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YouTube Advice from Shark Tank's Kevin O'Leary

2015-11-15
what's going on everyone John render from TechnoBuffalo we are here on the field at Marlins Park and as cool as the surrounding is that is not the most exciting thing here I am standing next to mr. wonderful himself hi Kevin great to bear it's wonderful I think you taking the time to talk with us I get a ton of questions as an entrepreneur myself but certainly someone who has spoken to probably more entrepreneurs and you care to remember how to start a business and what it's like so in our line of work we're online we don't have a tangible good necessarily to sell what advice did you give to somebody that maybe doesn't have a typical assembly line can't break down their cost of goods sold necessarily they want to start a business and the product that guess is just themselves what what advice can you can you offer you know clearly businesses are driven by one simple fact you're solving a problem for somebody and people are willing to pay you for that service and take yours for example the reason you're so big is if I want information and I want it independent in other words I don't want the manufacturer telling me how great the product is I want you to tell me because I know and I trust that your arms length I'm willing to actually go and look at it because you are delivering something tonight once I want something independent I want information and that's why you're making money because my eyeballs are worth something to advertisers you're selling advertising and I keep coming back it's the contents good so a social media a big way to disseminate information now people are getting their news from Facebook Twitter and less terms typical news mediums for the folks out there they're trying to make a living based on social media disseminating information and serving is almost citizen journalists any advice for those kind of people out there to keep true to their message but also try and make money as well it's kind of a fine line to walk well there's you know it's great idea dissemination of content but the way to make money with it is to curate it in other words I don't have much but I go online for all my information and so if you can curate for example the other day I was looking for a new watch I don't want to go look at every manufacturers watch site there's a very famous blogger out there who curates all the content every day that's put up by the watch companies around the world I go to his site because he gives me the very best stuff that's curation of content you're kind of doing the same thing that's the next big thing in social media is knowing what I want curating content giving me exactly what I want I'm willing to pay for that now you're willing to let people know your information as that as a user who's using a site are you okay with sites collecting information about you I am because I want them to do something for me they know what I want they know what I'm buying they know what I'm interested in serve up stuff of interest to me reduce the amount of time I have to spend online actually it's very valuable for me and so I'm not against giving them the information here's what I want here's what I knew here's what I buy now take it and serve up stuff to me that's useful if you don't I'm not gonna go to your site anymore it's that simple so I'm okay with it so I just watch the presentation as an entrepreneur I know that's your field to disseminate what you're trying to sell we're trying to do in 90 seconds or less I get that for somebody who like you who gets pitched all the time what advice can you give for someone who's putting together that pitch I know when I win the first pitch from that end for my first 90 seconds I got laughed at I was 24 years old with the liberal arts degree and no business experience at all what advice can you give to somebody like a younger version of myself or was ever out there that wants to get into business well here's what you have to do and this works all around the world for everybody in every language it's very simple tell me your idea in 90 seconds or less you got that one already number two tell me why you're the right person to execute the business plan what do you know that makes me believe that you can actually do what you say you can that matters but here's the thing that really is the core no your numbers in business the numbers are everything what are your breakeven marches how big is the market how many competitors are there how much money can I make it you achieve a certain volume these are all questions you should have answers to if you don't I will personally eviscerate you that it I've seen you do it many times so personal questions Twitter your favorite piece of tech white my most favorite piece of technology is old school stuff I believe this but I buy vintage 70s and 80s power amplifiers that's what I'm into so if you have an old Macintosh with tubes or I just bought an old techni piece that's made of old transistors sounds amazing I have a lot of vinyl records I buy a lot of cartridges I'm into old tech and what phones or phone with phone or phones do you carry with you you iOS Android I am everything so what happens to me is you know one of the benefits of being a shark is I get sent everything from everybody to try it so I have I try every new piece of equipment that comes out currently I've just moved to the 6s because there's an app out there that lets you download a technology that turns into a broadcast camera just the success 1080p the networks are using it I set up on a tripod and I broadcast live high def network primetime television from the success thank you very much for the time I appreciate it thank you
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