ABC’s popular show Shark Tank follows young entrepreneurs with unique business ideas trying to pitch investors to put money into their businesses. The Shark Tank Formula for startup success has been devised for the aspiring entrepreneurs to make a mark in the ever challenging business arena. The ground rules established in the formula will enable the startup businesses to survive the rough roads ahead.
So if you are planning to begin a startup, the Shark Tank Formula can provide you with the key points to success. Although closing a deal on Shark Tank is a difficult job, a number of entrepreneurs did manage to secure a deal. The statistics show that out of 377 pitches, 186 deals were finalized.
The Shark Tank Formula for startup success infographic points out the dos and don’ts for the aspiring entrepreneurs. It presents the statistics from the show to underline the crucial factors that keep a startup afloat and help it sail through.
A business is more than just an idea. It means real passion driven towards a profit-oriented goal. To begin with, one needs capital and Shark Tank offers an opportunity to the budding entrepreneurs to convince investors to finance their ideas. However, it surely isn’t everyone’s cup of tea.
Getting investors to invest in an idea not only requires the entrepreneur to have a strong ability to convince others, but also a proper business plan in mind. The Shark Tank Formula goes deep into the show’s seasons, and brings out the main factors that influenced the successes or failures of the startups.
Whether it’s the show, or the real world beyond it, a startup needs to compete with the other players in the field. Hence, it is important for an entrepreneur to always be prepared for the most unexpected twists.
According to the Shark Tank Formula, if you have a unique business idea in mind, you first need to develop a strategy that will be able to convince the investors. The infographic points out that a number of startups failed to secure a deal because they lacked a strategy and a purpose. It also indicates that identifying the target audience is crucial to the success of any startup. In fact, it needs to be done before planning the products or the services to be offered.
A startup business would become more eligible for investments if the investor is confident of the strategies being followed. Often, the fear of failure prevents an entrepreneur from grabbing the best opportunities.
The infographic from Spokal further brings to attention Shark Tank’s best and the worst pitches. It helps you to realize and avoid the mistakes you are likely to make while planning a startup. The Shark Tank Formula is complete with statistics and facts straight from the show to ensure a strong start for your business venture.