Lessons that Business People Should Learn from Shark Tank
You find that 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.
It is beneficial to watch Shark Tank because it will help you know 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. For that matter, you need to know all the numbers related to sales, relevant costs, gross margins and the story behind them.
Besides, you will learn 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.
You will also learn that you should have a realistic financial goal. It is not wise to oversell or overestimate when pitching your business to investors. You find that great investors will pick it up real quick when you overshoot. One thing that you should know is that growing eCommerce businesses is not an easy task even though the online market is huge.
Besides, 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. Besides, marketing will also be easy once you know what the customers like.
Apart from that, know the business inside out. You need to have a complete familiarity with the product as this will put you in a good position to answer questions about it. Like when you go to Sharks, they will grill you about so that they can determine 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.
Apart from that, you should also learn how to pitch. One thing that you need to know that at one point you will need investors even if you decide to bootstrap your business. For that matter, it is essential to 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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