Business Plans

James L. Walker Jr. is an attorney that serves as managing partner of Walker and Associates, LLP, which is a leading entertainment firm.  His practices consist of entertainment, litigation, business, intellectual property and corporate law.  Walker also has an extensive resume with big name clients ranging from Bobby Jones, Jamie Fox, Bill Duke and many others.

 

Organizing thoughts and ideas for a business, or how to structure a business defines what a business plan is.  “The business plan is about results and about making your business prosper (Walker, 2008).”  The business plan is broken up into different categories that each plays a certain role.  When these categories are put into play, they should reflect off a list of goals and priorities that were written out.  It’s also key to decide on a business model for the plan.  According to James L. Walker Jr., the business plan should reflect the following attributes; credibility, objectivity, clarity, reasonableness, sufficient evidence, consistency, objectivity, clarity, reasonableness, sufficient evidence, consistency, awareness of success factors, key risks, vulnerabilities, venture planning, and sound business analysis and judgment. 

According to Walker, sections in the business plan should include: executive summary, table of contents, venture product, target market and competition, company description and venture organization, venture management, venture operations, venture financing, and appendices and exhibits.  A major part of a business plan is its budget, starting with registering the business, advances, costs, wages and salaries, office space, etc.  There should always be an eye and ear out for competition in the chosen field.  Questions that should be asked are: Who is the top company? What are the different departments of the company and how do they function? 

Russell Simmons is a one oh hip-hops pioneers.  Being the third richest figure in the hip-hop industry, Simmons has been able to develop quite a brand for himself dealing with music (Def Jam), his clothing line and his philanthropic works.  Russell Simmons has also made a name for himself with his writings, Def Comedy Jam, BET, HBO and Broadway.

Russell Simmons is another great businessman who gives incredible insight on the value of business plans.  “The idea doesn’t begin or end with a business plan for me (any good business plan will always change and evolve) (Simmons, 2007)."  Instead of having your business plan come across as a pitch, make sure it’s a piece of property that’s worth some money and something that you own.