Imagine that you have an amazing idea for an app that will change the way people share photos of their food. However, you don’t have the funding available to start developing your app nor do you have enough resources to hire a developer. Because of this, you feel stuck as an entrepreneur and begin to wonder if your dream of launching a startup will ever come true.
If you’ve been in a scenario like this before, you’re in the right place. Being an entrepreneur is an exciting yet challenging journey, and involves a lot of work and resources. Although many people share the dream of launching a successful business, the chances are slim for those who don’t know the secrets of launching a startup.
Over the course of five seasons, ABC’s Shark Tank has turned business dreams into realities for entrepreneurs everywhere.
Out of 93 episodes, there have been 377 pitches and 186 deals.
Although only 62 of these deals close, there have been opportunities to create a successful startup.
Creating a business is a lengthy process and it often begins with a strong idea for a product or service. If you want to create a successful startup, you need to know your product inside and out. It’s also important to make sure your product idea fulfills an unmet need and will provide value for people.
After you have a business idea, you need to perfect your pitch. As you meet with investors, you’ll need to know how much revenue you plan to produce within five years of launching your startup and how much funding you’ll need to reach this goal. Remember, investors only care about numbers, so make sure you’re confident in the numbers for your business and can substantiate them.
As you can tell, there are a lot of factors that contribute to the success of a startup. To learn more about creating a successful startup, see the infographic below:
This is a guest post by Ivan Serrano, an online entrepreneur who enjoys writing about tech, globalization, and business communications. He prides himself on his love of sharing information with others. Ivan is passionate about what he does, and aims to stimulate conversation with his work.