Weekly Business Insights from Top Ten Business Magazines | Week 318 | Entrepreneurship Section | 1
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 318 | October 13-19, 2023
The ‘Shark Tank’ Stars Have 5 Pieces of Advice for First-Time Entrepreneurs
By Sydney Sladovnik | Inc Magazine | October 17, 2023
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Starting and growing a successful business takes more than just a great idea. Five out of the six core hosts from ABC’s Shark Tank share what exactly founders need to know to bring their ideas to fruition, navigate market challenges, and thrive in their chosen careers. From what makes a good business concept to the notion of work-life balance, here’s what the Sharks have to say to aspiring entrepreneurs:
- Visualize the work. As with many things, taking the first step is often the hardest part of launching a business. But visualizing success isn’t the way to overcome that hurdle. Instead, entrepreneurs need to focus on the hard work they’ll need to put in to succeed. First step to success isn’t always starting the business. Sometimes, the first step is to learn — to make calls and ask “how.” How did one business show it could scale? How did one founder make their vision a reality? How can an entrepreneur prove they’re worth investing in?
- Embrace failure. Really successful entrepreneurs fail, and they fail fast. Entrepreneurs who can make the best out of bad business situations, like tight budgets, often turn out to be more creative and better problem-solvers. Part of starting any business is learning from mistakes and things that go wrong. But being willing to push through is what differentiates successful entrepreneurs from the rest.
- Be a jack-in-the-box. Pushing through failure often comes down to resilience. The businesses that do well are the people who have the stamina to get back up after a hardship. The real difference is they take less time feeling sorry for themselves — they get up like a jack-in-the-box and say, hit me again. Hardship is inevitable in business, especially at the start — but all you need is one strong idea to pan out. It doesn’t matter how many times you fail. You just have to be right one time — it’s not a special sauce, it’s effort.
- Focus on execution. All the Sharks agree that a great idea is important for starting a business — but that execution is the harder, differentiating factor. Execution is especially important in a challenging market like the one today.
- Swap balance for harmony. Working 24/7 is practically a given for successful entrepreneurs. You’ll have to take calls on vacation and work around the clock, and stay fully committed to your team. The great leader who runs a great business is someone who understands they work for their people. Since work-life balance won’t be guaranteed, finding ways to make work and life exist in harmony is more realistic. Find ways to make family feel included versus excluded. Having the right people to support you at home is just as important as having people who support you at work — the best leaders know how to pick and prioritize the right people, at the right times.
2 key takeaways from the article
- Starting and growing a successful business takes more than just a great idea. Five out of the six core hosts from ABC’s Shark Tank share what exactly founders need to know to bring their ideas to fruition, navigate market challenges, and thrive in their chosen careers.
- What the Sharks have to say to aspiring entrepreneurs on what makes a good business concept to the notion of work-life balance are: Visualize the work more than success, Embrace failure, Be a jack-in-the-box, Focus on execution, and Swap balance for harmony.
Topics: Startups, Entrepreneurship, Strategy, Implementation