Shark Tank is an American reality TV show based on the show Dragon’s Den. It features a panel of possible investors (sharks) and up and coming entrepreneurs pitch ideas, businesses, and products for the sharks to invest in. The sharks invest their own money and if they are interested in a pitch they will make a deal with the aspiring entrepreneur.
I love watching Shark Tank. Not only the entertainment of people pitching cool new ideas but also learning from aspiring entrepreneurs who face the sharks. It is clear if you watch the show that there are trends in the tank. So what can you take away from Shark Tank to make your startup business a success?
Valuation is key (know your numbers)
Whether you are in the shark tank or you are starting a business of your own, you need to know what your business is worth. You come to that conclusion by knowing your numbers.
These numbers include but are not limited to, total sales, sales for the past year, expected growth and more. By knowing these numbers you have a better understanding of your business and a better idea of what to expect in the future.
Pitching your product can make or break your business. On Shark Tank, there are sometimes great ideas and great products but if the presentation falls short the entrepreneur can miss out on a deal. This applies to any startup.
Connections are super important when starting a business. If you are trying to get a loan, or need someone to invest in your startup, then you will need to be able to present your business properly.
Fill a Niche
On shark tank, there are countless instances of people pitching ideas that have too much competition, for the sharks that is a deal breaker. You want to fill a niche when starting a business. If you are going into a shoe business you are going to have to compete with other big brand names like Nike and Adidas.
If you narrow the window you have a better chance of success because the competition is not as high. You also need to make sure there is a need for your product so you cannot narrow the scope too much or you won’t have a big enough
If you do not believe if your product then no one else will. The same goes for your business. If you don’t believe in your business 110% then it will be difficult to create a brand and make your business your life. 90% of startups fail, if you want to be in the 10% that doesn’t, you need to be confident and passionate about your business.
These are only a few things to learn from Shark Tank. There are many business tips and tricks that are portrayed in the tank. These are a few things to consider when you are starting a new business. And if you do end up swimming with the sharks, don’t get a bit!