The Business Plan - Cuban/Greiner Style

            There was no specific part of my business plan that Mark Cuban or Lori Greiner advice helped on. In fact their advice actually helped in a different aspect. You can have an amazing business plan but if you can not present it correctly who will invest? These are things I’ve begun to work on using Cuban and Greiner’s advice. How will I present the business plan? Does each section require a different tone? Who is my target audience during the meeting? Should I be trying to sell them on the plan that it can actually work? Or do I try to sell them on the idea and forget about why the consumer would want this or even need it?

            This leads to the hardest part. Most people think they know everything or can find the information they need. The truth is, it’s not as easy as it sounds. Cuban and Greiner both look for people who put the hours in. They look for people who are willing to admit they don’t know everything and can be humble.

Anything can sell just look at the Pet Rock. There are another hundred examples of things I could list that have no real use in the world but they sell. Why do they sell? It’s all about marketing. I believe that no matter your product or service if you have the right marketing whether it is a video, catch phrase, slogan, or some cheesy mascot, if it can catch on it can almost assuredly sell. It is one thing to stand in front of investors and sell your start up/ business plan. Its another to sell it to the market or is it? They can be one in the same. Capture investors with your marketing plan and you can capture the market as well. That is what I think investors look for. They may think does this product have use, but in the end even if you just have the pet rock and investors look at you like you are crazy, the marketing plan can sell it to them and the consumer.

Entrepreneurs – What the Experts believe it takes

           So I’m taking a step back from sports related themes this week. I’m going to be writing about Entrepreneurs. I try to catch Shark Tank every week. If you haven’t seen the show you should go watch it. On Shark Tank, Lori Greiner and Mark Cuban are two investors on a panel of judges/investors who listen to people’s business plans and ideas and offer to help contestants build up their companies with money and buying shares of ownership. (So I lied, Mark Cuban technically has a sports connection.)

            Lori Greiner has invented over 400 products, and holds 115 U.S. and international patents. She stars on hit entrepreneurial business show, Shark Tank on ABC. Some of her investments from the show are the highest success stories.

            Lori’s number one rule is: Do your homework. She talks about the research involved that someone must do. She emphasizes that this is the first step before anything else in an interview she did one on one with Entrepreneur.com

            The other thing Lori says she looks for in an entrepreneur surprised me. In an interview the cast did with Entrepreneur.com, she was asked what she believes defines an entrepreneur. Her response was “I also think it’s drive. Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week.” By this I think she means people who are willing to sacrifice for their dreams, work hard, and get the job done. That is critical to anyone wanting to start his or her own company. When you start your own company you will be working like a madman for years until the company is solid. All people going into business on their own, they need to understand that investors are looking for that mentality. You could have a great business plan and idea, but investors who don’t see the right attitude could easily turn you away.

            Mark Cuban is the owner of the Dallas Mavericks, investor on Shark Tank, and entrepreneur.

            Mark Cuban did an interview with YahooSports and gave his 6 tips for success. They are; You don’t know everything, If you don’t know something, seek help, Everyone has ideas, Focus on your plan, Don't invest in sports -- most of the time, and Invest in Diet Mountain Dew, The last one is a joke as he drinks a lot of it.

            At first glance these tips don’t seem to mean much when creating a business plan. They actually do though. When anyone goes to create a plan or come up with an idea for a company, you need all six…well the first five at least.