More Tips for Your Small Business
Get advice teach you how to strengthen the public image of your small business. Check out more from AOL Business & Career Coach Jake Steinfeld, plus get additional tips and information on leading a successful life from all of our AOL Coaches.
- Listen to Jake's AOL Podcast
- Find Out More About Jake Steinfeld
- Buy Jake's Latest Book
- More Business, Career & Self-Help Interviews
- Additional Business & Career Features
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Jake Steinfeld: Bethanne, how you doing?
Bethanne Patrick: Fine how are you?
Jake Steinfeld: Well I have to tell you something. Since the last time we spoke, I’m feeling very excited about life.
Bethanne Patrick: And that is because....
Jake Steinfeld: Not because I’m not that excited about life ever, but just more so today.
Bethanne Patrick: Because your book, Business Secrets From The Ultimate Street Smart Entrepreneur is out?
Jake Steinfeld: I’ve got to tell you something -- a few things. This is my fifth book; my first business book. I can't tell you how proud my mother is.
Bethanne Patrick: Yeah Ms. Steinfeld.
Jake Steinfeld: We hit the 'Wall St. Journal' best seller list last week at number twelve.
Bethanne Patrick: Congrads.
Jake Steinfeld: And the 'New York Times' extended business best seller list at sixteen last week.
Bethanne Patrick: Excellent.
Jake Steinfeld: Oh my goodness! This is exciting news. But you know what is exciting -- not that I didn't expect the book to do really well -- but because I know what's going on in this country with people. Many people just aren’t happy in their present jobs. All I have to do is say, if you are not happy with the job, then I want to hear from you whether it is on a call in radio show or hopefully something like what you and I are doing right now. It is amazing how many people get up in the morning and go to work and do not like what they do. It just boggles my mind.
Bethanne Patrick: You want to change that for them. You want to help change that. So today we are going to talk about some specific things that people can do to help change their lives, so that they can become the entrepreneurs that they want to be with the ideas that they've got.
Jake Steinfeld: Absolutely. The idea is that everybody that has a dream has the potential to being a street smart entrepreneur.
Bethanne Patrick: Great! Let me ask you some specific questions. What is the difference between a street savvy business plan and a business school business plan?
Jake Steinfeld: I think it is very simple. I teach you and walk you through how to put together a street smart business plan. Any entrepreneur that puts something down on paper whether you call it a business plan or a map, it is just that a map. It is map of being able to get from start to finish.
What I purpose is that you put this idea down, don't give me the MBA mumbo jumbo; just give me the facts. You don't want to give the perspective investor everything because you want them to meet you. So you give them enough that it wets their whistle, gets them excited and you are able to get that meeting. When you get the meeting, you are the business plan. It is a live presentation.
Bethanne Patrick: How long should a business plan be?
Jake Steinfeld: Everybody is very different and every business is very different. Only you know how long you should make your business plan. As I mentioned in the beginning, you don't want to bore the person who is reading your business plan. You want to be able to get across to this person what you want, what you need, what you are providing, what you are presenting, what you are building, and what you are making. This perspective investor has/is reading probably twenty to thirty business plans and they all look the same. So keep it short, keep it tight and tell your story. You want that next meeting.
Bethanne Patrick: What are the important elements of a business plan?
Jake Steinfeld: You got to have a kick-ass idea. If you have a kick ass idea, you need to be able to explain it and how it functions. Why this is going to succeed and how much of money do you need? Who is on your management team? Who is going to be running the show? You may have the idea but you need to be aware of your limitations and get good people around you. You are the front man -- the entrepreneur -- to sell, but you have to have good people around you (someone to watch the store) to be able to make the business tick. [In the business plan you need to address these points:] the kick-ass idea, the amount of money needed, how the money is going to be spent, your management team and when the investor(s) are going to start to see a return.
Bethanne Patrick: For the people that are trying to write these, how does a person know when they need to get help writing a plan? Let's say they followed all of these steps, when do they know to get someone to help?
Jake Steinfeld: You should get someone to help you immediately. I've never put a business plan together myself and if you think that you can, I think that you are cheating yourself and your idea. The best thing to do is to get someone that you trust that has an understanding of a business plan. You are the business plan. So you are going to direct this person in how and what you want to say. They will be able to put the plan together the way you want it presented. The way I like to think about it is to do something different; make it different. You wan to get that face to face meeting and this is a way to do it.
Bethanne Patrick: Fine how are you?
Jake Steinfeld: Well I have to tell you something. Since the last time we spoke, I’m feeling very excited about life.
Bethanne Patrick: And that is because....
Jake Steinfeld: Not because I’m not that excited about life ever, but just more so today.
Bethanne Patrick: Because your book, Business Secrets From The Ultimate Street Smart Entrepreneur is out?
Jake Steinfeld: I’ve got to tell you something -- a few things. This is my fifth book; my first business book. I can't tell you how proud my mother is.
Bethanne Patrick: Yeah Ms. Steinfeld.
Jake Steinfeld: We hit the 'Wall St. Journal' best seller list last week at number twelve.
Bethanne Patrick: Congrads.
Jake Steinfeld: And the 'New York Times' extended business best seller list at sixteen last week.
Bethanne Patrick: Excellent.
Jake Steinfeld: Oh my goodness! This is exciting news. But you know what is exciting -- not that I didn't expect the book to do really well -- but because I know what's going on in this country with people. Many people just aren’t happy in their present jobs. All I have to do is say, if you are not happy with the job, then I want to hear from you whether it is on a call in radio show or hopefully something like what you and I are doing right now. It is amazing how many people get up in the morning and go to work and do not like what they do. It just boggles my mind.
Bethanne Patrick: You want to change that for them. You want to help change that. So today we are going to talk about some specific things that people can do to help change their lives, so that they can become the entrepreneurs that they want to be with the ideas that they've got.
Jake Steinfeld: Absolutely. The idea is that everybody that has a dream has the potential to being a street smart entrepreneur.
Bethanne Patrick: Great! Let me ask you some specific questions. What is the difference between a street savvy business plan and a business school business plan?
Jake Steinfeld: I think it is very simple. I teach you and walk you through how to put together a street smart business plan. Any entrepreneur that puts something down on paper whether you call it a business plan or a map, it is just that a map. It is map of being able to get from start to finish.
What I purpose is that you put this idea down, don't give me the MBA mumbo jumbo; just give me the facts. You don't want to give the perspective investor everything because you want them to meet you. So you give them enough that it wets their whistle, gets them excited and you are able to get that meeting. When you get the meeting, you are the business plan. It is a live presentation.
Bethanne Patrick: How long should a business plan be?
Jake Steinfeld: Everybody is very different and every business is very different. Only you know how long you should make your business plan. As I mentioned in the beginning, you don't want to bore the person who is reading your business plan. You want to be able to get across to this person what you want, what you need, what you are providing, what you are presenting, what you are building, and what you are making. This perspective investor has/is reading probably twenty to thirty business plans and they all look the same. So keep it short, keep it tight and tell your story. You want that next meeting.
Bethanne Patrick: What are the important elements of a business plan?
Jake Steinfeld: You got to have a kick-ass idea. If you have a kick ass idea, you need to be able to explain it and how it functions. Why this is going to succeed and how much of money do you need? Who is on your management team? Who is going to be running the show? You may have the idea but you need to be aware of your limitations and get good people around you. You are the front man -- the entrepreneur -- to sell, but you have to have good people around you (someone to watch the store) to be able to make the business tick. [In the business plan you need to address these points:] the kick-ass idea, the amount of money needed, how the money is going to be spent, your management team and when the investor(s) are going to start to see a return.
Bethanne Patrick: For the people that are trying to write these, how does a person know when they need to get help writing a plan? Let's say they followed all of these steps, when do they know to get someone to help?
Jake Steinfeld: You should get someone to help you immediately. I've never put a business plan together myself and if you think that you can, I think that you are cheating yourself and your idea. The best thing to do is to get someone that you trust that has an understanding of a business plan. You are the business plan. So you are going to direct this person in how and what you want to say. They will be able to put the plan together the way you want it presented. The way I like to think about it is to do something different; make it different. You wan to get that face to face meeting and this is a way to do it.
