7 Lessons from Shark Tank India give us new insights; read it if you are a first-time founder.
We have been running an online food tech company for the last three years, and I am one of the first founding members, According to my deep knowledge and whatever books I read on this journey. I set the company vision and mission statement, but Shark Tank India gives us a clear view of startup funding and many more:
If you are a first-time founder, You must keep all points in your startup journey.
- Solving the Bigger Problems: Sharks and any big institutional firm never infuse their money into solving minor problems; if you want to attract bigger sharks, you should solve the bigger problems. Your vision should be 10X bigger and 10X ahead of competitors.
- Founders’ Equity should be equal: Splits Equity is almost equal among the founders because they will not devote equal time if Equity is not equal.
- Debt Should 12%: If they would not agree to the equity, they can invest on 12% interest; now, 12% interest becomes a thumb rule.
- CXO Roles: The CEO must be highly talented, not in academics but rich in communication; they know how to explain complex things in a simple way. The company CEO’s role is chief explaining officer: actually, your startup is born due to solving bigger and more complex problems with simple solutions. As a founder, you must have the ability to explain your problems in a simple way and portray your vision in the bigger picture. Moreover, it will help you to attract talented people and marque investors.
- Ready for Hard Criticism: Successful people always take criticism as motivation; if something happens wrong, accept it, work on it, improve it, but they never reply to their criticism by mouth; they reply through result, achievement, and output.
- You know yourself, your team, and your startups: You must know yourself, do not fake anything, be genuine, and what is the core purpose of your startups. All the stories and anecdotes you must frame in the big picture.
- Last Month’s Revenue: It doesn’t matter how long you will generate revenue; the previous month’s revenue can play a crucial because they want to know whether your business is COVID-19 proof or It’s affected by Covid.
Conclusion: A Few of them already existed, and a few were highlighted after the show aired. After watching Shark Tank India, I have written my experience. And all points are constructive for my startups. So I hope it will help you too. If anything is not covered, please add it in the comment sections. The article is originally published on Medium.com. Thank you for reading.
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