The common denominator between everyone competing in the Big Idea Competition is that we all have a dream. Not an idea, a dream. I know how that sounds given the title, but bare with me. We all have a dream to do great things, become successful, win first place, etc… The lab is designed to help you turn that dream into a reality by guiding you through the organizational process of our business. When Dr. Morris was lecturing I was reminded of a conversation I had at a place I used to work. An older and successful doctor asked me what my plans were. I told him I was going to start a Masters degree in Entrepreneurship. And he responded saying, “Why would you ever get a master’s in that? Aren’t you supposed to just go and try, and fail, and fail, and fail some more until you get it right?”
You can do that. You can go ahead and throw crud on the wall and see what sticks. You can make appointments with bankers to try to get financing relying solely on your wit and charm. You can put out a product and pray to whatever deity you prefer that people will buy it. You can do whatever you want because you live in the greatest time in history to start a business, where people are finding solutions to problems we didn’t know we had, and you can do business with almost anyone anywhere in the world! You can do all of those things, but here’s what you should do.
You should write a business plan. You should use that writing process to thoroughly vet your idea. You should evaluate the value of your ideas. You should figure out how to make money. You should formulate all the ways to make your ideas operational.
The business plan brings discipline, order, and logic to your thinking. The business plan can help you recruit talent. The business plan will help you get financing. People who give you money expect to see some proof that you can deliver. The business plan is your best guess of how you will make a return on their investment.
I’ll leave with you with one story. I recently, no more than 4 months ago, had coffee with a local ‘entrepreneur’. He had just launched his website and was already getting orders for his product. He was telling me his ‘entrepreneurial story’ and said that he’d been writing his business plan for months until a friend told him to throw it out and start working.
He is no longer in business – crashed and burned in the span of 4 months.
A business plan will guide you through all of the decisions you are going to have to make. Being in a lab or having mentors or friends review your plan will punch holes in your plans where you didn’t know any existed. Professor Rossi says, “You need someone to tell you that your baby is ugly!” Dr. Morris says, “To be successful you will need to develop some thick skin.” It is a long and hard process, but it will be worth every edit and revision you make.
To see more on the Big Idea Business Plan Competition check out http://warrington.ufl.edu/centers/cei/bigidea/ and view our web series on the competition on our YouTube channel. And follow along on Twitter with the hashtag #UFBigIdea.
*Much of the content of this post is inspired by Dr. Morris’s lecture at the Big Idea Competition.