10 Important Lessons that Businesses Learn from Shark Tank
Know the ‘WHY’ of your Business. Learning always comes with great lessons that uplift the future. So, discover the essential insights from Shark Tank that will help entrepreneurs more. Shark Tank is all about inspiring the new India hustlers and showcasing a wholesome journey. For entrepreneurs, there is a lot one could learn from Shark Tank—numbers, expertise, business operation, pitch skills, and more. Learn from the successful founders in just 10 lessons.
Top 10 Game-Changing Lessons from Shark Tank
Know Your Numbers
The first question sharks ask about the entrepreneur is about their number in revenue, valuation, and profit margins. Entrepreneurs have to be well prepared with business numbers, as Sharks can ask about their customer acquisition costs, sales channels, and marketing strategy they used. There is a fact that if entrepreneurs fail to know their numbers, then they really don’t know about their business.
It’s essential to have ‘Expertise.’
There is a popular meme about one of the sharks, Namita Thapa, that ‘ye meri expertise nahi hai.’ This statement gives us an important business lesson that the startup idea you want to succeed is that you must possess a good level of understanding and expertise. Sharks also want to know about your professional background in what industry entrepreneurs work on.
Learn from Your Failures
Failures provide entrepreneurs with the opportunity to improve. Even Shark Tank judges have started many companies in the past that haven’t become successful. Many entrepreneurs come to Shark Tank to discuss their ideas and product prototype journeys. How they regularly change their product over time before finalising it.
Profitable Business Operation
Entrepreneurs have to be very cost-effective towards their business operation and management because Sharks or Investors never invest in a loss-making business. Entrepreneurs have to understand the causes for the negative cash flow in their business operations. For this, in the early stage of their business, they have to work on sustainability and long-term profitability.
Develop Listening Skills
Sharks always try to provide valuable suggestions on products. Entrepreneurs have to listen to them properly without interrupting them as in many episodes; sharks really like the product and pitch, but due to the founder's rigid or confusing nature, it makes them withdraw their offer. Business persons have to be patient listeners and first need to properly understand everything before making any statement.
Be Confident
Entrepreneurs have to be very confident about their business and clearly answer all the questions that investors or sharks ask them. Business owners are confident in their pitches because of the straightforwardness they offer with the actual facts and statistics.They need to have proper communication and positivity through their pitch. The best example for this is Juggadu Kammlesh in Shark Tank who showcases his immense vision and confidence to solve the farmer's problem with his product, which really impresses Peyush Bansal to invest in the business.
Improve Your Pitch Skills
In Shark Tank, entrepreneurs pitching and presenting skills really matter a lot. As “Jo dikhta hai wo bikta hai” means that if you want to sell your idea or business to Sharks, it has to be presented in a proper manner with all the necessary information that you want to provide to the Sharks. Good pitches do not just impress the sharks, they also attract a lot of viewers who could be the next potential customers.
Sharks Invest in People More than the Idea
There is a quote that “ideas are cheap, and execution is expensive”. When it comes to investing, your idea can’t be the sole reason to secure funding. Even Sharks want to invest in entrepreneurs who are motivated to solve new problems. In Shark Tank, Peyush Bansal invested in Siddarth Gupta, the founder of Sid07 Designs, as he was impressed by its innovative and creative ideas. So, it’s all about the people how they are representing the ideas irrespective of their age as Gen Z are the most entrepreneurial generation proving the fact that age doesn’t matter.
Attention to Detail Matters the Most
Offering your idea isn't enough – it's the meticulous attention to detail that matters. Cross-check twice before making it a final call. Even the sharks look at the meticulousness in presentation details. In Shark Tank, Deepinder Goyal, the founder of Zomato, swiftly noted a critical flaw: the nine-digit fault in the mobile number on WTF -Witness the Fitness standee along with typos in their introduction and promptly withdrew his interest. His message was clear: Attention to detail, man. Show some respect to the customer. In business, each detail matters, reflecting the respect and professionalism that appear towards customers.
Rejection from Shark Tank is not the End of your Business
Many businesses are not able to secure funding from Sharks but this can’t be the end of their business journey. Entrepreneurs have to take this rejection as a learning to make their product even better. There is an example of Shark Tank America about DoorBot, which was not able to secure any investment from Sharks but was later acquired by Amazon at a nearly $1 Billion valuation and became the most successful business in Shark Tank history. Even later on, the business owners also become one of the sharks.
ConclusionShark Tank is an excellent platform for aspiring entrepreneurs to showcase their ideas and get funding and initial start to have an upper hand over the competitors. Shark Tank teaches us a lot of lessons that uplift the business journey well.
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