Building your own startup isn’t an easy process. If anyone tells you different, they aren’t being honest. There are an enormous number of variables at play, and unfortunately sometimes luck isn’t on your side.
Between funding, market health, brand awareness, staffing, and consumer recognition, building a company from the ground up is always a gamble. The hard data tells the same story. Depending on your definition of success, anywhere from 40-90 percent of startups fail.
So why then, is entrepreneurship on the rise?
Well, independence for one. The ability to control your own destiny is very appealing to many Americans. Then there’s the 10-60 percent of startups that actually succeed. These are the companies glorified on investor television programs such as Shark Tank.
Seeing is believing as they say, and startup success on Shark Tank has made the dream a seemingly attainable reality for millions of potential entrepreneurs. Economic freedom is a real possibility for successful entrepreneurs. To help your business grow, we’re bringing you the best Shark Tank tips for startup success.
Entrepreneur or Wannabe?
Building a startup require an amazing amount of dedication. It’s not something very many people possess. Giving up your job and creature comforts in favor of ramen noodles and fleeting dreams is risky. But it’s a risk that every entrepreneur must take. Shark Tank investor Kevin O’Leary is on record detailing that he won’t invest into any business unless the founder is 100 percent committed.
In fact, O’Leary won’t invest in anyone who’s working their day job and building their startup on the side. “I don’t invest in people who work somewhere else. That’s not a real entrepreneur. That’s a wannabe,” O’Leary said per Forbes.
Build Your Plan, Then Your Company
Quitting your job and building your startup is necessary for success, but doing so without a plan is a surefire way to fail.
Before building your empire, you’ll need a comprehensive business plan that details everything from your production capacity to your projected revenue. You need to convince investors you’re worth their money. Start building your plan at the very base level. Find a problem, create a solution, and identify a market. If you can’t satisfy those three statement than you’ve already lost.
As Shark Tank investor Robert Herjavec puts it, “You don’t become a millionaire because you’re singularly focused on making a lot of money. You’ve got to go back to the basics.”
Yes, many entrepreneurs fail. So many that an astounding one third of potential entrepreneurs neglect to start their business because they fear failure. However, avoiding the career based on fear of failure alone won’t get you anywhere. Don’t let failure consume your thoughts.
Per Entrepreneur.com, Mark Cuban continues to tell potential startups that, “It’s not about money or connections – it’s the willingness to outwork and out-learn everyone… and if it fails, you learn from what happened and do a better job next time.”
Even if you do fail, and you might, take your mistakes and learn from them. Use that newfound knowledge and experience to make sure your next startup succeeds. If you’re dreaming of your own startup company, get ready for a lifestyle change. The reality of entrepreneurship is that life gets tough. But when trouble comes your way, you must persevere.
Use these tips from the sharks themselves to help you along the way.