Every million dollars you earn will start with an idea. But one idea is not enough. It must evolve into a strategy. Another word for strategy is a "plan." In today's Book-of-Day, "How to Write a Great Business Plan," Harvard professor William explains the secrets to creating your own business strategy. It's a short read. But you definitely want to buy it. Here are some of my notes for you:
1. Plan around 4 main areas:
A. Why your team is qualified (What do you know? Who do you know? How well do you know it?)
B. The opportunity (things that the entrepreneur can control).
C. The context (Things that the entrepreneur can not control.)
D. Risk and reward (Be honest about what things could make your business fail, not just about how many you could do theoretically).
2. Your plan should look like a movie about the future: Show the story from multiple angles. Unfold the possibilities of problems and you react to them. Discussing things as a moving goal does not as a guarantee that you know what the future holds.
3. Do not be too arrogant and think that you are the only one with the idea: "Among the many sins committed by writers of the business plan is arrogance." In today's economy, few ideas are truly proprietary.
Go out and do something great with your life. But do not do it at random. Make sure you are following a good plan.
Video credits to Tai Lopez YouTube channel