In the course of the reality -TV show of ABC Shark tank, Business dreams have become in a reality for many entrepreneurs who are looking for the success of starting up.
Shark tank The UPS and Downs emphasize the process entrepreneurs to obtain financing of sharks (also known as a group of investors). Entrepreneurs have to pitch their idea and hope that a shark will become interested in their product or service, and to give them the financing they need to start their business.
Deal Shark tank is a challenge for many entrepreneurs. Over the years there have been thousands of pitches, but much fewer deals. However, did you know that only a third of all deals are on Shark tank Actually close? It’s true! This is because many of the startups cannot guarantee success within a year after launch.
Although there are many challenges to obtain financing of the sharks of Shark tankThere are a few lessons that can take away aspiring entrepreneurs from the TV show:
Always be prepared
As a starting founder you must know your product or service inside and out. Investors want to know why your company is valuable for your target customers and how you guarantee the success in the coming years. If you are ready to pitch investors, make sure that you can offer figures and a strong business plan.
Be passionate about your company
You must not only be passionate about your product or service, but you must also be passionate about making your company a successful company. There will be a number of obstacles that you have to overcome when launching your startup, so it is important to keep your passion alive and show investors why you love your idea.
Build a network of investors
Your investor network is crucial for your success as a startup. Investors not only have financing to give your company, but they also have valuable insight that can help you create more success. It is also important to remember that investors really care about the startups they give money to; That is why you must concentrate on building relationships with people who can bring your company to a higher level.
Launching a startup is a huge leap to take, but it can be a very rewarding journey for entrepreneurs. The secret is that it is smart enough to overcome the potential challenges and inevitable roadblocks that you encounter along the way.
Photocredit: Phallin; Infographic: Ivan Serrano
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