Business plans are thought to be an illustration of ones visions, a guide to entrepreneurial success, and a persuasive calling card for potential lenders, and investors. For those who inherited businesses, or started them based on sheer talent and substantial experience, please proceed with caution. Operating a business without a business plan may work momentarily, but if the business owner is looking for long-term growth a business plan is needed. In fact, Oprah Winfrey and Mark Cuban stand by it.
Oprah Winfrey, and Mark Cuban are considered to be tycoons in the world of business. Each has attained a great deal of success in their respective industries, Oprah dominated the talk show arena, and Mark Cuban conquered everything from software to basketball. Although, they are totally different in personality they share one commonality and that understands the value of a business plan. Oprah views on business plans echo’s the teaching of many business professors and programs everywhere.
According to Brewster Oprah states “writing a business plan will force you to consider the what-ifs and tiny costs you might overlook”. Business plans will allow an entrepreneur to see exactly what he, or she will need to do to turn a profit in the respective industry. Mark Cuban is a big believer in helping entrepreneurs achieve success by investing in profitable business plans. During the economic decline in 2009 Mark Cuban proclaimed that he would start his own stimulus plan on his personal blog (www.blogmaverick.com ).
In an effort to boost the economy he urged business owners to post their business plan on his site, and let aspiring entrepreneurs to replicate it. Cuban stated, “if it’s a good idea and worth funding, we want it replicated elsewhere. The idea is not just to help you, but to figure out how to help the economy through hard work and ingenuity.” (Cuban, 2009) On the show Shark Tank Mark displays a high level of charisma, and aggression when he’s dealing with entrepreneurs. Mark knows how to make money, and he does not mind investing in others that know how. The critical and key components these two business tycoons are looking for are consistency, and profitability. A well thought-out plan can lead to a bevy of profits.
Reference:
Burhoe, S. (2011). Expert views on business plans. Retrieved January 7th, 2012 from,
Cuban, M. (2009) The Mark Cuban Plan – Open Source Funding. Retrieved January
7th, 2012 from website,
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