The infographic below compiles some of the best advice these Shark Tank venture capitalists have given to budding entrepreneurs
Starting a business is a dream for many people. Sadly, out of the thousands of businesses that start every year, 50 percent will fail within 5 years. While those odds might not be very comforting, the success or failure of your business is something you have control over. But before you decide to launch your startup, here are some things you should consider:
- Timing – Keep track of the ebbs and flows of your industry and the success or failures of companies similar to your own. As well, make sure that you have your personal life in order before launching a business. If you’re handling life changing events in a couple months, you probably shouldn’t be diving headfirst into a new venture. Once you’ve determined the climate, make sure you also have your business plan completed and then actually make moves to getting your business off the ground.
- Budget – You should have an incredibly detailed budget listing out every area where you will need money from office supplies, hardware to employees and freelancers. Do not leave anything out. Otherwise you will end up spending more money than you actually have.
- Networks – Go through your address book and LinkedIn profile and check in on previous co-workers, college and high school friends and even previous employers. It’s possible you might know people who would be willing to invest or have enough influence within their industry to introduce you to other high level people. If not, then it’s time to go out and mingle with other people. It might not be exciting, but networking is incredibly important for any business.
You can also get some great advice from the experts by watching shows like Shark Tank. If you don’t have the time to watch it, the infographic below compiles some of the best advice these venture capitalists have given to budding entrepreneurs.