Personal Finance... As a Business Plan

In only two days, one of the largest sports events in the country will be broadcast in more American homes than perhaps any other program. (In honor of this, I've made available my soon to be famous wing recipe) Whenever these types of events take place, I get nostalgic over how this type of events is related to my bachelors degree, and how much it reminds me of the many entertainment industry courses I have taken.

As I approach the end of my journey as a Full Sail student, I find myself reflecting upon all of the things I have learned during my education. I've met people from various locations and all walks of life. I've learned technical disciplines and pertinent life lessons. However, out of all of the things I've learned during my tenure at Full Sail University, one of the most important lessons I absorbed was how not to be a slave to finances. This is a concept that those in positions to approve business loans, plans, and investments have firmly grasped.

In my previous blog post, I talked about angel investors. This post highlighted the opposing points of view of two financial experts. Although these two experts don't necessarily agree on the profitability of angel investment, they do agree that no investor will invest without being assured of a reasonable chance of success and a return on their investment. To this end, I believe it would be wise to keep this information in mind whenever building future business plans. To have the best chances of a favorable response to any business plan, it is imperative to display the profitability of the venture in question.

One change this information has prompted within my own business plan, is the provision of extreme detail concerning how the company intends to be profitable. Although I intend to provide a summarized version of the information contained within the business plan, any serious investor will want intricate details on company operations, management structure, and profit projections. This information (or the lack thereof) could make or break the acceptance of a business plan.

Overall, this is a lesson that applies not just in business but also in personal finances. The same care with which one would plan business financial decisions and carefully craft a business plan should be applied to personal finances as well. Approaching personal finances from this perspective can help individuals avoid the traps that keep so many people bound in financial slavery.