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. Here are some of the lessons that you can learn from watching Shark Tank that can help your business grow.
It is beneficial to watch Shark Tank because it will help you know numbers. It is true that most of the entrepreneurs that come to the show have prepared themselves with the math and percentages as if they knew them by heart. However, as soon as the sharks delve deeper into 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. Though numbers count you will learn more detail on what you should focus on. One thing with investors is that they would focus on the numbers and they are more interested in the potential growth of your business. Meaning that they will look closer into the product and model of your business before they make an offer. Because of that you should sell your dreams not sales.
Apart from that, you should have a realistic financial goal. It is not wise to oversell or overestimate when pitching your business to investors. You find that great investors will pick it up real quick when you overshoot. One thing that you should know is that growing eCommerce businesses is not an easy task even though the online market is huge.
Besides, always think like a customer. One good thing with this is that you will have an easy time addressing problems and coming up with solutions. Apart from that, marketing will also be easy once you know what the customers like.
Apart from that, 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. It is essential to note that when you go to Sharks, they will grill you about it to find out how much you know about your own venture. Unless you can show how serious you are with your business, no one will take you seriously.
Last but not least, you should also learn how to pitch. One thing that you need to know that at one point you will need investors even if you decide to bootstrap your business. For that matter, it is essential to learn how to sell your business to potential investors, partners, employees, and customers. The core is learning how to communicate your vision.