As a budding entrepreneur, I really enjoyed business insights from #SharkTankIndia.
Here are 8 lessons from @sharktankindia that can help you come up with an exciting, scalable and defendable business plan that can help you win over the sharks, with examples. Thread 🧵👇
Here are 8 lessons from @sharktankindia that can help you come up with an exciting, scalable and defendable business plan that can help you win over the sharks, with examples. Thread 🧵👇
1. Understand the market size, intricacies and gaps:
Go granular. Understand the market at a deeper level and understand the gaps that need to be filled.
Eg: AAS Vidyalaya got the biggest funding (1.5 cr) despite being in a crowded EdTech space by finding a market gap.
Go granular. Understand the market at a deeper level and understand the gaps that need to be filled.
Eg: AAS Vidyalaya got the biggest funding (1.5 cr) despite being in a crowded EdTech space by finding a market gap.
2. Being very sure about the market you are NOT in:
Almost equally important is to know what market or customer you are NOT going to serve. This enables a potential investor to better narrow down your target market and understand how your product fits with it.
Almost equally important is to know what market or customer you are NOT going to serve. This enables a potential investor to better narrow down your target market and understand how your product fits with it.
3. Stay away from buzzwords and non-relevant credentials:
The founder of GoodGoodPiggy immediately turned off the investors by using words like 'EdFinTech' and stating personal awards she won that was not relevant to the business she was presenting.
The founder of GoodGoodPiggy immediately turned off the investors by using words like 'EdFinTech' and stating personal awards she won that was not relevant to the business she was presenting.
4.a. Understand how you differ from competitors:
Good Answers:
- Focusing on an uncatered and specific TG, customized in a way that is not easily imitable
- Data advantage: Utilizing data to improve the product
- Patents
- Cost advantage: Having a unique cost-reducing process
Good Answers:
- Focusing on an uncatered and specific TG, customized in a way that is not easily imitable
- Data advantage: Utilizing data to improve the product
- Patents
- Cost advantage: Having a unique cost-reducing process
4.b. Understand how you differ from competitors:
Bad Answers:
- "We will build a brand that will make customers loyal"
Customers are quite fickle, especially in India and can move quickly to other better deals
- "First mover advantage"
This is samaj seva, as per Ashneer :)
Bad Answers:
- "We will build a brand that will make customers loyal"
Customers are quite fickle, especially in India and can move quickly to other better deals
- "First mover advantage"
This is samaj seva, as per Ashneer :)
5. Have confidence and a grand vision:
Show conviction that you can go big, and don't undersell yourself. For example, the Hammer founder kept saying that they were a small company. This put off Peyush as he didn't seem to have the conviction required from an entrepreneur.
Show conviction that you can go big, and don't undersell yourself. For example, the Hammer founder kept saying that they were a small company. This put off Peyush as he didn't seem to have the conviction required from an entrepreneur.
6. Stay away from gimmicks:
Don't sell a gimmicky product that may be 'nice to have'. Your product needs to be something that customers 'need to have'.
Eg: Sid 07 designs. His products were gimmicky and did not seem to solve big enough problems to get the sharks excited.
Don't sell a gimmicky product that may be 'nice to have'. Your product needs to be something that customers 'need to have'.
Eg: Sid 07 designs. His products were gimmicky and did not seem to solve big enough problems to get the sharks excited.
7. Have a 'Hero' Product:
If you are planning an umbrella range of products, it is important to have one or two 'hero' products that help you acquire the customer and establish a relationship and credibility so that you can sell them your other products easily.
If you are planning an umbrella range of products, it is important to have one or two 'hero' products that help you acquire the customer and establish a relationship and credibility so that you can sell them your other products easily.
8. Build a strong and fairly compensated founding team:
Your team needs to have the relevant experience, credibility and passion in the market you are targeting.
And split your equity fairly among the founders to ensure everyone has enough skin in the game.
Your team needs to have the relevant experience, credibility and passion in the market you are targeting.
And split your equity fairly among the founders to ensure everyone has enough skin in the game.
Hope this helps you in your entrepreneurial journey!
And thanks to the wonderful sharks for your insights
@amangupta0303 @Ashneer_Grover @AnupamMittal
@namitathapar @vineetasng @peyushbansal
And thanks to the wonderful sharks for your insights
@amangupta0303 @Ashneer_Grover @AnupamMittal
@namitathapar @vineetasng @peyushbansal
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