Following the investor pitch, their outcome, and subsequent progress of those who receive funding on Shark Tank reiterates some fundamentals of entrepreneurship.
- Art of articulating your pitch: Setting the context right is super important in helping investors appreciate that what you are doing has a strong market potential. Clarity of communicating what you do gets investor attention. Gimmicks and showmanship doesn’t impress investors.. Passion, commitment and conviction impresses investors.
- Target a market: Having clarity on who you will target as customers (even if your product is relevant for everyone), how you will reach them, what your sales pitch to them will be, how you will deliver the product/service and how you will provide after-sales support are as important, if not more important, than a good product or service
- Know your numbers: Entrepreneurs with a good understanding of market dynamics, and what their fully loaded costs will be and how the numbers stack up have a much better chance of getting investor attention…. and better valuation.
- Be resourceful: Resourcefulness is about leveraging all your current resources to overcome current constraints. Get things done. Somehow.
Apart from other learnings outlined above, one observation that stands out is that good sales numbers shuts everyone up. Else, everyone has an opinion on how you should go about your business.
By Prajakt Raut – Founder Applyifi
Applyifi helps startups refine their business plans and investor pitch deck [www.applyifi.com].