Entrepreneurship

For those of you who do not know, I am still working on my business plan for my mobile application. In order to successfully launch my business, I must follow the examples of great entrepreneurs before me. Akira Hirai and Carl Schramm are both established professionals in the world of business that know how to create, launch and manage businesses.

Akira Hirai shows most of his focus on financial forecasting and capital formation. He believes that these two aspects of business plans are key to success when pitching to investors. I plan on implementing into my business plan a stronger sense of financial information. My first attempt at sales projections for my company was a bit aggressive, but I realized that my conversion formula was missing a couple of zeroes. Initially, I was selling $15 per unit, but the correct formula is $15 per 1000 units. Reading more information about Akira Hirai and speaking to my professor Michael Taylor, I realized that is very important to always review your numbers before presenting to potential investors. I also learned that I should strive to be optimistic, but always plan for the best-case scenario as well. Having outrageous sales projections could result in the total collapse of a new company. In my opinion, great financial projections would be the most important aspect about a business plan.

Carl Schramm is a University Professor at Syracuse. “When teaching, Schramm believes in offering a curriculum founded upon practical, real-world lessons” (Orcutt, 2013). Throughout my business plan course I have learned that this philosophy is truly a great way to breed successful entrepreneurs. I plan on using his strategies by constantly doing research on my competitors and trying to implement some of their strategies inside my own. Other real world lessons I will try to implement in my plan is constant innovations and following trends. I must remember to always stay practical and realize that technology is always changing, and my product could be obsolete in a year.