Lessons that Business People Should Learn from Shark Tank
You find that Shark Tank is a reality TV show that features real successful, filthy rich capitalists who invest their money in great business ideas. These are Sharks, usually six of them and the entrepreneurs pitch their business ideas to them for funding. By the end of this topic, you will discover more ways how Shark Tank can help your business grow.
It is beneficial to watch Shark Tank because it will help you know numbers. One thing that you need to know is that the majority of the entrepreneurs come to the show prepared with the math and percentages as if they knew them from the heart. While when the sharks delve deeper on breaking down these numbers, they have no idea what to say. Thus why you need to know all the numbers related to sales, relevant costs, gross margins and the story behind them.
You will also learn that it is not all about numbers. This show will help you know how much more detail you should focus on. You find that an investor would care about the numbers but they have more interest in the growth of your business. Meaning that they will look closer into the product and model of your business before they make an offer. Therefore, you should sell your dreams not sales.
Apart from that, you should have a realistic financial goal. It is important that you should not overestimate or oversell when pitching your business to an investor. You find that great investors will pick it up real quick when you overshoot. It is true that the online market is huge but growing eCommerce businesses is not an easy task.
In addition, you should think like a customer. This will make it easier for you to address problems and come up with solutions. Besides, marketing will also be easy once you know what the customers like.
You should know the business inside out. You need to have a complete familiarity with the product as this will put you in a good position to answer questions about it. You find that if you went to Sharks, they will grill you about it, to find out how much you know about your own venture. One thing that you need to know is that if you cannot show how serious you are with your business, no one will take you seriously.
Apart from that, you should also learn how to pitch. Even if you decide to bootstrap your business, at some point you will need investors. This will require you to learn how to sell your business to potential investors, partners, employees, and customers. The core is learning how to communicate your vision.