Most of us have seen ABC’s Shark Tank, where Mark Cuban, Daymond John, Barbara Corcoran and a group of other massively successful business “sharks” weed out entrepreneurial contestants and ultimately decide whether or not their business pitches are worth an investment.
Since the show started in 2009, it has produced several success stories and cultivated million-dollar brands. From Tiffany Krumins’ successful ‘Ava the Elephant’ medicine dropper which brought in an estimated $1 million dollars in sales in 2013, to James Martin’s ‘Copa di Vino’ single-serve wine glass product, the Sharks know how to produce results for ideas that have potential.
But not all of us businesspeople are lucky enough to be featured on the hit show. So how can we implement the successes and failures of the show’s featured entrepreneurs? What do the Sharks suggest to ensure a start up’s success?
For starters, one must:
-Know the Need for their Product
-Always be Prepared
-Be Great Beyond the Product
-Build an Investor Network
-Know Their Negotiating Limits
-Learn and Listen
But that’s just scratching the surface… or shark cage. Want to learn more about the Shark Tank success formula? Check out the infographic below (with stats pulled from the telecommunications experts who blog at Tollfreeforwarding.com) for enhanced start-up success!
Dave Landry Jr. is a journalist, business owner and financial consultant. He hopes you enjoy this infographic.
Dave Landry Jr. is a journalist, business owner and financial consultant. He hopes you enjoy this infographic.
