Three things to avoid when starting your new business
One of the Sharks on 'Shark Tank' shares three critical things you should avoid when going into business.
Starting a business is an exciting venture that can profoundly change one's life.
The main thing is having a business idea that guarantees success—an idea that appeals to the market and meets the needs of the supply-and-demand formula.
One of the Sharks on the American reality show, 'Shark Tank', Robert Herjavec, shared some sound advice to new business owners.
He said to succeed in any business, you should follow these three critical tips.
1. Don't try and be an expert at everything
Herjavec said a gameshow is the only place to win at general knowledge. It pays to be an expert in that one thing that sets your business apart from everyone else's. He said your business has a heartbeat, and you should focus on its core as a business owner.
2. Don't run out of cash
You heard it from the Shark himself, 'Cash is King'. He said you should always ensure you have enough cash to fight another day. Have a cash contingency in place to have something to fall back on. "Cash is the fuel for your business, and without it, the game is over," said Herjavec.
3. Don't give up equity before you have some traction
Herjavec advises that it's important not to give ownership of your business before you have seen growth and sales. He said that this wouldn't apply to you if you need the money. Proof of sales, tangible proof of sales, shows that the concept is worthy and gets you, as the business owner, a higher valuation. Selling the dream is one thing, but investors will always pay more for tangible proof.
Watch his video from TikTok below:
@realrobertherjavec Starting a business? Here are three critical things to avoid if you want to succeed: First, don’t try to be an expert at everything. Your business has a core—focus on that and become the best at it. General knowledge is great for trivia shows, but in business, it’s specialized expertise that wins. Second, never run out of cash. Cash is the fuel for your business, and without it, the game is over. Always keep enough to fight another day. Watch the video for the third and the most important one. Remember, success is about staying focused, staying in the game, and proving your worth. 💡 #EntrepreneurTips #BusinessAdvice #SuccessMindset ♬ Drake style/HIPHOP beat(1491552) - Burning Man
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