"Expert Views on the Value of Business Plans" Lessons and Inspirations

In my initial blog for this Business Plan Development course I profiled experts Oprah Winfrey and Mark Cuban. I intend to incorporate what I learned from my research about them by creating a couple of goals for my business based on how they have inspired me. Oprah has taught me to be fearless. No matter what is going on in my life or what has affected my life in my past, I control my today. When it comes to my business, having a plan and focusing on that alone will be the determinant to my success. I will also make sure that no matter what level of success I am in with my business, it is imperative that I stay prepared for any and all opportunities that come my way that can aid me in growing my own empire.

After profiling Mark Cuban, I have learned to never settle with just any amount of success. Cuban flipped his successes many times, and did not ever stop working hard after his first big deals. I will make it a point to never settle, and always keep in mind there is always more I can do with and within my business ventures and there is always more success to be had. I will take pride in the fact accepting anything is never good enough when it comes to my business successes.

Based on the information provided to me by the experts, I have changed my business plan by being more concise and focused.  I initially did not have a clear and concise idea about my mission and focus but now that has changed. Overall, I have seen the value of having a focused vision from the experts Oprah Winfrey and Mark Cuban. Being concise goes hand in hand with being organized. Being concise is also a pathway to being able to execute. Being concise, strong, and confident in what I believe in business-wise is the most valuable ideal I could have recognized and learned as an aspiring entrepreneur. This all contributes to why I feel the most important part of my business plan is definitely the Company Description. A focused, concise, business description is where the potential successes of my business will begin.

The Value of Business Plans: Oprah Winfrey and Mark Cuban

Venture Capitalists and billionaires Oprah Winfrey and Mark Cuban both are known for their full pockets and contagious personalities. Each has their business hands in various industries, and each is very successful.

Oprah Winfrey is a huge media mogul and an inspirational leader to the world. Born in a very rural town of Mississippi she overcame much adversity in her life to reach the level of success she has (Oprah, 1991).  After being a talk show host for many years, she began diving into various realms of business as her popularity grew. Oprah used all these business opportunities to contribute to the building of the empire she leads today.

 Oprah is a venture capital investor that almost all investors wish they had access to because of the “Oprah Effect” (Investopedia). Oprah’s track record of investments has seemed to primarily focus on the self-help and educational realms. In a business plan I imagine she looks for something that is powerful, captivating. These components are key in a business plan because they grab the attention of the investor, and also create an energy that is exciting. If an investor’s attention is gained, there are no limits to where a potential business deal can go with them. She explains that you must do your homework before creating a business plan (Brewster, 2007) and by doing this your business plan will be something ready to captivate, and it will also ensure you don’t sound like a broken record to an investor.

Mark Cuban may be best known for owning the NBA team the Dallas Mavericks, but in the entrepreneurial realm he is known for taking chances and supporting business ideas he loves. Raised in a middle class family in Pittsburg, Pennsylvania, Mark Cuban began working at the age of 12 selling garbage bags and has always been known as a “go-getter.” (Biography) In 1990, he sold his first company CompuServe for 6 million dollars. (Biography) Since, Mark has grown his empire to become a billionaire. Being a venture capitalist has played a large role in the growth of his empire, a role he flaunts on ABC’s show “Shark Tank.”

On Shark Tank, budding entrepreneurs present their business plans in a presentation. If moved, Mark Cuban, one of the 4 “Sharks,” invests in the business. (Shark Tank) After watching seasons of the show, I have noticed that a key component Mark Cuba looks for in a business plan is previous successes (if any) and if the plan has the potential to be more than mediocre. Mark Cuban is fiery, and looks for passion when it comes to start-up businesses. Mark states, “Don’t start a company unless it’s an obsession and something you love.” (Cuban, 2012) This tells us that a sense of commitment and dedication is a must to be present in business plans that he may be investing in.

Although Mark Cuban and Oprah Winfrey are very different investors, they both have what it takes to help a business succeed and they each have their ways of telling if they want to do so or not.

Sources:

http://www.oprah.com/omagazine/Your-Great-Idea-Whose-Time-Has-Come/2

http://www.investopedia.com/terms/o/oprah-effect.asp - axzz1uj2j4IXP

http://bpexpertviews.blogspot.com/

http://www.achievement.org/autodoc/page/win0int-1

http://www.biography.com/people/mark-cuban-562656

http://abc.go.com/shows/shark-tank/bio/mark-cuban/727229

http://www.entrepreneur.com/article/222524