The popular ABC television competition, Shark Tank has quickly become one of the most watched and talked about programs on television today. On the program, budding entrepreneurs are given the chance to make their business dreams come true by presenting their ideas to the sharks. These sharks are five of the biggest names in the industry who have built their own major empires and thriving businesses. The contestants try to convince the sharks to invest in their ideas, sometimes inciting a bidding war among multiple sharks in the tank. These industry pros not only offer up their money to these aspiring business owners, but their advice as well. In fact, taking a look at the long history of this successful program illuminates some truly great insights on what it takes to make it in today’s market.
Here are some of the greatest business lessons from the show.
Ideas are a dime a dozen.
There are so many entrepreneurs that make their way onto this program and they only mark a small percentage of individuals with growing businesses out there. If there is one thing that viewers can learn from this program, it is that ideas really are a dime a dozen in this business. There are so many people with ideas. It is the people with the work ethic, plan, organization and drive along with these ideas that can truly make it. If you want to be successful not only in the shark tank but in the business world, you need to have more than just ideas to present.
Know your numbers.
One of the key lessons that entrepreneurs often learn while pitching their ideas in this show is that you need to know your numbers. If you don’t have all of the facts, figures and data needed to support your ideas and your company, then you don’t have what you need to succeed. You need to know the details and you need to be able to present tangible numbers to investors if you ever want your business to get the funding that it needs.
Learn to sell.
Good business owners are first and foremost great sellers. They not only need to sell their ideas to investors, but they also need to sell their ideas to the public so that customers actually come in their establishment. If you don’t learn to sell you will never be able to sell the idea of your business to the world.
Know your valuation!!!
If there is one thing that many new entrepreneurs learn from industry pros on shark tank, it is that their valuation is super important. You need to you what your valuation is. This is the exact number that your business or startup is valued at. You need to have a value for your business in order to get money. Investors need to be able to put a value on their investment. If you don’t know what your business is valued at, how are you supposed to gain funding?
The show Shark Tank has not only helped countless companies get the professional assistance and funding that they need, but it has also helped many viewers from all over the country learn valuable lessons such as this about how to make it in today’s difficult market.