Baruch Professor Writes “Bankable Business Plans”
Reviewed by Merri Rosenberg
Bankable Business Plans by Edward G. Rogoff
Thomson/Texere, New York, 2004
246 pages
While this isn’t a substitute for an M.B.A., it’s certainly a helpful and practical shortcut for would-be entrepreneurs who are clueless about how to put together a business plan that will attract investors.
Written in clear and often amusing prose, the author—an associate professor of management at the Zicklin School of Business at Baruch College, the City University of New York and a director of the Lawrence N. Field Center for Entrepreneurship there—has produced an eminently useful guide for those eager to translate their dreams into profit-generating reality.
He covers the basics, like identifying markets and potential customers, explaining why a particular business idea will be a good idea for investors and lenders, how an entrepreneur intends to tackle competitive issues, and why a product or service fills a real need or niche. Rogoff also addresses such matters as what a business plan should actually look like—neat and easy to read, of course, but without distracting graphics or eye-popping gimmicks that could cause conservative lenders to worry that the prospect doesn’t know how to manage a budget. Especially valuable is section III, where Rogoff presents outlines and specifics for business plans for both simple and complex businesses, complete with tables and flow charts, that are exemplary models for anyone seeking to pursue this avenue.
He’s also careful to explain the downside and pitfalls of starting up a business, using real life anecdotes drawn from his experience, to dissuade someone who, for example, thinks that his love of cooking will make him a natural for the restaurant industry. Rogoff also includes such important material as how an entrepreneur should analyze her human resource needs, from start up staffing to employee development.
This is a worthwhile tool for anyone contemplating striking off on his own, and should make the process of getting the attention—and funds—of a bank a much easier task.#
