How To Be Rich, Nigga by Gerard D. Spinks
In my book, this chapter is called “Creating Your Plan” but I changed it for the blog. Traditional wisdom and Harvard MBA types will tell you that you have to create a huge business plan full of market analysis, sales strategy, funding plan, and all of this type of nonsense. I’m here to tell you that I have personally witnessed corporations in the Silicon Valley secure $30 Million worth of business funding with a two page business plan and a couple of Microsoft Powerpoint Presentations.
I used to think that I needed elaborate business plans and then go to a bank and show them my great business plan with all of my research done and they would certainly give me the funds to start my business since I’m able to convince them how big the growth is in my industry.
This will not work. This type of planning is for people who are well connected with family and friends with money and who have family members who are bankers, accountants, lawyers, and investors to move the funding package through when others say no. It doesn’t apply to us black folks. Your plan needs to be no longer than 3 pages. It needs to simply identify your goal and your overall objective. It then needs to detail in those three pages how you are going to begin and sell your product or service to your core audience.
In order to get bank financing, the bank needs to see that you have the ability to sell your product or service to customers in at least 24 consecutive months before they even dream of giving you money. White people have a much easier time with this though in America. For black people, we need to hustle this ourselves. Not saying it can’t be done, but you must rely on self for the first 24 days and prove that there is a market for what you sell by selling it. This is why I say that it is a complete waste of time to do a comprehensive business plan with full market research until you’ve at least done a proof of concept on your stuff.
