From time to time we ask ourselves whether this MBA program was of any use for us. Do we understand different aspects of business better? Did we gain any knowledge that would be practically applicable? And of course if our investments of money, time and efforts were worth it…
Those are not easy questions. Probably we’ll be able to answer them only after couple of years.
However last week an interesting happened to me. My brother told me that he was planning to write a business plan. He had an idea and there were potential investors for realizing it. So he asked if I have any tips for writing a business plan. First of all, I should say that I was proud that my extremely intelligent ‘Big Brother’ was asking my advice. That is the influence of an MBA status I suppose )))
And I surprised myself how eager and excited I was about that topic. First of all I told him everything I knew about business plan writing from our Strategy class (see related links below) . Those were quite practical tips on structure and style of a business plan, do’s and don’ts, etc. Besides, I recalled that one of guest speakers of MBA Entrepreneurship Club gave a good advice that “presenting to investors you are selling the idea, not numbers or anything else”. So the key is to really believe in your idea, be confident and inspired – and inspire others. I also suggested different options on promotion and distribution channels referring to the discussions we had in Sales Relations class.
So we talked for an hour and developed a draft plan of what to do. During next two days we were exchanging ideas. And after that my brother sent me the draft of his presentation to investors. It was really catchy and interesting, plus creative and original. I cannot imagine what would happen if my brother took a full MBA course, if he got the point so easily just after listening to my summarized tips!
Leaders should celebrate small wins in order to motivate their team (this is again from one of our courses, Leadership). I am celebrating my own small win these days. I had a chance to see that my learning from MBA can work in practice.
– Nargiza Kalmamatova
How to write a great business plan, W. Sahlman (article ; full paper)
Are you sure you have a strategy?, Hambrick and Fredrickson