One of the most popular reality shows on television today is Shark Tank. If you’re an entrepreneur, chances are you’re a big fan. If you don’t watch television or don’t like reality shows, but you want to run a better, much more profitable business, then it’s time to put personal bias aside and enjoy the show.
The premise of Shark Tank is simple: entrepreneurs pitch their business ideas, products or services to a panel of successful “shark” investors such as Mark Cuban, Daymond John, Robert Herjavec, Kevin O'Leary, Barbara Corcoran, and other guest business tycoons.
The show is full of creative pitches, rousing presentations, and savvy business lessons that are very much applicable to our day-to-day situation as entrepreneurs ourselves, whether you’re currently looking for investors or about to deliver a pitch about your new product.
Here are four best takeaways from watching the popular TV show, Shark Tank:
1. You’ve got to nail your pitch.
Nail your pitch whether you’re presenting to a panel of multi-millionaire investors or to just one person. Be honest, humble and straightforward. Tell them straight what your company is, your target market and what makes you different from the competitors.
Keep in mind that successful investors are successful because they’re business savvy and really know a good pitch when they hear one. Be creative with your presentation to capture the attention of potential investors, right off the bat.
2. Focus on selling the dream.
Do you have a great product? Do you have a business model that’s special? Do you have a market that wants your product? These are crucial questions that you need to answer, and articulate those answers to investors.
Focus on selling a great business idea or product that you completely believe in. Remember Ava the Elephant? You may not have sold anything yet of your product, but if it’s truly is special and you’re passionate about it, there will be a lot of offers.
3. Know your numbers.
Do your research and know your numbers well. Not focusing on your sales doesn't mean you don’t need to know them. You have to have the exact numbers in case a potential investor asks you. You also need to know the conversion rate and other important metrics.
Investors want to invest their money in someone who is keen on details and have a realistic valuation of their business.
4. Be willing to go all-in.
Don’t settle for less. Sharks look for entrepreneurs who have a mindset that is ready to go all-in. If you’re on Shark Tank and say, “I have this 1 billion-dollar industry. If I could only get 10% of that pie, I’d be satisfied.”
Sharks like Mark Cuban, Kevin O'Leary and most of the others would tell you immediately that they are out. The key to impressing them and getting an offer is to show them that you have a mindset that you can accomplish anything. You are ready to play a much bigger game!
Are you a fan of Shark Tank? What other useful lessons you've learned from watching the show? Leave us a comment below!