The Shark Tank Formula for Success
Ed. Note – You probably already know that we’re all about the bootstrap here at SBT. Still, we also know that some kingdoms aren’t built from sweat alone, and some ideas require a boost to get off the ground. So here, courtesy of SBT contributor Ivan, is a piece all about attracting investors to get going. Enjoy! -Seth
Many entrepreneurs dream of launching a wildly successful startup. Although the odds might seem slim, there are some entrepreneurs who experience a great amount of success with their business idea.
ABC’s Shark Tank turns many of these entrepreneur’s dream into a reality. Over the course of five seasons, Shark Tank gave entrepreneurs the opportunity to launch the business of their dreams. The Sharks (otherwise known as investors) offered to invest more than $20 million in over 109 companies.
While it appears that many of these startups receive funding, there aren’t very many that succeed. Since 2012, only one in 17 startups from Shark Tank have seen a profit and and only about a third of the deals closed.
Launching a startup involves a lot a risk, but if you know the right business strategies, you’ll be able to launch a very successful business. Let’s take a look at some of the lessons entrepreneurs can learn about launching a startup:
Know the need for your product.
The only way you can launch a successful business is if your product or service provides value for your target customer. Regardless of how great your idea for a product is, it won’t be successful unless you have a defined target audience who will benefit from your product.
Always be prepared.
There are a lot of hoops entrepreneurs must jump through when launching their business and pitching to investors.
Whether you’re pitching an investor or creating a business plan, you must be prepared for anything. Be confident in your numbers and have a good idea of how much revenue you plan to produce. This type of information will be valuable to your success as an entrepreneur.
Remember, every successful startup begins with an idea, a goal, and pitch. By following advice from Shark Tank, you’ll feel more confident when launching your business. To learn more about the Shark Tank formula for success, check out the infographic below: