IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS
21 July 2017, Written by Ben Hall
HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and scale-ups on a daily basis and he's in a position to know who might succeed, but definitely knows when someone will fail.
"I want to see a few things. I want to see that they completely understand the market and they've already engaged with potential customers so they know that their product or service is relevant to the market place."
I see it a lot where it's a great idea but in actual fact their price point might be wrong or the need is not great enough that people will change whatever they're already doing.
"So, passion, focus and financial forecasting is what I'm looking for."
If you go ahead and decide you're going to invest, what do you expect in return in terms of revenue and do you expect regular updates?
"Absolutely be patient, what really bothers me about a lot of startups is they want to be incredibly wealthy in the next one to two years."
What's wrong with thinking about evolving a business over the next five, 10 or even 20 years. That sustained effort of time and effort is so powerful in business.
Absolutely look after the people, look after your customers 'cause that's got to be your focus. But the people you bring on the journey, both customer and employee, make sure that you're checking in with them all the way along the journey so that you're not making rookie mistakes and missing really obvious feedback that comes out of your frontline and comes out of your employees and your customer base.
Read previous articles here for Dr Glen Richards' views on everything from private equity to IPOs and politics:
Business News Australia
Author: Ben Hall