DO YOU HAVE A FINANCIAL PLAN? Investing Tips from Mr. Wonderful
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BUSINESS & LEADERSHIP
usiness leaders, aspiring entrepreneurs and students packed FSU’s Ruby Diamond Auditorium last year to listen to Shark Tank's "Mr. Wonderful," Kevin O'Leary during FSUs Power Forward series. Mr. O’Leary is a regular contributor on ABC, CNBC and CTV, and a bestselling author. From modest beginnings to building a billion-dollar business, O’Leary shared insights about life as a Shark and what it takes to be successful in business and in life. Presented by First Commerce Credit Union, the Power Forward Speaker Series brings successful men and women together to discuss effective business practices that help reshape the business world. “We believe small businesses are the backbone of our community, and Power Forward is just one way we support entrepreneurship by inspiring and motivating local business leaders,” As small businesses across the country continue to power the economy “Kevin O’Leary’s story of perseverance and hard work speaks to the heart of what every business owner can accomplish when you dare to dream big” said First Commerce CEO Cecilia Homison. There were many insights that Mr. O’Leary offered to the aspiring business leaders in attendance. He began with the focus on the pitch. He shared his approach that all business owners should be able to pitch their idea in 90 seconds or less. The two most important points to include in your pitch should be— why should an investor decide to invest in you or your company? And, you should know your numbers. Your numbers could include things like your sales gross, staff numbers, sales num-
bers, years in business, years of experience, number of locations, etc. Also encouraged was to always be aware of what investors look for in regards to investing in their business. He stressed the importance of having a patent on their product or concept and expressed that investors will inquire about their return rate. Having answers to these questions, determine whether an investor will invest his or her time and money in your company. Interestingly, in regards to successful businesses it is women who are succeeding in businesses now more than ever. According to Mr. O’Leary, there are 5 key reasons why women in businesses are succeeding. First, women have great time management skills, and are excellent multi-taskers. For example, moms have proven to very capable at juggling doing their personal and business responsibilities. Second, women are good at setting realistic achievable goals. For
tallahassee woman | 34 | june • july 2022
instance, after a business industry study regarding business growth rate, women tend to not worry as much about business growth rate such as increasing staff and/or having a large office or facility and focus more on just hitting specific measurable targets or goals to grow their business. Thirdly, women-owned businesses tend to have less employee turnover. As business studies suggest, women-owned businesses tend to accommodate to working mothers, and that increases employee’s loyalty to the company. Fourth, women-owned businesses tend to be more customer service oriented meaning that women businesses listen to customers, employees, investors and public commentary and take action to correct the situation. They place a large amount of value in their customers or clients this in effect changes the market, and market trends. Lastly, women tend to focus on branding and building a story into a brand. This confirms what
