Interested in starting your own entrepreneurial journey in training and education but unsure what to expect? Then read up on our interview with Shaan Patel, Founder, and CEO of Prep Expert, located in Las Vegas, NV, USA.
What's your business, and who are your customers?
Prep Expert is the world's premier online education company that has helped over 100,000 students improve their test scores, receive admission into top universities, and win over $100 million in college scholarships. As Seen On Shark Tank, Prep Expert offers online SAT & ACT courses, K-12 academic tutoring, and college admissions consulting.
Tell us about yourself
I grew up in Las Vegas in my parents' budget motel, attended inner-city public schools in the worst school district in the nation with a 40% dropout rate, and was clueless about standardized tests. After spending hundreds of hours studying for the SAT, I was able to raise my score from average to perfect — a feat achieved by only 0.02% of all high school students. My life completely changed because of my perfect SAT score! I was admitted into prestigious universities, received a half-million dollars in scholarships, and even got to meet the President.
I created Prep Expert to help high school students achieve their own dreams. Prep Expert is the nation's fastest-growing test preparation provider. The company offers online SAT & ACT preparation courses, K-12 tutoring, and college admissions consulting. Over 100,000 Prep Expert students have improved their SAT and ACT scores, gotten into the Ivy League, won $100+ million in scholarships, and some have even gotten perfect SAT/ACT scores themselves.
What's your biggest accomplishment as a business owner?
Definitely closing an investment deal with billionaire Mark Cuban on ABC's Shark Tank. Mark invested $250,000 in exchange for 20% equity in the company. Mark Cuban has been an amazing investor, advisor, and business partner to Prep Expert ever since!
What's one of the hardest things that comes with being a business owner?
Competition. Business is a sport. If you are not constantly evolving as an entrepreneur, you will lose in the sport of business.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Develop a clear and concise business plan: A business plan is a roadmap that outlines the key elements of your business, including your goals, target market, marketing and sales strategies, and financial projections. It helps you stay focused and organized and can be a valuable tool for attracting investors and partners.
- Build a strong team: As a business owner, you can't do everything on your own. It's important to surround yourself with talented and dedicated individuals who can help you grow and manage your business. Look for people who share your vision and values and who have the skills and expertise to help your business succeed.
- Focus on customer satisfaction: Your customers are the lifeblood of your business, so it's important to prioritize their needs and desires. Make sure you are providing high-quality products or services and that you are meeting the needs of your target market. Additionally, be sure to listen to customer feedback and make any necessary changes to improve their experience.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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