For every entrepreneur, getting started is a dangerous game, a game that can only be won by putting everything on the line. Unfortunately, even after months of hard work and sacrifice, many business start-ups just don’t make it. To survive the shark tank and keep your business swimming to the top, keep the following success formula handy.

 

Secure Sufficient Funding

 

Launching your business without adequate financial backing is a risky move that rarely pays off. As with any investment, you have to put money into your business in order to get money out. If you don’t want to turn belly up before you’ve even started swimming, securing good, reliable investors is a must. To get investors on your team, you need to be able to create a pitch that sufficiently demonstrates the profitability of your venture. Investors should perceive you as an expert in your field, and have confidence in your ability to follow through on your production goals.

 

Know Your Market

 

Before opening the doors to your new business, it’s important to know everything there is to know about your market. When evaluating your market niche, keep in mind the following pointers:

 

  • Don’t Limit Yourself: Thanks to availability of smart technology, there’s no need to geographically limit your market. For example, the sale of green products in Europe is set to double by 2015, creating a niche in the European market for green entrepreneurs. Whatever your product or business, once you’ve identified your target market, you can really begin kicking your sales into overdrive.
  • Create a Focus: Before approaching investors, you should know what kind of consumer you want your brand to target. Do you want to appeal to Joe the Plumber, or Kim Kardashian? If your consumer lens is too broad, your advertising will fall flat, and your investors will quickly move on.
  • Identify Consumer Trends: You don’t want to release your product into a booming market only to have it lose momentum within the year, so evaluate consumer trends carefully before deciding when, and where, to make your big launch.

 

Network Yourself

 

No matter what your business, networking is important. The best entrepreneurs have connections in law, economics, risk management, and global business. The more correspondences you develop, the greater your chance of success in the business world. If your local reach is limited, don’t be afraid to develop connections through your social media presence. Platforms such as Google+ and LinkedIn are business-oriented, and offer unparalleled networking opportunities.

 

Learn from Your Mistakes

 

Every new business owner makes mistakes during their first year, but the difference between those who succeed and those who don’t is all in the learning curve. Entrepreneurs who repeat the same mistakes over and over again are all but doomed to failure, whereas business owners who learn and adapt from their mistakes are firmly set upon the road to success. Remember that you don’t have to do it all alone, and reach out for help if you feel as though you’re sinking under the strain of entrepreneurship. With the right combination of good advice, hard work, product marketability, your brand is sure to survive the shark tank.