Friday, March 8, 2013

Expert "Sharks"

Kevin O’Leary is Canadian, his humble beginnings started when he created software for children in his basement called SoftKey Software Products. After his company started making money, he began buying up his software competitors. In 1999, O’Leary sold his company to Mattel Toy Company for 3.7 Billion dollars. Afterward, he started his own mutual fund company called O’Leary Funds. Kevin is best known for his role on the show “Shark Tank” where he appears to be cold, arrogant and unapologetic. 

Kevin O’Leary’s idea of a critical key component of a business plan is it being explained in 3 to 4 minutes or 90 seconds, impacted with all the pertinent information about the company. He states, ” The quicker you can tell your story while maintaining clarity, the better off you will be! As the old sayin’ goes keep it short, sweet and to the point.” This is key according to Kevin an investor, a business is dead in the water, if it takes too long to explain.

Barbara Corcoran is a native of New Jersey, she only maintained a D average as a student in high school and college. She was a 23 year old waitress with at least 20 different employers under her belt before she figured out what she really wanted to do. Barbara borrowed $1000 from her boyfriend and started a real estate company in New York City. Twenty-five years later, she sold it for millions and soon after became a billionaire. She is well known now as being an investor on a reality show called “Shark Tank”.

Barbara spends a lot of her time now giving advice to aspiring entrepreneurs, and one of the key components of a business plan she advises is not to get so hung up on a written business plan. Written business plans can be very complicated and in most cases some guidance is needed. She states, “Your mouth can be far more valuable than anything you put on paper”. This is key because you can use your voice first to pitch your ideas and this is the "business plan that counts" especially in the early days of start up companies.

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Shark Tank


YE Young Entrepreneur

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