By Staff
There has been an increasing trend of people pursuing their own businesses and trying to become entrepreneurs. But, starting a business can be scary. There are so many risks that go into following your dreams, what if the benefits don’t outweigh the costs? Well to avoid this, here are some helpful tips that will increase your chances of creating a profitable business. In an interview with ABC News, ‘Shark Tank’s’ Lori Greiner and Mark Cuban share some great tips for hopeful entrepreneurs.
The hardest part of anything is starting it and getting your foot in the door. In business language, this translates to curating a perfect pitch. A pitch is a presentation of your business idea to a group of people who can help make your idea come to life. In the interview, ‘Sharks’ explain that when pitching, it is important to know your audience and the consumers. You have to then craft one simple sentence that explains to them your product and why they would benefit from it. In order to perfectly execute this, you must know your audience and their values to convince them.
The next tip involves the marketing and advertising of your product. When asked whether or not you should hire influencers to promote your product, the Sharks did not recommend it when first starting your business, claiming that it was not a great investment. Instead, create a social media platform for your product yourself and test different things out. Overtime, you’ll see what works for you. The Sharks also suggest to really pay close attention to see what makes you click and swipe on product posts to note what attracts you.
The last and most important, influential tip is to be confident and resilient. You are more likely to prosper the more devoted you are to your business. Therefore, know everything about it! Be curious and innovative and try different things out. The hard truth is, no matter how hard you work, you are still bound to face problems. It’s easy to let trials and roadblocks consume and affect your mood, but those problems don’t define you, it’s your response to them that does. Therefore, when faced with some kind of trouble, remain calm, think critically, and remember your purpose.
Starting a business is risky and has many potential complications. Although it is intimidating to visualize these struggles, they shouldn’t steer you away from fulfilling your dreams. Instead, you can ensure that you are aware of potential problems and their solutions. Hopefully, after hearing some insight, you are more informed on how to accomplish your dreams of a successful, profitable business.
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