Last Tuesday, we were invited to witness five teams of entrepreneurs pitch their business in an effort to win $20,000 at the Miller Lite Tap the Future live event at Opera Night Club. We were fortunate enough to be able to interview the esteemed panel of judges including Daymond John from ABC’s “Shark Tank.”
If you are thinking about getting in the tank with the sharks or starting your own business, there were five pieces of very important advice that the panel shared with us when it comes to be a successful entrepreneur.
- Passion- Without passion it doesn’t matter how much money you want to make in your new found venture. Since there will be plenty of good times and bad times, the burning desire in your belly to stay passionate around your dreams needs to be there to really be successful.
- Marketing Plan- Most businesses that look to get off the ground simply do not have a plan for new customer acquisition or often the plan is not well thought through by the new entrepreneur. You need to make sure that you have an executable marketing plan when the business goes live.
- Funding- Unfortunately, most businesses haven’t considered what will happen if they run out of their immediate cash. I’ve said before in your smart money moves that you really need to make sure that you’ve got enough money in the bank or credit lines to last twice as long as you thought you would when the business gets off the ground.
- College Debt- Even though some young students have college debt, that shouldn’t deter you from chasing your dreams. When you are young, you often have the most ability to take risk because you have the least amount of responsibilities. This could be your best opportunity to ring the bell even though student debt may be staring you in the face.
- Mentorship- It is crucial for any good entrepreneur to surround themselves with at least one outstanding mentor. Find the right person who can help you grow professionally and personally and has been through the peaks and valleys of being an entrepreneur.
The ultimate winner of the Miller Lite Tap the Future will win $200,000. You might have the next great idea to get into the tank. To stay afloat think about a great plan, quality mentors, ignoring the naysayers, and most of all having the passion to chase your dreams.
Written by: Ted Jenkin
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