Seasoned Advice about Writing a Business Plan

I am hardly an expert on writing business plans, but I have spent a considerable amount of time and effort researching those who are.  For instance, John Meyer, Julie Brander, and Steve Bloom recently discussed how to start a small business and the importance of a creating a solid business plan, during a webinar I attended that was hosted by SCORE.  A brief background of each of these speakers, as well as a synopsis of what they had to say can be found in my last posting, titled The Components of a Successful Business Plan. 

While researching business plans, I have since collected more information about:

·      how to write them,

·      what to include,

·      what investors look for, and

·      what sections are most important. 

The advice I gathered from countless sources, in addition to the guidance from my current Business Plan Development professors at Full Sail University, Mike Koch and Steve Burhoe, have helped me construct and modify a business plan I am in the process of completing.  I thought I’d share some of the highlights of this advice with you.

MANAGEMENT SECTION

What struck me as the most surprising, is that investors are many times most extremely concerned with the Management section of a business plan.  In fact Planigent, a company that writes and modifies business plans for its clients, says:

many Venture Capitalists will admit “they would sooner back a good idea with great management, than a great idea with only so-so management.”

In fact, it was the realization that my management better be experienced, have proven results, and be knowledgeable about the industry of my future business, that forced me to completely change the structure of my company so that I could include notable and established people in business and in the industry. 

It’s important to note that entrepreneurs with a great idea but no experience shouldn’t be completely discouraged.  Find ways to include key personnel, even if they aren’t going to be full-time or on your payroll at all.  Recruit mentors, volunteers, and professionals who have excellent credentials.  Make sure you mention anyone noteworthy who will be involved in any way- even just as a member of your Board of Directors or as an informal advisor.  Assuring investors that you have key people around you who will guide you to success is key.

EXECUTIVE SUMMARY

I don’t believe there was anything I read or anyone I found who said anything other than that the Executive Summary is THE most important part of a business plan, by far.  The Executive Summary is like a business plan within a business plan.  What I’ve learned, is that investors are busy people.  They are inundated with hundreds of business plans.  They don’t have time to sit down and read hundreds of pages of hundreds of plans.  The Executive Summary is a summation of all of the absolutely critical points in the entire proposal.  It has to function as a way to pull investors in.  If you are able to spark an interest from your Executive Summary, you’ll have a much better chance at enticing an investor to read more.

What I have also learned, is that although the Executive Summary is the first section of a business plan, it should be the last section to write.  MasterPlans, another business plan writing company, explains that the Executive Summary cannot be properly developed until you develop the remainder of your business plan.  This section should ideally only be 1-2 pages, and should highlight all of the key pieces of information from every other section that you want an investor to know.  Writing concisely is crucial.   It is much more difficult to write something brief, than it is to be verbose.

COMPETITION and RISKS

Although you would think that an investor wants to hear that your business has no competition- there’s nothing like it- and also that there are no potential obstacles your company may face, you are dead wrong.  Investors want to know that you have done your homework. Understanding who your competition is, shows that you know who your target market and customers will be.  And analyzing setbacks you may encounter, proves you have thought about what could happen and how you will address it if it does.  Trying to pretend that you face no future problems makes it seem as if you are extremely naïve and not prepared to run a business, or that you are not being straightforward and truthful with the investors.  If they don’t trust what you have to say in the business plan, they are never going to trust that you’ll return them their money.

OTHER THINGS TO CONSIDER:

·      Constantly tweak your business plan.  It is NEVER completed!  Things change every day and you have to account for that in your plan.

·      Proofread!  If your plan has mistakes, it’s a bad reflection on you.  In the eyes of investors, if you are careless with your plan, you will be careless with your company.

·      Make your plan stand out.  Because you are competing for the attention of these investors, do something above and beyond to set your plan apart from the rest.

·      Prove to investors that they will get their money back.  Focus on the financials- how much money will be made and how will money be spent- as well as on industry trends.  Make sure there’s a current and future need for your business.

If you would like additional information on business startups and writing a business plan, here are some free resources to utilize:

·      Free courses offered by the U.S. Small Business Administration about how to start a business.

·      Links to valuable business plan research.

·      Weekly newsletter of Venture Capital News Digest.

·      Business planning resources by BPlans.

In addition, there is a substantial amount of information on the Internet, including business plan templates and advice, by simply performing a search for “Business Plans”.

Good luck!

The Components of a Successful Business Plan

It is the era of the entrepreneur.  Never before have more people taken on new business ventures, or have been so supported and encouraged to do so. 

This morning I attended a live webinar called, “How to Really Start Your Own Business”, hosted by SCORE, “a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship”.

The session was presented by 3 business professionals: John Meyer, Julie Brander, and Steve Bloom; all of whom are SCORE mentors. 

·      Mr. Meyer works for The Company Corporation, and is a small business expert.  The Company Corporation counsels small business owners, and helps them file all of their legal paperwork when starting a business. 

·      Mrs. Brander has over 20 years of experience as a small business owner, and has started numerous small businesses in an array of industries. 

·      Finally, Mr. Bloom is an entrepreneur who teaches classes on small business startup and how to formulate a successful business plan. 

In much of today’s webinar, the presenters discussed the importance of creating a successful business plan, and the most significant aspects of it.  Because business plans are such detailed documents, we only scratched the surface today.  However, the mentors agreed on several key components:

           

·      Make sure it’s clear.  If an investor doesn’t understand your concept, why would he or she invest in it?

·      You must prove your business is unique, and that there is a need for it.  Include extensive data on your competitors, noting their strengths and weaknesses, and how and what you plan to learn from them.

·      No mistakes!  If potential investors see typos, your plan will go to the bottom of the pile… or in the trash can.

·      Make sure it’s personalized.  Make your business plan stand out from the rest.  Demonstrate your fire and passion!

·      Pay attention to the Executive Summary section.  This section is the most important, because you need to give an investor a clear understanding and picture of what you are trying to accomplish.  If you are able to captivate an investor by reading the Executive Summary, you’ll entice them to read more.

·      Make sure you surround yourself with good people.  Investors want to know that the business is in the hands of professionals with proven experience.

·      Make your plan a living, breathing document.  Steve Bloom completed 5 business plans in 2 years for the same company!

·      Show you are an expert.  Read everything you can and learn everything there is to know about your industry and convey that knowledge in your business plan.

·      Prove that your company is a good investment.  Investors want to know they are going to make money, so discuss industry trends and include detailed financials about the company and how it is projected to grow over time.  Also discuss how you plan to utilize their money.

·      Do the research.  Know the facts inside and out, and include as much pertinent information as possible.  Include an appendix that contains all supporting documents.

·      Follow advice!  If investors have suggestions or recommendations, listen to them!

I found today’s webinar to be extremely informative.  Most importantly, I learned that there are plenty of resources to help you turn your dream into a reality, so don’t let insecurity or lack of knowledge hold you back.  There are people to help.

In addition to free mentor advice from SCORE, The Company Corporation also provides guidance.  Finally, please visit: www.bplans.com to view sample business plans. 

Here is a short video about the benefits and services of using SCORE:

You can find contact information for these services below.

The Company Corporation helps small business owners form their businesses.

www.incorporate.com

800.818.6082

SCORE provides over 13,000 mentors and has 364 local chapters throughout the United States.

www.score.org

800.634.0245

Just do it! Good luck!!!

Who Decides which Trailers to Show Before a Movie?

News broke today that a third trailer for Warner Bros.’ The Dark Knight Rises, of Batman heritage, will be shown prior to DC Comics/Marvel’s The Avengers, which debuts May 4th.  Because these films are from different studios, it made me wonder who decides which trailers are going to be paired with, and shown before, which films.  I did a little digging to find out.

There are numerous forums that discuss this very issue.  Although I did find some conflicting answers, the best answer I found said that usually one or two trailers are attached to a particular film, and are often shown immediately preceding the feature.  Most of the time, these attached trailers are from the same studio, so that they can promote one of their own movies due to be released in the near future, although sometimes that isn’t the case.  Obviously, that won’t be the case with TDKR’s trailer being shown before The Avengers.   A Warner Bros.’ executive told Deadline's Nikke Finke , “We see this placement as a good strategic decision. We always want our trailers to be seen with films that people want to see — and a lot of people will be going to The Avengers!” 

The other trailers shown are chosen by each theater.  Therefore, most of the time, if you happen to see the same movie at two different locations, you’ll end up seeing a least a few different trailers before it. 

Just to be safe, I wanted to confirm these answers with noteworthy and reputable news sources (no offense to the forum contributors, of course!).  The answer wasn’t by any means littered all over the web.  I had to really search.  But, the information I gathered did support my earlier findings.

A lot goes in to deciding which trailers to show before a movie.  The studio releasing the film typically has rights to two of these slots and theater executives, in consultation with other executives from other studios, select the remaining previews.  They usually try to select previews that target the audience in the theater at that time.  Therefore, they are more inclined to choose romantic comedies to precede a romantic comedy, figuring if the viewers were inclined to buy tickets for the feature film, they will have a better chance of showing interest in an upcoming movie of similar nature than a 10-year old boy would, for example.

The Hollywood Reporter released an article a few years back that says studios basically now bribe theaters to play their trailers.  If theater operators are being paid to play certain trailers, why wouldn’t they want to play as many as they possibly can?

It seems as if it’s the general consensus that more and more trailers are shown before movies these days.  Now it makes sense why.  In fact, in the article, the National Association of Theatre Owners’ president, John Fithian, said, “We're seeing an increased pressure to play trailers, but there is a limit to what the patron can take in and retain. Playing trailers does help both distribution and exhibition, so it's important to get it right." Despite this pressure, NATO doesn't dictate rules to its members on trailer numbers, although they do pose strict restrictions on trailer length- a trailer can only be 2 ½ minutes long.

Studios and theaters manage to shock or outrage their audiences, however, if they are not careful and don’t follow the Motion Picture Association of America guidelines.  Although most previews are edited for content so they are appropriate for audiences of all ages, sometimes there is an oversight, which causes an uproar.

For instance, Warner Bros. hastily attached a raunchy trailer for The Hangover Part II to PG-13 The Source Code, forcing them to immediately pull the trailer from screens once the error was realized.  Just in February, a London theater accidentally screened trailers for The Devil Inside and Ghost Rider: Spirit of Vengeance before a cinema packed with children and parents to see Puss in Boots.  Although theaters overseas follow different guidelines, they are similar to that of the MPAA, so such an oversight proved understandably traumatic to all parties involved.  A similar mistake could easily happen here, and I’m sure it has- on more occasions than one.

Red-band trailers are once again becoming the norm, at least on the Internet, and all cinemas are likely to follow.  Regal Entertainment Group decided to start screening red-band trailers, trailers with R-rated content, again, despite a temporary lapse by exhibitors and studios alike.  However, since Internet viewers have found these trailers to be accepted and enticing, cinemas are beginning to follow suit.  Anything that helps bring an audience to watch a film is going to done by both the movie makers and the movie players. 

All-in-all, movie marketing and advertising seems to be a much more intense and important strategy than I ever realized.  Next time I’m sitting in a theater, I know I will definitely be paying attention to the trailers, as I always do, just for more reasons.  Although it’s obviously not an exact science, the more correlations I can make between trailers and films, the more I hope to understand the reasoning behind why exhibitors and studios selected the trailers they did. 

But, I guess I really don’t have to go to the movies to determine the reasoning behind the pairings. The answer that really lies beneath, just as with so many other things, is money, which stems from exposure and power.

Can 'Fashion Star' Really Find Fashion's Next Star?

Currently I am studying digital marketing, which has opened my eyes to the evolution of companies using traditional marketing methods, to relying heavily, or even solely, on the digital landscape.  Social networks and interactive websites are taking over and executives know it.  In order to reach the masses these days, a strong online presence is the way to go.

Ironically enough, there is a new show, just three episodes broadcast so far, called Fashion Star, which, in a way, is going against the digital marketing trend.  Fashion Star is a reality competition on NBC, in which designers create looks every week which are presented to buyers from Saks Fifth Avenue, Macy’s, and H&M.  The buyers decide, on the spot, whether or not to bid for each item of clothing.  If a buyer purchases a garment, that garment will be available to the public online immediately following the show, or in that buyer’s store the next day.   Instead of relying on viewers’ votes- phone calls, texts, tweets, or online, Ben Silverman, one of the producers of the show, has gone old school, according to David Knowles of The Hollywood Reporter, by taking the tech out of the scenario. See it, like it, buy it the next day.

Property of NBC

However, I disagree with Knowles to some degree, because although, yes, the way this show is structured, clothing that airs one day can be bought off the rack the next, each of the stores, Saks Fifth Avenue, Macy's, and H&M all have portions of their websites devoted entirely to the Fashion Star series.  Consumers don’t have to wait until the next day to purchase the items.  They don’t have to drive to the store, find the clothes, and wait in line.  They can order the clothes online, right from their living room, and can do so the night the episode airs.  So, once again, the technology craze has given us just one more thing we don’t have to wait for and be patient about.  I don’t know if it’s a good thing or a bad thing, but it’s definitely a fun thing.

As you can see in this video, Fashion Star is something that has never been done before. 

So, although Silverman might have taken an “old school” approach, digital marketing is still present from every angle.  Not only is there a Fashion Star website, www.nbc.com/fashion-star, which has pictures, bios, videos, and even interactive games; in addition to portions of Saks’, Macy’s, and H&M’s websites dedicated to the show; but viewers can also visit Fashion Star’s Facebook page, follow the show on Twitter, and post to NBC message boards.

The show hasn’t attracted many viewers, which leads me to wonder if it’s going to last.  Although there are definitely some bugs that need to be ironed out, as discussed in this Huffington Post article, personally, I think the show is innovative and quite interesting.  It allows viewers to see at least a portion of the business side of fashion, which is something Project Runway, the long-running reality show about fashion designers now on Lifetime, doesn’t cover.  Fashion Star’s designers are introduced to different branding exercises each week.  Unfortunately, most of the behind-the-scenes and preparation for the runway show isn’t highlighted, which leaves a lot viewers, including myself, disappointed and expecting more.  At least we have all of the social networking sites on which to vent our frustration.

All in all, Fashion Star is yet another reality competition which has captivated my interest.  Because all of the episodes were taped in advance in order to give the stores time to manufacture the purchased items and make them available to the public the night the show airs, most likely there won’t be any changes until next season…if there is one.  Either way, because of my Entertainment Business degree, I have been able to find ways to validate this guilty pleasure by applying many of the topics we’ve covered in class.  If I happen to purchase some of the items designed, I’ll chalk it off as a “learning experience”.

Print-on-Demand: Publish Conservatively

Apparently I’ve had my head in the clouds.  I have recently been introduced, through my Media Publishing and Distribution graduate course, to the world of print-on-demand.  What a groundbreaking, revolutionary concept!  I’m ashamed to say I wasn’t aware of its existence, but I’m ecstatic it does.  For those of you who are unfamiliar with the term (I hope I am not the only one out there), print-on-demand services, otherwise known as PODs, offer exactly that- printing on demand.  When a book goes to print, a publisher normally requires a certain number be manufactured in order to make the job more “worthwhile”.  Also, as more copies are printed, the price per book is reduced, so technically, people think they are getting a bargain when they have extra copies made.  However, what many people fail to realize, is that most of these copies are never bought.  They are printed, and then sent to a warehouse to collect dust, until eventually, like an abandoned toy, the books are thrown away or destroyed.  What does this mean for the environment?  Well, it’s not good.

 

Think about all of the unnecessary trees that are cut down and turned into pulp in order to produce these books that are never even opened and read.  Think about all of the energy it takes to run the printing machines and the energy consumed and pollution produced from the factories, as well the gas and emissions of delivery vehicles.  And think about all of the books out there.  For every book in existence, the majority of copies are most certainly not in use.  Even for people who purchase books, how many times are they read before they are put on a shelf amongst all of the others?

Print-on-demand services are going, and have begun, to revolutionize the printing industry.  Now, not only are these services allowing many writers to self-publish, meaning they don’t have to have their work “picked up” by a publishing company who often buys the rights to the manuscript and then publishes and sells it as it pleases, but they also only print copies of the book as needed.  When someone places an order or purchases a copy, the print-on-demand company makes a copy for that buyer.  Books are made as they are needed.  And you can sell your books electronically through these services as well, which opens up the market to even more perspective buyers.

There are many PODs currently available.  Many are very similar, yet many offer certain perks or services that others do not.  So, when researching potential companies, it is important you choose the right fit for you.  Some, like CreateSpace,  an Amazon company, are larger and more powerful.  Obviously working with Amazon, you have the ability to utilize its customer base and distribution channels.  Others, are smaller. 

Xlibris is a pioneer in the industry and has published over 25,000 authors.  I was exploring their services and entered my name, email address, and phone number, in order to receive a free publishing kit.  The following day, I received a call from one of the Xlibris representatives, who was interested in learning more about my book, and wanted to know how she could help get me published.  My point is, is that anyone out there who may be working on a manuscript, or even who has an idea but has been reluctant to pursue it, there are user-friendly services available to assist you every step of the way.  I encourage everyone to follow their dreams.  You never know- you may very well have a bestseller on your hands or in your head.  But, with the advent of PODs, that idea can soon be on paper, and in possession of those who order it- not in boxes in your basement, or warehouses, or a landfill.

And these services don’t just apply to writers and books.  Musicians, filmmakers, and business owners can cash in on PODs as well.  Riverside Graphics Corporation created and follows a Conservation by Design  initiative, which is a 5-step conservation strategy to reduce waste and to recycle what’s left.  They use recycled stock paper for their printing and only print what’s needed- nothing more.  Next time you have to print a company brochure or anything in large quantities, think first before you place your order.  There are more and more companies every day that can, and will, cater to your needs and the needs of the environment.  So, two things to take away from this article: follow your dreams, but do so efficiently.

Similar Movies, Similar Plot, Same Time?

In a class discussion recently, a fellow student raised the question as to whether we thought movies are released in a strategic fashion.  I decided to do a little investigating and found the answer to be without a doubt, absolutely…at least sometimes.   There are countless forums, blog posts, and articles, which discuss this topic, and some of the commentators have really interesting takes.  Obviously, each particular circumstance has its own chain of events which influence why a certain film is made and when.  Some movies are rushed into production, while other movies bounce from desk to desk for years until any progress is made.  And this bouncing from desk to desk and studio to studio could be a major contributing factor in itself.  The more people who read a plot, the more people inspired and influenced by that plot.  A studio may choose to pass on a particular script, but may inherently like the idea, so decide to tweak some details and call it their own- a major reason why most screenwriters need to be represented by agents: to alleviate a lot of the “you stole my idea” drama.

It definitely seems as if movies, or similar movies I should say, come in waves.  Sometimes it seems that if one movie is extremely successful, all of a sudden, other people want to jump on that bandwagon.  Think about the explosion of vampire movies after Twilight mania.  As of May, there were at least 10 new vampire movies in the making.  The same even holds true for television shows.  Think Glee/Smash, American Idol/The Voice/X Factor, So You Think You Can Dance/Dancing with the Stars.

However, there is also a race to make movies with the same concept, even before a pioneering movie has paved the way for success.  Recently, there were two different movies being made simultaneously about Snow White, with Lily Collins playing the lead in Mirror Mirror, which just came out March 16th, and Kristen Stewart playing the lead in Snow White and the Huntsman, due to be released June 1st.  There are, and will continue to be, tons of comparisons made between the two pictures.  The anticipation of paralleling the two films really helps advertise and hype each individually, and has begun to do so already, because they are based on the same fairy tale.  Apparently each is very different from the other, telling the story in completely distinctive ways.  Regardless, the media frenzy is definitely going to help both films cash in at the box office. 

Here are two links to websites that list movies which were released around the same time about the same topic.  There are a lot more than I realized!

http://tvtropes.org/pmwiki/pmwiki.php/Main/DuelingMovies
 

http://en.m.wikipedia.org/wiki/User:ProhibitOnions/List_of_films_with_similar_themes_and_release_dates

I’m sure now I will be paying closer attention to movies in production and movie releases, and will notice more and more of a strategy and trend as to when and why a movie gets the green light when it does, after having done this research.  Movies have the potential to generate enormous sums of money, which justifies all of the strategizing, competing, and racing through production and release.  If public acceptance and approval was an exact science, all films would be major blockbusters and everyone would profit.  But for now, while all anyone can do is speculate, I’m sure the trends and the rivalries will continue, so stay tuned.

Interview with Kenneth E. Carraway, an Entertainment Attorney

As my time in graduate school comes to an end, I find myself needing to make preparations to dive back into “the real world” for the second time around.  If you haven’t read my bio (shame on you!), after I receiving my Bachelor of Science in Biology from Villanova University, I spent about 12 years working, traveling, moving from place to place, trying to “find myself” and my true passions.  Through lots of trial and error, I realized I wanted to do a 180 and pursue a career in the entertainment industry.  Because my undergraduate studies were in a completely different field, I knew that going back to school was the way to go.  After serious consideration, I chose Full Sail University’s Entertainment Business Master of Science program, in the hopes that this degree will leave me with more than a $100,000 sheet of paper with my name on it (although I look forward to getting that too!).

One of the facets I absolutely love best about my degree program, is how the curriculum and assignments are focused entirely on real-life and real-world practical application, specially tailored to my future business endeavors.  As I have written in earlier posts, networking with professionals in the industry can be incredibly useful, as contacts can be called upon for advice and favors in order to help further achieve one’s goals.

In my last post, I discussed the importance of registering intellectual property, by filing for trademarks and copyrights, for example, in order to protect businesses and their owners from legal liability and so that no one else can use the registered ideas for their own personal gain.  I recently reached out to an entertainment lawyer named Ken Carraway, whose practice focuses on Business & Arts Law, in the hopes of gaining some professional and legal insight as to what he feels is most important when starting a small business.  Carraway Law represents businesses throughout the life cycle – from entrepreneurs with start-up issues, to seasoned business owners in need of succession planning.  The law office focuses in business formation, contract and licensing matters, and consultation services for a sustainable business model, with a strong concentration on intellectual property issues.

Kenneth E. Carraway is a graduate of Villanova University Law School, and being that I received my undergraduate degree from Villanova and the fact that his areas of practice fit seamlessly with my business plan, I asked if he could answer a few questions for me and to share some of his opinions as to how I, or anyone in my position, should go about turning a business plan into a reality.  I decided to share with you some of our conversation.  

I came to Ken as a prospective client, hypothetically of course, seeking legal counsel about how I should go about starting a business, and the steps necessary to get this business off of the ground.  He wanted to clarify that all my questions were of the “it depends” variety (meaning that the answer would vary for each question under differing facts), so it was difficult for him to arrive at answers that were very specific.  Therefore, he generalized his responses as best has he could.  In addition, he also added this DISCLAIMER: These answers are for informational purposes only for the purposes of a student assignment. It is not intended as specific legal advice regarding your questions. This does not establish an attorney client relationship.

So, here we go:

Is legal counsel recommended or required?

While it is not required that someone forming a business seek legal, I would highly recommend that they do so. Seeking legal counsel may help someone avoid some of the pitfalls that they may face in starting up their business. It’s different for everyone. Elementary questions one should ask when starting a business come to mind: Is this a sole proprietorship or a partnership? Do I need a business agreement? What kind of business entity is best for my business? Are there any regulatory or insurance requirements of which I should be aware? How will I be taxed? How do I protect my business name?

All of these questions, and many others, can be answered by engaging the services of an attorney.

How much money would such representation cost?

This varies, and may be dependent on the complexity of the business one is forming. One may find some attorneys that will charge an hourly rate for these services, while others may do it for a flat fee, or a mixture of both.

How much money is required to file all necessary paperwork and registrations?

Again this is dependent on the type of business and choice of entity.

How much time does completing all of these steps take?

For a small business without any regulatory issues, the process of setting up a business entity can be done fairly quickly. While a more complex corporate setup or non-profit may take several weeks or months.

Can a business start functioning before all of the necessary filings are

completed?

Generally, the short answer to this question is yes. But again it depends on the individual business, and a consultation with an attorney is a must if someone is considering this option.

As an attorney, do you offer your opinion and suggestions so as to help

entrepreneurs with their business ventures, or do you simply act on behalf of the client?

Both. An attorney will assist someone forming a business in navigating the various legal issues and may lend some non-legal advice in the form of counsel as well. Strictly speaking, a lawyer is his or her client’s advocate and will act on behalf of the client, but they obviously cannot be complicit in illegal or unethical acts and should advise their client accordingly.

Anything essential to launch a business?

A pulse. But to be successful? Tenacity.

As you can see, there definitely doesn’t seem to be any straight-forward, easy-to-follow instructions that anyone and everyone can follow in order to successfully launch a business.  I am realizing more and more that there are many individual facets that need to be addressed, many of which I would have never even been aware, hadn’t it been for my professors or for talking to professionals in the field such as Ken Carraway.   As much as I have learned thus far in Entertainment Business, I realize that for everything I do know, there is much more I do not.  Therefore, seeking the advice of legal counsel and other seasoned professionals will only strengthen my chances of successfully launching and running a business of my own. 

 

From Mr. Carraway’s responses, I have learned that you must be meticulous in completing all requirements, and must make sure to think every step through.  A business cannot be up and running in a day.  Therefore, patience is key.   It is much smarter to take your time and to make sure that every minor detail has been addressed, versus rushing to open a business and then suffering from your carelessness down the line.  Although consulting an attorney will cost money, most or all of which many individuals starting a business may not have readily available, in my opinion, legal representation is well worth the investment.  You have someone on your side, who is much more knowledgeable and experienced than you, acting to protect you and your business from any legal ramifications.  Pride must be swallowed.  Ask for help.  Naively thinking you know what you’re doing will just lead you blindly down an un-navigated path.

Ken Carraway’s responses made me realize how overwhelming and intimidating starting a business can be.  However, he has inspired me in more ways than one.  Mr. Carraway says that although anyone may be able to start a business, in order to be successful, you must be tenacious.  In my opinion, the ultimate way to be tenacious is to fight for something you love.  If you are gutsy enough to take chances and to try to make it in business on your own, you must have total confidence in yourself and in your business plan.  

Although this interview did not establish an attorney client relationship between Ken Carraway and me, Ken’s openness and willingness to help me has made me respect him as a professional and to value his opinion.  Especially in business relationships, trust is key.  If you are fortunate enough to come across a genuine individual, latch on.  As much as I’d prefer to continue seeking advice for free, my time in “the real world” is inevitable.  Hopefully this interview can serve as the foundation to a budding professional relationship, as I admire and respect Ken Carraway, and would be privileged to have my business represented by his firm.

Kenneth E. Carraway

Carraway Law

1379 Dilworthtown Crossing, #115

West Chester, PA 19382

Phone: 610-572-2821

Website: www.kencarraway.com

Email: ken@kencarraway.com