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.
One of the things is knowing numbers. It is true that most of the entrepreneurs that come to the show have prepared themselves with the math and percentages as if they knew them by heart. While when the sharks delve deeper on 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. In this case, they will first consider the product and model of your business before they make an offer. Because of that you should sell your dreams not sales.
You will also learn that you should have a realistic financial goal. In this case, it is advisable that you should not oversell or overestimate when pitching your business to an investor. I can assure you that when you overshoot, great investors will pick it up real quick. One thing that you should know is that growing eCommerce businesses is not an easy task even though the online market is huge.
Apart from that, you should always think like a customer. One good thing with this is that you will have an easy time addressing problems and coming up with solutions. You will also have easy time marketing once you know what the customers like.
You should 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. 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. Unless you can 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. Even if you decide to bootstrap your business, at some point you will need investors. Because of that, you should learn how to sell your business to potential investors, partners, employees, and customers. The core is learning how to communicate your vision.
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