Two Business Experts

In order to stay current in the entertainment industry, it is important to recognize trends and the people leading those trends. The experts in entertainment business are a great source to look at when developing a business plan. I have found two experts that have been extremely helpful for my business plan, and have some great insights into the entertainment industry.

The first business expert is David Lee. I chose David Lee as an important expert to note because he focuses on technology and how it works with entertainment. Lee graduated from John Hopkins with a B.A. and later graduated from Stanford University with an M.S. in electrical engineering. Lee then went on to work as a corporate attorney, and late became a founding member of Google’s New Business Development team. While at Google, Lee helped the business develop the popular website, StumbleUpon. Currently Lee acts as managing partner and co-founder at SV Angel, which funds ventures like Twitter, FourSquare, and Dropbox.

David Lee points out three important components that can be very beneficial in receiving initial investors. The first component is passion. As a business owner it is essential to present clear and justifiable information about your company, however having a passionate back-story helps engage investors on a deeper level. Passion allows investors to connect with you personally. The second component David Lee expresses is important is having clear business goals. As a business owner it is important to have a clear understanding of what you want your business to accomplish. Presenting clear goals to investors will allow them to understand exactly what your company is and what you hope to gain in the future. David Lee mentions a third component when developing a business plan, which is data collection. Investors want to see numbers and data acts a security blanket for their investment.  It is important to have substance to your business presentation otherwise the plan will not get funded.

The second business expert I chose is Oprah Winfrey, a recognizable figure in the industry with a great perspective on developing a business plan. Oprah Winfrey is considered one of the most respected and accomplished public figures in history. She was born in Mississippi and in 1971 attended Tennessee State University. After several years of television success, The Oprah Winfrey Show entered national syndication in 1986. Oprah spent the next 25 years climbing up the success ladder, with a successful talk show, magazine, awards and charities. She remains number 11 on Forbes most powerful women in the world, and is America’s only African-American billionaire.

Oprah’s stance on developing a business plan is smart and to the point, which has allowed her to succeed with a multi-platform business. A well-developed business plan allows you to see the potential problems that could arise. After acknowledging the potential problems and tiny costs, the business plan will help you to see the changes that need to be made within your company. Oprah views the business plan as a living thing that is constantly changing and needs to be constantly analyzed for success. As the economy shifts, new technology develops and the business industry changes, a business owner must be able to adapt its business plan to fit current trends. Adaptability will ensure success as your company moves into the future.