Lessons that Business People Should Learn from Shark Tank
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. 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. Therefore, you need to know all the numbers related to sales, relevant costs, gross margins and the story behind them.
Apart from that, it is not all about numbers. Watching Shark Tank will show you how much more detail you should focus on. It is true that an investor will care about the numbers, though they have more interest 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. 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. 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. 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.
Apart from that, know the business inside out. In this case, you will need a complete familiarity with the product as this will place 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. 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.
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 most important thing is to learn how to communicate your mission.