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.
One of the things is knowing 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. Watching Shark Tank will show you how much more detail 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 important that you should not overestimate or oversell when pitching your business to an investor. 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.
Apart from that, you should always think like a customer. This way you will have an easier time addressing problems and come up with a solution. Apart from that, marketing will also be easy once you know what the customers like.
You should 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. You find that if you cannot show how serious you are with about your business no one will take you seriously.
Last but not least, you should also learn how to pitch. Even if you decide to bootstrap your business, at some 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.