Expert Views on Business Plans

Andrew Allision is a co-founder of a social media management firm.

After reviewing several entrepreneurs from http://www.youngentrepreneur.com, I found the most interesting and similar to my idea, that is Andrew Allison.

Andrew Allison and business partner Matt Stuart founders of Main Street Hub, a social media management firm in Austin, Texas. Andrew mentioned about the Entrepreneurship is a almost all day and night shift job. When we take sometime looking at the competitors, we spend more time looking at them and watching them. Every minute that we spend looking at the competitors, we spend less time thinking about our own company. I am fully agreed and always think the same way. Not that we do not look at the competitors, but we need to spend more time thinking about our business first. We then look at what our competitors are doing to have a general idea of what could be successful. I believe the key for the success in this business plan is to spend more time thinking about own business plan rather than worrying about the competitors.

Provided by

Christopher Hann, Lessons from Successful Entrepreneurs on How to Beat the Competition (2013) retrieved from http://www.youngentrepreneur.com/startingup/business-plan/lessons-from-successful-entrepreneurs-on-how-to-beat-the-competition/ on August 10, 2013.

Derek Pacque is a graduate from Indiana University (2011) and a co-founder of CoatChex.

Derek started his coat check at the bar and event while he was in school and hire his college friends to start with. He connects with other business owners and shares revenue for its venue. Derek started CoatChex after he graduated in 2011 and starts to check in at a bigger event and charge more. His idea started from his own experience in difficulty situation at the bar or restaurant where he had to carry his coat or wear it all night long or hang it somewhere then lose it.

Derek developed a CoatChex company and continues to create an application to further his security and convenient process for the customers.  

I believe the key for Derek in his business plan is to create an application and connect social media with the partnership of large venue to generate bigger margin.

Provided by Jodi Helmer, Inside a College Entrepreneur’s Unique Coat Check Business (2013) Retrieved from http://www.entrepreneur.com/article/226384 on August 10, 2013.