Over 350 entrepreneurs have appeared on the hit show Shark Tank, since the show started five seasons ago. There are some key lessons that can be taken away from all these entrepreneurs that have appeared and presented their sales pitch and ventures.
After watching that many entrepreneurs and business owners pitch their ideas and start-ups, several common trends can be identified. These trends that everyone can witness by watching the show can be a valuable asset of what to do or what not to do. Much can be learned about starting a business by watching the very popular show Shark Tank, and its investors.
Here are some of the business tips that really stood out when watching Shark Tank over the last couple years. These 5 business tips can help a business or entrepreneur with their venture or start-up.
5 Business Tips I have Learned From The Show Shark Tank
1. Larger Markets Are Better
From a business perspective, fishing in a small pond is OK, but not that attractive to potential investors and partners. Larger markets are better when trying to attract business partners and investors. Larger markets can be more competitive, but the potential is appealing to many, when it comes to market share. When starting a business or wanting partners, entrepreneurs should carefully review their desired target audience, market, and market share potential.
2. Anyone Can Do It
It might sound cliché, but it is true. Anyone can do it, when it comes to business. This is very clear by watching the show Shark Tank. People of all walks of life can start a business, have a great idea or business concept, and get funded. Regardless of background, age, or culture, anybody can be an entrepreneur and receive funding or/and financial business partner. There are opportunities waiting to be captured by all kinds of people, who are interested and motivated.
3. Know the Details
Starting a business or growing it successful involves knowing the details. In order to be successful, business owner(s) must know the details, including al the necessary financial numbers such as costs, margins, profit potentials, and so on. Knowing the details and being prepared with details is key to attracting the right partners and financial assets. Entrepreneurs must know the details of their business.
4. Understand the Value
On Shark Tank, it is quickly apparent how many individuals and entrepreneurs do not understand the value of their venture. Too often, they overvalue the business and risk loosing potential partners and investors. Entrepreneurs must clearly understand the value of their business and why, when pitching their venture to potential partners.
5. Learn the Customer’s Needs
One of the best methods to increase chances of a business success is to focus on the customer’s needs. Many entrepreneurs including several on Shark Tank focus on what they want, instead of their customers’ true needs. Successful business ventures produce value for their clients, addressing a client’s need.
These are the top 5 business tips learned from watching the hit show Shark Tank and the interactions between the investors and entrepreneurs. There are many lessons to be learned from business shows such as Shark Tank.
For entrepreneurs and business start-ups that wish to improve their chances at success, working with experts can be a simple solution. Experts can be temporarily involved through consulting services to help out with specific objectives and business tasks. Without long-term commitments, consultants can quickly add value to any organization.