Ben Ponder is a marketing expert and the CEO of SKU, an Austin-based startup accelerator program.
Ben helps entrepreneurs build some of the nation’s most promising consumer product companies working alongside some of the savviest mentors from Whole Foods, Deep Eddy Vodka, and Yeti Coolers. The end goal? Help startups build their brand, increase velocity, and grow their margins for future acquisition.
Below find Ben’s five tips for entrepreneurs looking to grow their businesses.
- Companies that don’t need money can raise as much as they want, and companies that need money can’t raise it—this is also known as the fundraising paradox. If you’re looking to raise money, it is critical that you are able to tell a story where you don’t need the money. Convey to your investors that you will be successful with our without their help, and persuade them to help you.
- Focus on traction, also called product-market fit. With consumer products, it’s up to the consumer whether your company is successful or not. If you’re seeing market traction then you’re on the right path, if you’re not then you really need to evaluate if your product meets the needs of the market.
- Investors are drawn to entrepreneurs who have grit and determination. You have to be the kind of entrepreneur who is the first to rise in the morning and the last one to rest.
- If you’re going to show an investor a graph, make sure it is trending up and to the right.
- You know your product is great when you turn people into raving fans. Make products that people love.
Listen to the full-length version of our podcast with Ben here.
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