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Currently I am
focusing on the business plan and I thought that speaking about a show I
currently enjoy watching Shark
Tank. This show is derived from a Canadian show titled The Dragon’s Den and if you have not
seen an episode has a panel of entrepreneurs that the participants then pitch
their idea or company in hopes of landing a investment deal. Two of the Shark Tank investors are from the
Canadian show, Robert
Herjavec and Kevin “Mr. Wonderful” O’Leary. Both are
Canadian and quite successful in their given fields and as entrepreneurs.
Herjavec I admire the most not only his personal takes on business but his
story being a first generation immigrant from Yugoslavia to his days at IBM and
then as a information technology security consultant and multimillionaire. His human touch but distinct business
rational are a combination that appeal to me. O’Leary while he can cause many
people to hate him is very much on point about what he wants out of a deal
(Money). This transparency is fact he will make a deal if the ROI is right, if
not he is not interested. Come prepared and have your numbers handy.
The ABC site for
Shark Tank has several interviews and article on advise for potential business
endeavors or those who think they may want to be on the show. One such article
is titled Business
Tips from the Sharks, which covers ten topics. Numbers five and
six both ask about the business plan itself. How do you create a business plan that works?
Herjavec response places emphasis on the
overall Vision and creating short-term plans. He states forecasting to far in
the future is dreaming and that over time size of a company through growth
demands plans that extend into the future. Keep it simple and small is what I
took away from his response. Where can I get help creating a business plan? Again Herjavec stresses less
importance on the plan and more on doing the work of the business. Talking to
people, selling your product or service, build a reputation and network.
Given that several
questions do point to what the investor looks for in an investment. That being
the point of writing a business plan we can examine common threads in what
needs to be communicated in order to secure the deal. First and foremost each
of the Sharks state do the numbers make sense and will there be a healthy
capitol return for the risk, next is there an element of trust. These two items
seem to resound from all of the Sharks despite their own individual investment
preferences.
