Interview with Bradley Joyce
Founder:
LaunchDFW \ Velocis \ Artisans of the Internet
- Did you have a business plan, or any type of plan written down, when you started your business?
“I never had much in the way of a written plan when starting any of my businesses. Typically, I’m more of a “try something and see if it works” kind of entrepreneur. I feel like this allows me to move faster with less preconceived notions about how something should work.”
- Do you think business plans are necessary for entrepreneurship? Why or why not?
“The answer is really “it depends.” In my experience, the process and experience of creating a business plan is more valuable than the business plan itself. It forces you to really think about all aspects of your business and communicate your plan in a way that others can understand.”
“In certain cases, a written business plan can help potential investors or partners more quickly grasp your business and where you see it going. Banks will sometimes require a written business plan for certain types of financing. In these cases, showing that you’ve spent the time to think through your business and write a business plan can be very beneficial.”
- What three pieces of advice can you offer developing creative entrepreneurs?
“Talk to your customers first. Take the time upfront to really understand their needs, their problems and then pain points they’re experiencing. If your company/product/service truly solves their needs, they’ll be telling you very clearly to take their money.”
“If not, keep iterating on your ideas until you find something that they absolutely must have. It’s so easy to waste a lot of time, energy and money building things that people don’t want.”
“Timing is everything. Even the most innovative things can be too early or too late to market. Listen to what the market is saying and act on it sooner, rather than later.”
“More Money, More Problems. Raising money for your business can be helpful, but it also increases the scale of your problems and challenges. If you’re not ready for this, more money can actually be a massive burden.”
Interview by Trent Mervine, student of Arts Entrepreneurship, Developing an Arts Venture Plan, at Meadows School of the Arts
