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. Continue reading to know why as a businessman you need to watch Shark Tank.
First of all, it will help you know the 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. 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. 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. For that matter, you should sell your dreams not sales.
The other lesson is to always have realistic financial goals. In this case, it is advisable that you should not oversell or overestimate when pitching your business to an investor. You find that great investors will pick it up real quick when you overshoot. Remember that growing eCommerce business is not easy despite the huge online market.
Besides, always think like a customer. This way you will have an easier time addressing problems and come up with a solution. Besides, marketing will also be easy once you know what the customers like.
Apart from that, know the business inside out. Here you will need a complete familiarity with the product which will place you in a good position to answer questions about it. Like when you go to Sharks, they will grill you about so that they can determine 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.
Apart from that, 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. This will require you 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.