15 Tips from “Shark Tank” to grow your Business to $Mill+
These Tips from some of the most successful Investors will help you attain success for your business.
Growing a Business: Idea, Market, Customer, Test, Traction, Plan, Pitch, Investors & Egos, other Options
Like the rest of the country, many Entrepreneurs have latched onto Shark Tank. The tips shared by some of business’s most successful investors can be invaluable to an entrepreneur launching a startup, seeking funding for their small business, or trying to find new ways for growing a business. The words of wisdom seen on the prime-time TV show can easily translate to the everyday business environment. Here are 15 great tip an entrepreneur can learn from Shark Tank.
1. a Great Idea is a great start. The ideas that immediately capture attention are those that promise to fill a widespread need. Those products appeal to both customers & investors.
2. but a great Idea isn’t enough. There’s no shortage of great business ideas in this world. To take it to the next step, though, entrepreneurs must demonstrate that they have the specific expertise necessary to make it a success.
3. Know Your Market. When an entrepreneur takes time to research the consumer market for his product, he shows that he is well prepared to tackle it.
4. the Customer is Top Priority. An entrepreneur must gear everything he does to his target audience. He must understand their spending habits and know the best way to reach those customers.
5. Test the Market. Before you approach investors, you should already have tested your product with customers. This will allow you to answer the question, “How many have you sold so far?” with confidence.
6. a good Track Record gets attention. When an entrepreneur steps in front of the Sharks, one of the first questions often relates to past results. Before approaching potential investors, be sure you have hard sales data that demonstrates your product has Traction & a good future.
7. Have a Growth Plan. Investors want to go beyond your business idea to learn how you plan to scale your manufacturing, distribution, & pricing as your company grows.
8. Know Your Valuation. Entrepreneurs should be able to answer the question, “How much is your company worth?” before approaching investors.
9. Hone Your Pitch. When you walk into a meeting with investors, your pitch should be perfect. You should deliver it with confidence without faltering.
10. Know Your Weaknesses. When you’re pitching, you must be aware that investors could ask some fairly hard-hitting questions. Know your weaknesses and how you plan to overcome them, so you’ll be prepared to answer those questions.
11. Know Your Audience. Before you approach an investor, spend time thoroughly researching the person and tailor your pitch to fit what you learn.
12. Investors buy People, not Products. Some of the most notorious failures in Shark Tank history came as a result of the Entrepreneur’s personality. An investor will shy away from an Entrepreneur for personality reasons, even if his idea is the best to come across in years.
13. Investors have Egos. When an Entrepreneur stalls too long on an offer, the Sharks have been known to retract their offers. Damage an investor’s ego and you may as well pack up and go home.
14. Investors aren’t the “only” Option. As valuable as investment dollars can be, they aren’t the only option. You could raise money through Crowd-Funding (see Topics) take a business loan, or launch the business on your own [Boot-Strapping (in Topics)] – as many Shark Tank failures have successfully done in the past.
15. Investment $$$ is only the Beginning. Even if you do land the Investment $$$ you’re seeking, you’ll be required to put in years of hard work to keep your business on the right path.
Conclusion: Entrepreneurs can learn a great deal from watching the Sharks interact with entrepreneurs. Whether they’re approaching investors for funding or they’re trying to build & grow things with their own funds, entrepreneurs can take lessons away that will help them launch and grow a business that lasts.
Comments: What has impressed you the most about Shark Tank?
from INC Zine 28 Sept 15 enhanced by Peter/CXO Wiz4biz