Start a Business

Top 7 Tips for Training a Powerful Startup Sales Team

Written by Alex Gamble on . Posted in Start a Business

In many ways, a sales team is the backbone of any startup. A sales associate's voice is the first a person may hear from a company, so it's vital that the team leader build a strong army of salespeople. If your sales team isn't strong, your startup won’t be strong, and the customers, the stakeholders, and the bottom line will suffer. We've compiled a list of the top seven ways to build a strong sales team, and whether you're building a team for the first time as an entrepreneur or as a seasoned professional, these tips can always be found helpful.

1. Clarity, clarity, clarity

While assembling a sales team, it's important to remember that no one is a mind reader. If you have a protocol, outline it. Specificity is key when it comes to creating a successful culture. Ambiguity about expectations is often one of the key factors leading to team weakness. Clear communication of all company standards sets a strong sense of team accountability. Lack of clarity often leads to a breakdown of work ethic. Clear expectations, on the other hand, inspire teams to feel empowered and rise to meet challenges.

2. Shift the perspective

Creating a sales team can be stressful. This stress can cause many entrepreneurs to see the team as a liability to their own position. It is much healthier for all parties involved to approach your team as an investment in the company. A strong startup sales team creates beneficial outcomes for all stakeholders, whether it's clients or board members. Training a strong sales team takes not just an awareness of what's needed in the present, but also how fulfilling present needs will create future growth.

3. Embrace your dark side

Before setting loose your sales team to conquer the world, it's important to provide a reciprocal shadow period. A reciprocal shadow period is two-fold.

First, allow your sales team to shadow seasoned pros. This means following each and every aspect of important tasks, having them take notes, and then debriefing at the end of the shadowing period.

Second, the new team members should be shadowed by the seasoned pros, with the pros taking notes as well. At the end of the shadow period, all notes can be compared with an open-ended, positive conversation about the learning process. It is vitally important that this shadow period is approached as a positive learning experience and not an evaluation of skill so that honest mistakes can be made, corrected, and everyone moves on quickly and painlessly.

4. Empower your team

A powerful sales team isn't trained. Training is for pets. A powerful sales team is taught – taught to think, taught to assess, taught to discern. The training approach is necessary to a point, while team members are learning the ins and outs of the startup company rules and rituals. After a point, however, more thought-provoking approaches need to take place. Foster engaging conversations about effective sales practice. Facilitate thought-provoking question and answer sessions. A powerful sales team is a collective of individuals who know how to think on their feet, respond with aplomb to rapidly changing circumstances, and anticipate what's coming next. Teaching a team to think is one of the most effective ways to ensure success.

5. Role play

If you want to create an engaging lesson for your sales team, try acting out potential scenarios that could arise. Take past experiences and have team members act them out. Not only does this give your team a testing ground for how to approach problematic circumstances, it also provides a humorous way to deal with serious issues. At the end of the day, everyone walks away with gained knowledge.

6. Be who you want the team to be

As a CEO, team leader, or entrepreneur, it’s important to set an example for a new sales team. Teaching best practices is only one part, and can only go so far. It is important to remember that the environment you provide and the attitude you give off is more important than the words spoken. If you're teaching about organization but your notes are all written on napkins, your sales team will pick up on the dissonance and internalize that you don't really mean what you say. This can create a toxic culture of surface level niceties which are never followed up with action. You must be everything you want your team to be, and impart those qualities onto them not just with words but with action and demeanor.

7. Have fun with it

Ensure that your team understands that the learning process, while working toward the goal of being a powerful force, is indeed a process. Create an environment that portrays your startup’s culture and cultivates collaboration and creative thinking. As long as everyone on your startup team is there for the joy of it (and to make some money), your team will be successful.

Training a powerful sales team can be an arduous task, but a sales team is integral to the success of any startup company. Quality training is an investment toward the future that will pay off for years to come.

From Idea to Dollars: The 7 Steps You Need to Know

Written by Sara Heins on . Posted in Start a Business

Like many entrepreneurs, you may have a great idea, but aren’t quite sure how to turn it into cash.  Going from idea to dollars is one of the most magical, yet trickiest parts of entrepreneurship—and it’s often the point at which many entrepreneurs fail.  To ease entrepreneurs into this process, the Inventor’s Club of Kansas City has identified the seven steps of idea development.  If any of these steps seem overwhelming, you can typically hire an entrepreneurial expert or startup resource to help you along the way. 

1.  Validation

Every idea should start with simple research.  Does the idea exist already? What is the competition like?  These basic questions will prevent you from wasting time down the line.

2.  Evaluating

Now that you’ve determined that you have a unique idea, does it solve a problem that consumers will pay for?  You may have a great idea, but if no one is willing to give up their money for it, you’ll be out of time and money very quickly.

3.  Searching

Search the United States Patent and Trademark Office to ensure a patent for your idea isn’t already in existence or what similar patents are out there. Make sure to set your idea apart from the rest!

4.  Funding

You don’t need to be a millionaire to get into the entrepreneurship world, but you do need cash.  There are a few options out there that provide some serious cash, like angel investors and venture capitalists.  Or you can even join an accelerator program like Think Big’s to help you out while you learn the ins and outs of the entrepreneurial world. You’ll have to give up some control of your company depending on what your investors contribute, but the capital will be worth it!

5.  Prototyping

How do you get a 3D prototype of your idea? Find a company that fits your prototyping needs. You’ll save more money by doing as much as you can on your own, such as the prerequisite drawings to hand in to the prototype company. If making computerized sketches doesn’t happen to be in your skill set, there are people out there that can help, though!

6.  Patenting

What are the steps needed to protect your idea? What kind of idea have you got? A utility (use), design (aesthetic) or plant (yes…the photosynthesizing kind) patent?  You can file for a patent with the United States Patent and Trademark Office. It’s always a good idea to talk to a legal expert at a patent law office, especially with something as sensitive as a patent application. 

7.  Marketing

The last step in making a profit is determining your marketing strategy – whether it be guerrilla,  inbound or traditional marketing and advertising strategies. If Marketing 101 wasn’t part of your college curriculum, you can contract marketing and advertising services as well!

It takes more than a great idea to build a profitable business.  Fill in the gaps with the 7 steps mentioned above, and don’t forget to sprinkle in some hard work, dedication and maybe a little sweat, too.   

Life in the Fast Lane: Top 5 Reasons to Join a Startup Accelerator

Written by Mariah Rittell on . Posted in Start a Business

Ever since startup accelerator programs have begun popping up around the world, skeptics have been curious: are startup accelerators a waste of time?  Are they worth it?  Do they really benefit the startups that take the plunge? 

Maybe those skeptics haven’t seen the success rates from top accelerator programs such as TechStars, Y Combinator and LaunchBox.  Startups around the globe are becoming more successful at a faster rate because of startup accelerators (or even through business incubators). 

Startup accelerators can help entrepreneurs get capital, resources and even teach you how to execute your business and marketing plan. But a startup accelerator is so much more than just that.  Let’s explore the five reasons you and your business idea should undergo the startup accelerator process:

1.  Mentors

Accelerators happen to have some of the best mentors in the industry.  These mentors are there to give insight into the creation of a successful company. Not only do mentors have experience, but they can also provide advice in the worlds of accounting, legal assistance, and even some office space!  Remember: some of the best advice you can get in the startup world is from people who have been there, done that.  Mentors are the perfect guides to answer any entrepreneurial questions that may be festering. 

2.  Elevate Your Elevator Pitch

Joining an accelerator program will give you the chance to perfect your elevator pitch. A perfect pitch is crucial in getting customers as well as investors to understand what you’re offering and it may help them buy into your proposition. 

3.  Resources and Relationships

While attending accelerator classes, you will have the opportunity to surround yourself by other startups, giving you a great amount of resources right at your fingertips. Maybe you need help with the technical side of your business but you just don’t know how to approach it. One of the tech startups in the program may be able to help you out.  In turn, you could assist them in your area of expertise. The relationships you make through accelerators will ultimately become meaningful networking relationships once the program is over.

4.  Capital

Every new startup needs quite a few bucks to begin its trek toward success.  An accelerator will aid you in getting investors and might even invest itself in your company.  Be sure to research each accelerator and learn about its funding and capital opportunities—some may be better than others! 

5.  Exposure

An accelerator program will help a startup get noticed by a lot of different media networks. This exposure will encourage connections within the area of business you want to be related to.  The more exposure you get, the better chance you have of being found by investors!

Joining an accelerator program is an exciting opportunity with many great advantages. But be sure to act fast!  Accelerators often must sift through thousands of applications—and openings are swept up quickly. Join a startup accelerator; it’s a decision you won’t regret!

 

 

The 5 Best Places to Launch Your Business

Written by Colleen Rowley on . Posted in Start a Business

As an entrepreneur, every waking hour for as long as you can probably remember has been dedicated to starting your new business.  Well lucky for you, hours upon hours of hard work and dedication are about to come together because you are finally ready to host your launch party!

But before you get started, there is one big question lingering above your head.  Where are you going to host your business’s launch?  We came up with the top 5 places for entrepreneurs to launch a new startup.  Take a look: 

The Local Business Association Meeting Launch

One of the best ways to give your business some exposure is by hosting its launch party at a local business association meeting.  If you are not already a member of an organization, do not hesitate to get out there and find an organization that suits you and your small business’s needs.  More often than not, these organizations are just as excited as you are to introduce a new business to the area.  Not only is this a great way to get in with the industry, but it is also a great way to launch without enduring high costs. 

The Public Event Launch

In lieu of sticking to a budget, another great place to launch your small business is in coordination with a public event.  Public events are a great way for small businesses to get added attention from already-existing traffic.  intevli, an interactive event mapping application, used this strategy when it launched its product at Kansas City’s Crossroads District’s First Fridays event. 

The Virtual Launch

For those entrepreneurs who run solely online or from the home, the virtual launch may be for you!  Some entrepreneurs do not benefit from physical launch parties at a single location—which is right where the virtual launch comes into play.  A virtual launch is perfect for small businesses with a vast number of potential customers located in various cities, states and even countries.  Virtual launches often boast of incentives or social contests during their grand openings—just remember to encourage people to use those social media buttons! 

The Event Space Launch

If you want to go big (and we know you will, you entrepreneur!), we recommend looking to renting an event space for your launch party.  Renting an event space for a night is the perfect option for entrepreneurs who work out of their home.  Often equipped with perks such as catering, set-up and tear down, event spaces provide a great environment to celebrate your business’ grand opening.  You can also tailor these events to be as intimate or big as you want, but make sure to dot your i’s and cross your t’s beforehand.  

The Office Space Launch

For those lucky entrepreneurs out there who do have their own office space, use it! Holding a launch party at your business’s office will help potential customers, partners, clients and fans put a face to a name to a place.  For an added bonus, consider joining community organizations before your launch to generate a great buzz about your opening.  Often times, groups such as your local Chamber of Commerce will send key members to your launch and hopefully bring some press with them!

Now you’re ready for the kick butt launch party you have dreamt about for your new startup! What are you waiting for?  It is time for you to watch all of your hard work pay off!   

What Can the Olympics Teach Us About Startups?

Written by Allison Way on . Posted in Start a Business

Sports and startups have more in common than just their first letters.  There's pressure.  Expectations.  Belief.  Failure.  Success.  Ups and downs, highs and lows.  In fact, sports and startups have more in common than we may think.

 

So today, I ask you to put yourself back on that Little League Baseball team, on the starting block during Country Club Swim Championships, shooting from the free-throw line on your highschool basketball team or jumping for that final spike in your last college volleyball tournament.  Take yourself back to the highest highs you received from athletics...as well as the lowest lows.  Sports can teach us more about startups than we realize...and now is the perfect time to take a look.

 

With the upcoming 2012 Olympics Games (which I am counting down that days for!), we deemed it fit to post about how the Olympics and startups go hand-in-hand with one another.  So let's lace up our tennis shoes, board the plane to London and experience the Olympics in a different light...not as fans, but as entrepreneurs.

 

1. Expect the unexpected (and control the controllable)  

 

When Kerri Strung arrived in Atlanta for the 1996 Olympics, she probably didn't expect to impact the world with the most memorable Olympic moment of all time.  After a brutal ankle injury during her first vault, Kerri still performed a second vault...and landed on one ankle in pure agony.

 

No, Kerri did not plan on being injured during the Olympics.  Nor could she ever have imagined landing a vault on a sprained ankle.  But she did, and she helped the US team beat out the Russians for the gold.

 

In business, Kerri has taught us to expect the unexpected and to control the controllable.  Kerri could not control how the Russians or even her own team would perform during the 1996 Olympics.  But she could control her own performance...even under unbelievable pain.  Startups, beware: the unexpected will happen.  Your gut reaction may be to panic or even stop the business all together. Instead, control your emotions, control your thoughts and control what's controllable--you could come out on top with the gold.  

 

2. It takes more than just hard work 

 

As entrepreneurs, we often hear that if we work hard enough, good things will happen.  But this isn't true.  It takes more than just hard work and determination to make it to the top.  And Olympians everywhere will tell you the same when it comes to sports.

 

Hard work  +  Dedication  +  Support  +  Belief  +  Preparation +  Luck 

 

These values can be applied to sports and startups:

 

Hard work: Yes, it takes many 80-hour weeks, sleepless nights and missed vacations.

Dedication:  You have to be in 110%.  No excuses, just results.

Support:  You must have a team behind you every step of the way.

Belief:  If you don't believe in yourself and in your idea, you won't get anywhere.

Preparation: It's all about goals, visualization and preparing for anything.

Luck: The stars have to align a little bit too!

 

3. You need a team

 

And not just any team...a team made up of the right people.  The 1980 Winter Olympics Hockey Team (the team that is portrayed in the hit movie Miracle) didn't beat the Soviets for the win because the team was made up of the best people.  The team won because it was made up of players that worked well together.

 

The same goes for your startup.  Don't hire A+ students when you can find a C student who is more dedicated, driven and passionate.  Create the team that believes in the idea as much as you do--not the one who follows all the rules, avoids making mistakes and is perfect 99% of the time.  Startups make mistakes and learn from them...and the people involved in the startup have to be able to handle that.

 

4.  Failure is the biggest teacher of all

 

In 1988, Dan Jansen, Olympic speed skater, had a difficult Games.  The odds were not in his favor when he learned that his sister had died during the Games.  After two catastrophic falls during the Olympics in Canada, it didn't seem like Dan would ever recover, not only from the tragedy, but also from his Olympic failure.

 

But then, Dan came back to the Olympics in 1992 to win his final race.  Failure wasn't an option for Dan...and he was determined to come out on top to finish up his speed skating career.

 

Dan may have failed (twice!), but he didn't let that stop him from coming back stronger than ever.  It's important for entrepreneurs to remember this same idea: failure is the biggest teacher of all.  Learn from your mistakes.  Those real-life experiences are invaluable.  Just ask Dan Jansen.

 

5.  Pressure is a positive 

 

There are two ways that athletes handle pressure:  thriving and choking.  It's those successful athletes that take pressure-filled moments and turn them into positives.  

 

Every great Olympic moment was met with pressure.  But my favorite story of all is that of Michael Phelps and his epic touch-out at the Beijing Olympics against Serbia's Milorad Cavic in the 100 meter butterfly (and not just because I'm a former college swimmer!).

 

In 2008, the pressure was on for Phelps.  He already claimed 7 gold medals at the Beijing Olympic Games...and he was just one race away from 8.  In one of the most incredible finishes in Olympic history, Phelps went from a for-sure silver medal to 8-time gold medalist by touching out Cavic by .01 of a second.

 

Greg Searle, director of performance development at Lane4 and Olympic gold medalist says it best when referring to pressure and business: 

 

In a business environment there are high pressure situations to be dealt with every day, but often that pressure can help you become focused, sharp and at your best. The key is to recognize the symptoms and embrace them. You have to reframe the situation so it ceases to be a threat and becomes an opportunity.

 

6.  Visualization and goals are important

 

Ask any Olympic athlete what the most important preparation tool is in athletics and more often than not, they will not say a proper warm-up, stretching or lucky rituals.  They will most likely respond with visualization.

 

Athletes must decide on a goal and visualize the achievement of that goal months (even years!) before competition day.  Visualization enhances confidence, boosts motivation and allows for maximum performance.  All Olympics teams believe so much in visualization and goals that they bring dynamite teams of sports psychologists on the road with them.

 

Visualization is important for entrepreneurs to attempt as well.  In a survey by Stephen Covey of 23,000 employees, only 37% understood clearly what their company was trying to achieve.  Only 1 in 5 were enthusiastic about the company's goal and only 15% felt the company was enabled to execute the overarching goal.

 

Make your startup better.  Start implementing goals.  Then, visualize them.

 

What will we learn from the 2012 Olympic Games?  I cannot wait to find out.  Until then, you can find me chanting "USA! USA! USA!" from the comfort of my desk at Think Big...no rest for the entrepreneurial!

How to Throw a Killer Startup Launch Party

Written by Allison Way on . Posted in Start a Business

Your launch party isn’t just a fun night of drinking and schmoozing with friends, family and potential customers—more importantly, it’s your startup’s first impression.  And like the old adage says, you only get one first impression.

Your startup’s launch party is one of the most important days of your business’s life.  It’s technically your startup’s “birthday” and it’s a chance to find potential customers, interested investors and brand advocates.     

So how can you make your startup’s launch party truly stand out?  We’ve got six important tips for you to get it right the first time! 

1. The Perfect Location

No launch party is complete without a kick-butt location.  But just because a location is modern and swanky, doesn’t mean that it will fit your business’s voice.  Some startups need to launch during the day at a local coffee shop, others are more fitted for the bar scene, and still others should look into modern business-oriented event spaces in the area.  It all depends on what you want your startup’s message to be and the vibe that you want to give from the start. 

Looking to save some cash?  Many startups opt to throw their launch parties at nonprofit locations or  schools.  These options often have the most reasonable pricing opportunities. 

2. Marketing

No one will show up your launch party if they don’t know it exists!  That’s why marketing your startup launch party is critical to its success.  Blast out an email to your contacts about your launch party, add it to your startup’s website, Tweet it, Facebook it, blog it!  Do whatever it takes to get word out about your startup’s launch.

Another great marketing tip?  Get in touch with online calendars (like through your city’s newspaper) and add your launch party to the list.  Newspapers reach a large amount of people, and oftentimes, adding events to their calendars is free! 

3. The Right Guests

Speaking of marketing...it’s important to get the right people to your startup launch—more specifically, potential investors, potential clients and media.  Therefore, when marketing, make sure that you’re using the correct platform to get the right people.  One of the best ways to guarantee that the right people will show up is by using a tool called EventBrite.  It’s a social-media-friendly event management site perfect for any launch party.  Another tip?  Send out a media advisory to important media resources like local newspapers, television stations and bloggers.

4. Entertainment

Keep in mind that sometimes, it takes a little more than rockin’ music and an open bar to keep launch party guests entertained.  You want to keep guests engaged not only in the party, but in your product as well.  We recommend featuring a live demo of your product or service as one of the main focuses of a launch.  Other great ideas?  Live bands, contests, keynote speakers and raffles (plus, if you ask for business cards during a raffle, you automatically have some leads!). 

5. Swag

What launch party is complete without swag?  Every guest loves swag, especially when they may not expect it!  Swag could be as simple as a few pamphlets about your startup, a stress ball with your startup’s logo or a discount coupon.  A lot of the time, you can get another partner to sponsor your launch party’s swag!  And that brings us to number six...

6. Generous Sponsors

Donations are life-savers for startups...especially during the beginning phases.  Sponsors can play a major role in your startup’s launch party—from providing food and beverage to purchasing swag to donating event space.  Get in touch with the movers-and-shakers in your city and try to get your startup’s launch party sponsored! 

What are you waiting for?  Now that you have the six tips to blow your launch party out of the water, it’s time to get planning!  Best of luck, not only on solidifying your startup’s inception, but also on throwing a party that potential clients and investors will never forget! 

Your Elevator Pitch: 7 Must-have’s

Written by Shelby Livingston on . Posted in Start a Business

What is an elevator pitch? It’s a spiel, or a quick summary of your proposition. Many entrepreneurs practice this when pitching to venture capitalists or when promoting their startup. Think Big Partners knows how difficult it can be to hone this skill. Read on so you don’t get stuck when presenting your elevator pitch!

  1. Keep It Simple
    Make sure your proposition is short and simple. There’s a reason people in the biz call it an elevator pitch—it should be as long as a standard elevator ride. Keep it anywhere from 30 to 60 seconds. No one wants to hear your entire business plan for your startup. Give the bullet points. Think about what exactly you want the listener to take away from your talk.
     
  2. Practice, Practice, Practice
    The best thing an entrepreneur can do is absolutely perfect his or her pitch. You want to make it flow, without any flubs. To ensure quality, try recording yourself. You can see what it looks like from the listener’s point of view. Even show your friends and family; no one gives honest constructive (or not so constructive) criticism like your buddies!
     
  3. Be Memorable
    Many entrepreneurs think being memorable is just about making people laugh or telling a heart-wrenching story. But ImprovAndy, says no. You should explain (in about 2 sentences) your greatest work accomplishment. This shows people you’re competent and not just a comedian or motivational speaker. They’ll remember you when it really matters; when they’re discussing business plans.
     
  4. Be Prepared
    Know why you’re there. Whether you’re promoting your business or requesting financial backing, you have to know what you’re talking about. No “ums” allowed! Be prepared to answer tough questions. How much capital is your startup going to need? Which media outlets are you prepared to utilize? Others are impressed with knowledgeable and organized people. And it never hurts to pump yourself up beforehand!
     
  5. Stick to the Facts
    People like numbers. It gives them a sense of how much. You make more of an impact by saying “80% of Americans watch The X Factor” instead of saying, “The X Factor has a lot of viewers”. How much is a lot? Know your facts because business men and women will be listening for those numbers in your elevator pitch.
     
  6. Avoid Jargon
    “The synergistic takeaway for the equitable stakeholders is the value-added benefit of the residual leverage”… What? Have you ever heard a sentence like this? It’s confusing to whoever’s listening and it doesn’t make you sound smarter! Use words that everyone knows and you’ll have a better chance of people listening to what you have to say about your startup.
     
  7. Define Your Edge
    Why you? People want to know why they should listen to you. Say why you’re different from other entrepreneurs and define your competitive advantage. Describe the customer your product or service (and only your product or service) can perfectly serve. Tom Searcy says, “Don't define your competitive advantage by your competitors. Define your distinction by your customers.”

Keep it short, flub-free and fact-based and you’ll be ready for the perfect pitch.  Hit the elevator button for the top floor and practice these 7 quick tips for a better elevator pitch!

3 Lessons from Swimming in the Shark Tank

Written by Alysa Tarantino on . Posted in Start a Business

Five hungry investors sit elevated on a stage face-to-face with eager entrepreneurs, all of whom are on a mission to make a deal that will change the course of their lives. The money is tangible, the companies are real and the end result of this interaction is 100% genuine. This is ABC’s Shark Tank. It’s arguably the most authentic reality show on television. If you need proof of this authenticity, look no further than at the faces of the entrepreneurs. They are nervous. They are anxious. What they’re pitching to the sharks is their passion, it’s their lifeblood.

Although most Shark Tank entrepreneurs don’t succeed in landing an investment, they do succeed in teaching millions of viewers very valuable lessons. By simply watching the show, international audiences have the opportunity to learn a huge amount about startups, pitching and business in general.

We have three important lessons straight from the Tank. So let’s dive in, pay attention, take thorough notes, and above all – beware of the Sharks, they have a tendency to bite.

Lesson #1: “The only thing that really matters, what is it? Money.”

There’s a reason this Kevin O’Leary quote opens each and every episode of Shark Tank. It encapsulates what the show is all about.

The number one lesson to be learned from observing the successes and failures of the participating entrepreneurs is that numbers are everything. An inaccurate or exaggerated valuation of your company will instantly strike a negative chord with the investors. If you want these influential and experienced venture capitalists to put money into your dream, then you have to be prepared to spout off the numbers that justify the valuation. Worth is determined by the percentage of ownership you’re willing to give up based on the amount of money you need, not the amount of money you want. Investors are more likely to invest if you have a clear and defined plan of how you’ll use their hard-earned money.

As you watch the show, you’ll notice that the investors are constantly repeating themselves, critiquing and criticizing the valuation entrepreneurs present to them. If the percentage offered is too low, they feel insulted (not off to a good start) and if the amount of money asked of them seems as though it was dreamt up and not based on fact, they will devour the entrepreneurs (and we mean absolutely rip them to shreds!). Do your research and be realistic because this can make or break your pitch. 

Lesson #2: “All I know is that you’re not selling anything!”

What are your sales? There is nothing more awkward than watching an entrepreneur squirm and stutter when attempting to craft up a proper answer for this question, especially when they have zero sales to date. It’s essential for the investors to know that you’ve solved a problem and that there is a market for your product. The dilemma these often entrepreneurs face is that they are usually bringing their startup to investors too early. You need evidence...and this evidence takes time and effort. To persuade the sharks to ink that check, you need to not only have an idea you’re passionate about, but the work ethic and dedication to make it a profitable reality.

Don’t make excuses; they are embarrassing. For example, Shark Tank entrepreneurs will often say they lack sales because they need the money to advertise, yet nobody knows about them. We live in a technological age where information travels through the social media sphere more quickly than a rumor in a high school. Social media is free and its boundaries are endless. The sharks should know that you’ve done as much as you can on your own and that their money is absolutely necessary. Knowing your market and those ever-important numbers will determine whether you sink, swim, or get eaten in the Shark Tank.

Lesson #3: “I think you’re smart, slick, greedy...and it’s offensive.”

You have to appreciate this quote from Daymond John. He’s not only successful, he’s honest and he knows investing in a company means investing in a person.

You must have the character, personality and attitude that will inspire an investor to partner with you. A good pitch can become a great pitch with the right story. Be open, be yourself, and let the investors truly get to know the person who will become their business partner. They’re humans too; they have hearts, they have families and they have lives outside of their businesses. They can relate to humanity. It could be the final factor that determines whether or not they invest.

On the flip side, having the wrong attitude will ruin your chances of landing an investment. Mark Cuban is the King of Character. “I’m out” will fly out of his mouth the moment an entrepreneur says the wrong thing, but not before he lets them know exactly what flaw initiated his withdrawal. It inspires respect. A man of his stature and influence still considers character to be an essential requirement for investment. All of the sharks put value in a person’s attitude (it’s obvious), but Cuban is the least shy about voicing his unique opinion.

There is a huge difference between being confident and being arrogant, but there’s a thin line between the two. Keep your eyes on that boundary. Exude confidence in your pitch, your business and yourself. Don’t argue with the investors, don’t talk back and don’t ever assume that you know it all; that’s arrogance. The difference between confidence and arrogance could be the difference between an investment and an embarrassing retreat from the tank.

You are now armed with the essential lessons derived from the most real of reality TV shows. There is so much more to be learned from the show. Watch for yourself, do your homework and in no time you’ll be the Michael Phelps of Shark Tank, swimming your way to investment and success. 

The Hiring Spree: 5 Tips for Recruiting New Hires to Join Your Startup

Written by MAriah Rittel on . Posted in Start a Business

You have a business plan, a location and maybe even a little bit of incoming revenue! Now what? Now’s the time to build up your startup team.  Your first employees are some of the most important people that your business will ever have—chances are, they’ll be the ones that are just as dedicated, strong and passionate about the startup as you are.  So be sure to be strategic and smart when recruiting your first hires...and here’s how:

  1. Have a plan
    Decide what your hiring process will consist of. How are you going to determine if the applicants are a good fit? There are various ways that companies conduct their hiring processes. Typically, organizations conduct different types of interviews and pre-employment testing. A plan will ultimately help you find the applicant that is the best match for your startup.
     
  2. Take advantage of social media
    Since social media plays such a big role in the business world, there’s no doubt you can use it to recruit employees. With social media, you’ll be able to communicate to people who would be interested in your company via blog, Facebook, LinkedIn, TalentBin, and even dedicated Jobs Accounts on Twitter. Although these quick online interactions seem trivial, they can lead to job applicants that might not have known about your company otherwise. 
     
  3. "Sell” your company
    You are looking for the perfect employee, but don’t forget that the applicants are looking for the perfect company, too. Show them your passion for your startup as well as your overall vision. Motivate them to want to be part of the team.  
     
  4. Look for these top 3 qualities
    There are three important things to look for while recruiting for your startup: Mind, heart and spirit. Ensure that your recruits have training, intellect and experience for the mind portion.  The heart requires that the applicants have passion and are motivated by your vision. Spirit focuses on their desire to work hard and have a positive attitude. These three qualities are a perfect fit for an up-and-coming innovative company.
     
  5. Go beyond the offer
    Once you offer your applicant a job, they have a decision to make. More than likely, there are other companies looking to hire them as well. Help them make the decision by inviting investors to explain why they invested in you. You can even ask mutual connections to hype up your vision in conversations with them. Although you can convince your candidate to join your startup, it will all come down to how much they believe in your vision and what you’re doing. 

Recruiting new hires for your startup can be a stressful time, but if you use these tips you’ll be well on your way to creating an amazing team. And remember, great people are attracted to great leaders and great companies.