As a business evolves, it will encounter the need to build credibility with outside parties, such as investors and lenders, and to make well-informed strategic decisions. In short, financial...Read more »
Entrepreneurial Lessons Learned from Shark Tank
The Shark Tank is over the top like Mark Cuban himself, but entrepreneurs can learn some valid lessons from watching the show.
Among the Seven Lessons outlined in a recent Fast Company article, the first obviously warms the heart of a serial startup CFO: Know your numbers (historical or projected). Most investors are experienced at dissecting your numbers to cut through the bull.
However, Lesson #2 should probably be #1: Be a good marketer could be rephrased as – Do your homework about what your prospective customer needs and how to reach them with an attractive solution. Investors want to know that some customers already really like the dog food, but also that your company has the distribution or platform to scale quickly.
One final lesson not mentioned should not be overlooked: Be sure you're ready to swim (fast) when you jump in the Shark Tank.
If you want to talk about your entreprenerial venture and get expert advice connect with Brian Monbouquette or any of the finance experts at Fahrenheit Finance. 804-955-4440