Feasibility Study Lessons from Bette Midler
Written by Jay Turo on Wednesday, March 12, 2008
We speak every week to many entrepreneurs and managers of emerging and middle market businesses seeking our assistance in strategizing, drafting, and packaging business plans.
Sometimes, the client has a very clear idea of their business vision, their key value propositions to their core target customers, an understanding of the competitive landscape in which they exist, and their mission critical milestones.
More often, however, folks come to us with a great idea, a contagious enthusiasm, and a gut, intuitive "feel" that there is a real opportunity in the marketplace for their business vision.
At Growthink we naturally share this enthusiasm, passion and excitement, and are fundamentally eager to dive right into the business plan drafting and the business-building process. We pride ourselves on being entrepreneurially allied with our clients and embodying a proactive, solutions-focused approach to the challenges and heartaches inherent to the entrepreneurial process.
But almost invariably, in short order what is revealed is what Bette Midler sang about in “From a Distance” – that “the world looks blue and green, and the snow-capped mountains white…and the eagle takes to flight” – with the unsaid being that upon closer inspection there is very little that is without blemish nor complexity.
Nowhere is this truer than in a business plan. There are no perfect ideas – no “slam dunk” business models driven by such creative insight and breakthrough that the business plan development process is simply a matter of documenting it on paper for posterity's sake.
Instead, the sometimes convoluted, sometimes messy, and always challenging process of fleshing out the various multi-faceted aspects of a business – its marketplace, its competitive realities, its profit model, and its “Monday morning” action plans – is where the new business idea will face its first real viability test. It is not an undertaking for the faint of heart nor for the lazy as it is hard, time and energy-intensive work. Those, however, that get through it can take solace in that they have dramatically increased their business’ likelihood of eventual success - and correspondingly - its value.
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