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. They are always six Sharks 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. While when the sharks delve deeper on breaking down these numbers, they have no idea what to say. For that matter, 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. Though numbers count you will learn more detail on what 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. For that matter, they will concentrate on the model and structure 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 not wise to oversell or overestimate when pitching your business to investors. I can assure you that when you overshoot, great investors will pick it up real quick. Remember that growing eCommerce business is not easy despite the huge online market.
In addition, you should think like a customer. One good thing with this is that you will have an easy time addressing problems and coming up with solutions. Besides, marketing will also be easy once you know what the customers like.
The other lesson is to 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. 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.
The other lesson is that you should learn how to pitch. It does not matter whether you have decided to bootstrap your business but at one given point you will need investors. 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.