What are the Top 10 Mistakes Entrepreneurs make when pitching to investors. Participants in a recent SIFP workshop on Financial Modeling and Sustainability got to critique some actual pitches that companies made to real investors on ABC's Shark Tank.
What did they find... well here's the list of the Top 10 Mistakes Entrepreneurs Need to Avoid.
1. Measuring the overall market without estimating the opportunity available to your niche
2. Not identifying how you’re going to achieve your assumptions
3. Not clearly articulating your market positioning and its unique nature.
4. Not understanding your economics
5. Not defining leadership roles
6. Not understanding the financial risk
7. Not investing the time to know your numbers and know your business inside and out
8. Not knowing your risks so you can integrate them into your budget.
9. Not having a team member that understands financials and can keep things on track.
10. Not knowing what you have to do each day when you wake up in the morning
So many entrepreneurs think ""I'm not a numbers person, so I'll just leave the numbers to my accountant"". But one industry expert pointed out how tragic that can be. Why? Because at some point, you’ll need to talk your bankers through your numbers, the risks, and ways around potential pitfalls.
Afterwords workshop attendees got to work one-on-one with industry experts to help them get an edge on securing up to $100,000 in seed funding. How? By avoiding the Top 10 Mistakes Entrepreneurs Make!
Did you miss the workshop -- Want us to do it again... comment and let us know!"