"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

Businesses Marketing on College Campuses

In this blog post I would like to talk about marketing on campus universities. While I was an undergraduate at UCLA, I noticed an incredible amount of various companies that marketed on campus. Whether it were by posting flyers all over campus, or having company tents with representatives set up along our “Bruin Walk,” companies always managed to find a way into the view of the tens of thousands of college students that walked through campus on a daily basis. During different seasons of the year, the marketing rush seemed to vary. It was definitely more prominent than others.

            I not only noticed the assortment of marketing strategies and presence on campus by various businesses, but I also observed student reactions.  Personally, being as busy as I was, all of the companies and offers etc… really began to become a blur after a while. Unless a company was online giving free burgers, like In & Out Burgers would do yearly, or free things like shirts or supplies, my attention was always easily distracted by my tasks at hand and business I needed to attend to. I saw this to be a reaction many of the students on campus had. If a company was offering something free, they were sure to gather the most attention, and in the end the most contract information from students.

An article called “Building a Buzz on campus” on Boston.com highlights that “College students have long been prime targets of corporate marketing because as they shop for themselves for the first time, they are poised to form brand loyalties.” This is very interesting. This train of thinking is used within the same realm of reasoning credit card companies’ use when marketing for college students’ attention. Really, all companies can be seen doing this. Companies push hard to gain the interest of the college generation for hopes they will gain lifelong customers. Living on my college campus, daily I was made to feel like I was a “prime” target.  “Building a Buzz on Campus,” also goes to highlight that marketers have their work cut out for them while on campuses because students really follow social media trends and also what their peers like primarily. I definitely agree that it is hard to really succeed at having someone try a product or join a group, etc… when being marketed to on campus unless the company relates to something the college student was previously drawn to or interested in, or perhaps deals with aiding their future aspirations in some way.

Sources cited:

http://www.boston.com/news/education/higher/articles/2005/10/24/building_a_buzz_on_campus/?page=full

Photo:

https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqDi7O2_2xOTIverkKnwUusl4ReFPaQmgrtghJXxpv-0uWC3FlvIlBCAsxgToRc2-E7mTQLYi4423tOhNSrNUug4ZH07DA2nTJrVXfUD5SLJuIPI4nUMgINGwkAtpmnoOEl4gaYSE_chA/s1600/marketing+strategy1.jpg

Social Media

This week I would like to write a blog about social media and the dependency on it that continues to grow, much beyond it’s already close to a billion membered groups of followers and participants. Social media has become more than just social media—it has become an outlet for almost everything and anything you can think of. Social media wears the hat not only of a marketer, advertiser, game provider, consumer electronic seller, fashion trend creator, but hundreds of other hats also.  Social media has become an accessory to other habits such as watching television, and listening to music. It is a staple for many to keep in contact with friends and family. But some would argue “we” as a people are letting social media go too far. That we are letting social media replace things that should not be replaced such as hand written letters and simple phone calls.  Do you agree?

I definitely think that social media has become somewhat of a household staple (if you will) to the masses. Not only are children and businesses using it, but mothers and grandfathers are also using it as well, and very frequently. Social media as a whole has moved beyond the “fad” stage, and has become somewhat of a lifestyle.  Alex Priest in “Facebook Dies, Twitter Freaks Out, and We Realize Our Social Media Dependence,” highlights a time when Facebook was down and the response the public over the Internet reacted. It illustrated a direct addiction type of behavior with social media. This addictive nature is what is creating somewhat as an uncomforting energy in society towards excessive social media, but I think that is soon to fade away. Over time the stamp of social media will become more and more bold. There is no stopping it.

And in regards to businesses and social media, there certainly is no way around not only participating in social media, but there is also  no way around needing it. Because of the lack of privacy, some businesses have strayed from being involved with social media. I do not think this is smart. What social media represents today means that no businesses owners especially can afford to not participate in social media.  “Tapping into Social Media Smarts” by Terri Griffith even encourages business owners to encourage social media participation with it’s own employees. This is an extremely new age idea, but as explained it is important to be open.  If everyone keeps social media as the background to daily living, and even business running, I think all will be ok. 

Griffith, Terri. “Tapping into Social Media Smarts.” http://online.wsj.com/article/SB10001424052748703518704576259252907505330.html

Preist, Alex. “Facebook Dies, Twitter Freaks Out, and We Realize Our Social Media Dependence.”

http://technorati.com/social-media/article/facebook-dies-twitter-freaks-out-and1/

The National Sports Marketing Network

            In this blog post, I’d like to review the National Sports Marketing Network (NSMN). This website initially caught m eye when just doing some research on sports marketing. I like places that present an opportunity for networking and knowledge. According to the front page of the NSMN site, they have been “advancing the sports business industry sine 1998.” Instantly, I feel like I have found an awesome resource for the industry I am thinking about working in one day.

            I first notice that there are different chapters, based on location of the NSMN.  Right now there are 12 chapters in 12 different cities. There are events in these different chapters that members can attend for free.  These events provide opportunities for members to get certain discounts, network with various companies and high profile professionals.

            The most critical member benefit I feel is the complimentary job matching and job posting service, career appointments, and twitter workshops. The job matching is an awesome benefit; as usual job boards typically do not have sports marketing based opportunities. The career appointments allow one to make appointment with someone to go over resume etc., in order to be prepared to land a career in sports marketing. The twitter workshop enables people to build their personal brand with the sports business community. I like this a lot, as I have never seen such a structured beneficial layout of opportunity before for those in the sports business realm.

            I was looking through the list of Los Angeles chapter members, and I recognize a lot of the big and small names (including Redbull and Ticketmaster). I definitely want to join and go to a couple vents to see really what the NSMN is really about. It looks like there is a large chance of gaining something from participating. The website is structured, organized, straightforward, and easy to browse through.

http://www.sportsmarketingnetwork.com/

LA Sports Marketing--A Website Review

Being that networking is essential in the sports marketing business, I did some research to see what company’s are in my  area that I could contact for opportunities. In this blog I am going to do a website review of the LA Sports Marketing company—www.lasportsmarketing.com

I was pleased to learn from the front page that the company has 43 offices in 33 cities throughout the U.S., Canada, and Puerto Rico. For someone visiting their site seeking to be a client, or looking for job opportunities like me, this fact is important. The amount of offices speaks to the company’s success and also attributes to understanding what kind of business the company runs and on what scale.

The bio page only has two bios. I think this is lacking. Out of all the employees the company must have, I think it would be nice to get a feel of the company by having more employees listed.

The career section doe not list opportunities able to be applied to, but yet a general consensus on what type of career opportunities are at the company. I think this is ok, however I would like to know specific positions I am applying to before I apply.

The client portfolio is under construction, and being in business since 2000, I think this is questionable. If I were a client, I would not appreciate this lack of detail. Overall, the site is ok but it needs some work in my opinion. The highlight would be the emphasis of their loyalty and professionalism exerted to their work. The lowlight would definitely be the site structure. It is 2012 and it is very easy to get a modern, catchy, professional site. At this point, the site kind of makes me question what their offices are like and if they would have anything to offer me at all.

The Los Angeles Dodgers Find Themselves in a Media Rights Bind

A recent issue regarding media rights in sports has been with the baseball team, The Los Angeles Dodgers. The LA Dodgers are suing Fox over the sale of media rights. The lawsuit stated that Fox Sports, whom broadcasts all Dodger games violated an agreement they had together protecting the Dodgers and their bankruptcy situation. The Dodgers have a pending deal with the MLB in regards to the Dodgers' media rights. After agreeing to sell the Dodger franchise, they have found themselves in a world-wind of mess. Beginning in the year 2014 and on, the Dodger's media rights will be up for sale. This soon to be settlement with the MLB is stated by Fox to be breaching their contract with them. Fox believed the Dodgers should not be selling their media rights. 

 

The Dodgers requested of the court a restraining order on Fox. This would be to protect them from messing up any media rights deals and issues.  And after suing Fox Sports in bankruptcy court this month, the initial hearing on if this immediate situation was to be dismissed or not was canceled. Reuters cites that the Dodgers have been trying to get negotiations on the sale of the team going while the Fox situation is basically on the back burner. The Dodgers are offering to sell the entire team including their media rights, which is why they prefer to make a concrete deal with the MLB before Fox Sports takes advantage of their situation. 

I think that the Dodgers should not completely abandon Fox in their sale of media rights. Being they apparently have a stringent contract, I think there should not only be a deal made with the MLB but with Fox as well. The Dodgers can not assume they can abandon their legal commitments just because they are in a very bad situation currently business-wise. If the appropriate time is taken, and parties do not try to avoid each other, I think that a solution should be relatively smooth. I am sure the Dodgers want their media rights in the right hands at the end of the day. 

Sources:

http://www.reuters.com/article/2011/11/21/us-dodgers-idUSTRE7AK2EM20111121

http://online.wsj.com/article/SB10001424052970203699404577042220194179562.html

http://www.wgal.com/r/29827191/detail.html