By Nancy Dahlberg
The Miami Herald
WWR Article Summary (tl;dr) Great article featuring highlights from this week’s Miami Herald Business Plan Bootcamp. When it comes to developing a business plan, Melissa Krinzman, one of the top women in business in Miami says simplicity is key. She says that you need to get your concept across in the first few sentences of a plan or first few minutes of your pitch, so an investor doesn’t spend all her time figuring out what you do.
The Miami Herald
What are the most important elements of a short business plan? What characteristics should you look for in a management team? What is the biggest reason new companies fail? What will make an investor fall in love with your company?
Many of the 250 attendees of our Miami Herald Business Plan Bootcamp submitted these questions and many more on their registration forms, and they became the foundation of a lively discussion at Miami Dade College this week.
Here are some of the the takeaways from the forum featuring early-stage investors Melissa Krinzman and Mark Kingdon and startup entrepreneurs Antonio Otalvaro of Raw Shorts, Silvia Camps of Stow Simple and James Jones of Court Buddy, who were all previous winners of the Business Plan Challenge, the Miami Herald’s annual contest for entrepreneurs. Entries are now being accepted, and more information about the contest is on MiamiHerald.com/challenge.
–The business plan: To do or not to do.
Kingdon believes entrepreneurs should do a business plan, including market size, product differentiation, product road map, team and detailed financials. A good discipline is to develop a business plan and then summarize it into a sharp, snappy pitch deck of 10 to 15 pages, he said. “It’s the thinking that goes into the business plan that is most important,” said Kingdon, who has invested in two-dozen startups and has headed three tech companies.