the commencement speech for our graduation. I was blown away to hear that I was eventually chosen to give said speech. Then the realization of actually giving that speech came to me and I stressed for the remainder of the time in the program. I typed a speech I though appropriate and we headed off to my second graduation. As I stood in cue to go on stage and receive our diplomas, I was pondering on what I would say when I gave my oncoming speech, especially since the young lady in the graduating class before me had already given three out of the four quotes I had in my speech. Talking about having to think on your feet. Somehow I made it through and with flying colors again.
We embarked on the final destination late last year, the Master’s of Entertainment Business program at Full Sail University. As you may guess, we are pretty insane by now. When I think about all I have learned over the coarse of my tenure at Full Sail and the many journeys intertwined within said journey, I feel a great sense of accomplishment and wonder where this road will intersect with another. I have learned not to have any preconceived notions about life, just when you think you have it figured out and can follow that concrete plan you’ve spent so many hours concocting, boom, you’re picking up the pieces. You have to take all of the information flying at you and value the valuable, while ejecting the trash. The last stop, the runway, the breaks are slowly drawing to, we are so very close to finishing what seemed like an insurmountable task. We have only one more month to go and we will have completed the Master’s of Entertainment Business degree program at Full Sail University and we are the better for it. We have grown as individuals, we have grown as professionals, and we have grown as a couple. I am so proud of my wife for being supportive no matter how uncomfortable the situation was. She has and will always be there for me and I her. I have said it many times, but now I know, there isn’t anything my wife and I can’t accomplish together. We will now put all of the planning and learning to work and soon start our business together. I look forward to a successful future together with my wife doing the things we love to do for support of our lives together. With God, anything is possible.
Saturday, August 6, 2011
Business Plan Tips from the Masters!
We will take a look at the business behind it all this post. We will be looking at who I consider the top three entrepreneurs in America today; Donald Trump, Mark Cuban, and Warren Buffett. These businessmen have a proven track record of starting and perpetuating very successful entities for many years. In my own short experience with running businesses, I have noticed that a good plan in the beginning will help lock you into a successful track. Disorganization is one of the biggest killers of new businesspersons.
According to an interview by associatedcontent.com, Donald Trump listed business plans by saying,” Solo practitioners are probably the worst offenders of this. Without a plan, it is a plan to fail.
It is too easy to become distracted, or find the newest thing to promote. With a business plan, there is a direction and a focus.” I remember back in the 80’s, Donald Trump went broke! However, he had a distinct focus and a plan for getting through it and return to his once prominent status. While the argument remains weather a prominent upbringing produces a prominent well being or not is still under discussion, but either way the production and execution of a strong business plan is key to success.
Many people are very aware of Trump and Buffett, but not so many are aware of Mark Cuban.
Mark was only born in July 1958, which makes him fifty-three, but he is also the flamboyant owner of the Dallas Mavericks NBA basketball team, and Magnolia Pictures just to name a few. On Mark’s personal blog site blogmaverick.com, Marks lays out his idea for a business plan and most direct road to becoming rich. He says, “First thing not to do is use credit cards. Save as much money as you can, put them in six month CD’s. Remember, cash is king. Be a smart investor, invest in things you like and can enjoy. Do a lot of reading on the subject of business and finances, become knowledgeable. The main message is discipline, especially in the first years of business.” Mark created his version of a successful business plan and followed through with it to create a mega-empire for himself.
Last, but not least is Mr. Warren Buffett. In 2008 Buffett was ranked as Forbes richest man in the US, only to be toped by Bill Gates as of recent. For Buffett it was always about keeping the overhead low and the revenue high. That simple business practice made Buffett only a lot himself an annual salary of $100,00 and continue to live in the same house he bought in 1957.
Truly Warren Buffett believes in a strong business plan as he stated in his Annual Report, I found it on klariti.com. Buffett had nine steps to effective business and they were listed as follows. Customer Focus, facts like sticking to the facts in what you know. Include technical and legal document as attachments meaning having the information you may need in a Appendix to be easily referenced. Jargon, which is writing in a professional tone avoiding slang, jargon and acronyms. One page max meaning to try to keep your business communication down to pone page in length. Proof the letter, checking and having a trusted colleague double-checking all forms and letters that leave your desk. See the big picture, this is what is considers taking a good look at all the possibilities before you even began. He suggests using short words and not trying to sound more intelligent that you probably are. Not meaning you are not intelligent, but no Nobel prizes were handed out for emails. Finally, structure your letter, this means before writing a letter, make a list of key points that you need to cover. As you see, Warren Buffett was much more about structure with his business plan. He was in a way much more involved on a paper trail level than Trump or Cuban.
According to a 2009 article from the New York Times, there are five things potential investors are looking for in a business plan. First, investors want to see your background in the industry and business experience. Second, they want to see a need for the product or service you are inquiring about funding for. Most do not want to invest in little ideas. Third, no matter how unique your product is, show that you know your demographics and will reach your target market in an ongoing manner. Fourth, they want to see that you have researched and know your competitors very well. They also want to see how you plan to contend with your competitors and how you will distinguish yourself. Lastly, investors expect to see a return on their investment. They want to see realistic financial projections that show how ling it will take for the business to show a profit and for them to recoup their initial investment.
Keep all of these items and ideas in mind before you begin to start your business. Remember, many of the most important things you need to do as a new business owner start long before you ever are actually selling a product. Creating a business plan and not becoming distracted from that plan is one of the most important things to practice. I hope you received some information that you didn’t think about before. If you want to read more about these powerful businessmen, or want to see the articles that inspired me to write this blog, check out these sites:
http://www.nytimes.com/allbusiness/AB12322189_primary.html
http://www.klariti.com/business-plan/warren-buffets-nine-steps-to-effective-business-english/
http://blogmaverick.com/
http://www.associatedcontent.com/article/1634723/ten_donald_trump_business_tips_for.html?cat=3
According to an interview by associatedcontent.com, Donald Trump listed business plans by saying,” Solo practitioners are probably the worst offenders of this. Without a plan, it is a plan to fail.
It is too easy to become distracted, or find the newest thing to promote. With a business plan, there is a direction and a focus.” I remember back in the 80’s, Donald Trump went broke! However, he had a distinct focus and a plan for getting through it and return to his once prominent status. While the argument remains weather a prominent upbringing produces a prominent well being or not is still under discussion, but either way the production and execution of a strong business plan is key to success.
Many people are very aware of Trump and Buffett, but not so many are aware of Mark Cuban.
Mark was only born in July 1958, which makes him fifty-three, but he is also the flamboyant owner of the Dallas Mavericks NBA basketball team, and Magnolia Pictures just to name a few. On Mark’s personal blog site blogmaverick.com, Marks lays out his idea for a business plan and most direct road to becoming rich. He says, “First thing not to do is use credit cards. Save as much money as you can, put them in six month CD’s. Remember, cash is king. Be a smart investor, invest in things you like and can enjoy. Do a lot of reading on the subject of business and finances, become knowledgeable. The main message is discipline, especially in the first years of business.” Mark created his version of a successful business plan and followed through with it to create a mega-empire for himself.
Last, but not least is Mr. Warren Buffett. In 2008 Buffett was ranked as Forbes richest man in the US, only to be toped by Bill Gates as of recent. For Buffett it was always about keeping the overhead low and the revenue high. That simple business practice made Buffett only a lot himself an annual salary of $100,00 and continue to live in the same house he bought in 1957.
Truly Warren Buffett believes in a strong business plan as he stated in his Annual Report, I found it on klariti.com. Buffett had nine steps to effective business and they were listed as follows. Customer Focus, facts like sticking to the facts in what you know. Include technical and legal document as attachments meaning having the information you may need in a Appendix to be easily referenced. Jargon, which is writing in a professional tone avoiding slang, jargon and acronyms. One page max meaning to try to keep your business communication down to pone page in length. Proof the letter, checking and having a trusted colleague double-checking all forms and letters that leave your desk. See the big picture, this is what is considers taking a good look at all the possibilities before you even began. He suggests using short words and not trying to sound more intelligent that you probably are. Not meaning you are not intelligent, but no Nobel prizes were handed out for emails. Finally, structure your letter, this means before writing a letter, make a list of key points that you need to cover. As you see, Warren Buffett was much more about structure with his business plan. He was in a way much more involved on a paper trail level than Trump or Cuban.
According to a 2009 article from the New York Times, there are five things potential investors are looking for in a business plan. First, investors want to see your background in the industry and business experience. Second, they want to see a need for the product or service you are inquiring about funding for. Most do not want to invest in little ideas. Third, no matter how unique your product is, show that you know your demographics and will reach your target market in an ongoing manner. Fourth, they want to see that you have researched and know your competitors very well. They also want to see how you plan to contend with your competitors and how you will distinguish yourself. Lastly, investors expect to see a return on their investment. They want to see realistic financial projections that show how ling it will take for the business to show a profit and for them to recoup their initial investment.
Keep all of these items and ideas in mind before you begin to start your business. Remember, many of the most important things you need to do as a new business owner start long before you ever are actually selling a product. Creating a business plan and not becoming distracted from that plan is one of the most important things to practice. I hope you received some information that you didn’t think about before. If you want to read more about these powerful businessmen, or want to see the articles that inspired me to write this blog, check out these sites:
http://www.nytimes.com/allbusiness/AB12322189_primary.html
http://www.klariti.com/business-plan/warren-buffets-nine-steps-to-effective-business-english/
http://blogmaverick.com/
http://www.associatedcontent.com/article/1634723/ten_donald_trump_business_tips_for.html?cat=3
Subscribe to:
Posts (Atom)
Subscribe Now
Who is Mike Lancaster?
- Mike Lancaster
- I am a drummer and percussionist with twenty-three years experience and a audio engineer. Now I am finishing my Graduate studies for Entertainment Business. I have a Bachelor's Degree in Recording Arts from Full Sail University and I look forward to what life has in store for me in the next years.