Friday, March 29, 2013

Taking Expert Advice

Kevin O’Leary and Barbara Corcoran both gave great expert advice regarding different aspects of a business plan. I agree with Kevin when he states that a business plan idea should have the capability of being explained in 90 seconds or it is dead in the water. The major concepts of a plan for opening a business should be very simple to convey once the decision is made to involve investors. Angels have the resources to make a new product available to large masses as well increase the products potential revenue return.

Barbara Corcoran stated that although a written business plan is important, it is more important to be able to explain your business plan verbally. I agree with Barbara as well, a written business plan is very effective especially when the process is in different phases of being built. In the initial stages though, being able to express your vision of a business may get a better response and give a business a faster leap of getting stated. 

I intend to incorporate both pieces of advice from the experts, Kevin O’ Leary and Barbara Corcoran for my business plan. In a sense, both experts completed the same thought. They discussed the power of expressing your plans for a business by speaking to people. 

An investor’s main and only concern when deciding to back a product is, can and how much money they can get back in return? When I approach investors about my ideas for my business, I will make sure I gather and express clearly all the pertinent information about my plans as well as how much money it will make my potential investors. I will make sure I explain the details in 90 seconds.

The section I consider to be the most important to the investors reading my business plan is the monthly sales projections. This section allows the investors an opportunity to see how much revenue my company has the potential of making up to three years. 

Shark Tank


YE Young Entrepreneur

No comments:

Post a Comment