Making Money By Providing Solution To A Common Problem

Katherine Krug, like any other entrepreneur is committed in making money by providing solution to a common problem. In her case, she has had an experience with back pain and expresses her concern that it is a challenge that affects many people across America. The product that is being introduced by Katherine Krug is BetterBack which she claims is a keystone to good posture by stabilizing the pelvis. She says it eases back pain and makes every chair ergonometric. Krug says that BetterBack improves posture and solves the problem.
Strengths
She enthusiastically explained about the growth of BetterBack. She seems to have an inner motivation that inspires her entrepreneurial success and innovation. She lives her life with high expectations thus driving her success. Her aggressiveness made her make incredible sales on kick starter. That is a sign of the confidence she has in her style of marketing. Sharks seem to appreciate her sales and marketing prowess.
Krug’s personal knowledge and in-depth understanding of her product is another strength that makes her stand out. She was full of passion with an intense confidence especially during the presentation. She has had a back pain experience which made her come up with the BetterBack idea. Krug explains the fact that most people sitting nine hours a day are likely to have back related problems and that the only solution is her product.
Krug is practical and this is evident when she brought in samples for each of the sharks and they seem to like the product after noting how it worked. She had raised over $1.65 million from the sale of the products hence having a good base for argument.
Weaknesses
Krug is not a quick decision maker especially when she excuses herself to call a friend in regard to the offers made by the sharks. This really shocks the sharks who make her life difficult hence making her avoid the call she intended to make. She takes time to come into her senses before accepting Lori’s offer.
Krug is easily influenced and easy going. Krug seems to be pushed Sharks hence interfering with her initial decision of making a call before responding to the deal. Sharks give her hard time when she says she wants to call her friend.
Krug is pigeon-holed as Mark who is a member of the Sharks, says it thus prompting him to pull out. Mark feels Krug’s competency is more important than the valuation of the company. Krug feels that by growth hacking Amazon, she can have a better deal with Sharks.
Buy-in
Katherine Krug was able to obtain a buy-in from Lori Greiner for $750,000 which was issued as a a loan at seven and half percent and immediately paid back, it will be eight percent equity.
Recommendations
Krug should also consider what the consumers of her products think about the BetterBacks. She seems unrealistic in regard to BetterBack’s growth in the market a...