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. 

References:

Shark Tank http://abc.go.com/shows/shark-tank/bio/kevin-oleary/276282

explainify http://explainify.com/shark-tank-kevin-oleary-90-second-pitch

YE Young Entrepreneur http://www.youngentrepreneur.com/startingup/startup-business-ideas/barbara-corcorans-6-pearls-of-wisdom-for-young-treps/

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.

References:
Google Images http://www.google.com/webhp?hl=en&tab=ww#hl=en&sclient=psy-ab&q=mages+of+kevin+oleary&oq=mages+of+kevin+oleary&gs_l=hp.3..33i21.382.1942.1.7469.6.6.0.0.0.0.1291.1291.7-1.1.0.les%3B..0.0...1c.1.5.psy-ab.WZncqp3lzDA&pbx=1&bav=on.2,or.r_cp.r_qf.&bvm=bv.43287494,d.dmg&fp=fea509ddcfa1eae6&biw=990&bih=764

Shark Tank http://abc.go.com/shows/shark-tank/bio/kevin-oleary/276282

explainify http://explainify.com/shark-tank-kevin-oleary-90-second-pitch

YE Young Entrepreneur http://www.youngentrepreneur.com/startingup/startup-business-ideas/barbara-corcorans-6-pearls-of-wisdom-for-young-treps/