Do you get as excited as I get watching self-made millionaires and billionaires making entrepreneurs’ life dreams come true on Shark Tank?
Premiering in 2009, Shark Tank became one of the most watched and talked about reality shows in American television. The series revolves around entrepreneurs that create business presentations in hopes of seeking investment for their product or idea. They then pitch their ideas to a panel of investors, also known as “sharks,” in an attempt to seek representation.
If a “shark” is interested in a pitch they can make a “gentleman’s agreement” with the pitcher to further investigate the entrepreneur’s idea or product. In fact, many entrepreneurs have found great success after appearing on Shark Tank. However, if no “shark” opts to back a pitch then the pitcher will walk away from the show empty handed.
Apart from being an award-winning television show with numerous spin-offs in other countries, many viewers have found great inspiration while watching the series. Herein, you will discover 9 lessons that viewers have gained that can be applied to one’s every day personal and professional life.
1.NEVER “UP” A DEAL ONCE A DEAL HAS BEEN MADE
Mark Cuban, one of the main “sharks” on the series made a point in one episode to talk about the importance of greed when success had already been found. In the episode, an entrepreneur made a pitch and got exactly what they asked for from Cuban. However, the entrepreneur immediately began asking for “more” right after the deal was made. Cuban immediately cut the individual short and rejected the entire deal.
Often a person will have a great idea and will pitch their idea and get exactly what they ask for and then feel like they should ask for more. However, as Cuban pointed out in this instance it is best to take exactly what you ask for once a deal has been made. Don’t attempt to “milk” an investor for more just because they showed an initial interest. This could result in a deal being pulled as it sets a precedence that the entrepreneur is going to continue to ask for more even before producing results.
If you acquire an investor for an online business, it is best to start out small and not ask for further investment until the business has proven profitable.
2.THE IMPORTANCE OF NETWORKING
One benefit an entrepreneur has when pitching to the “sharks” on Shark Tank is the fact that they each are connected to other business professionals. Meaning they have a network of professionals they can work with that can potentially assist a person’s business in obtaining more notice.
When setting up an online business it is vitally important to begin networking with other business owners. By doing so a person is more apt to drive additional clients to their own business. This is one of the most important marketing elements of any online business of any size.
3.KNOW YOUR PRODUCT OR SERVICE
When entrepreneurs present their idea to “sharks” they are expected to have an answer to any question they are asked. It is vitally important for you as business owner to be fully knowledgeable about your products or services and be able to instantly supply an answer to a client without hesitation.
The more knowledge you have or appear to have, the more confident your clients or potential clients will have in you and your services.
4.POWER IN PERCEPTION
How do you present yourself and your business? One of the main qualities a “shark” looks for is confidence and reputation. If you present yourself as a well-mannered individual with exceptional knowledge about your business, this will go a long way in gaining the confidence and support of “sharks.” Therefore, it is important to consider the way you present yourself both professionally and personally.
5.THE IMPORTANCE OF SELF-PRESENTATION
How you present yourself to your clients is crucial to the success of your online business. This is very apparent from watching how “sharks” choose who to invest in. Often, an entrepreneur’s idea or product may be weak, but a “shark” will still choose to work with the entrepreneur simply based on the way they present themselves.
You must be confident and must have a passion for what you are selling or are offering. When you are passionate about your products you will make others feel comfortable. This is very important in not only acquiring new clients but also in maintaining those clients you currently have.
6.KEEP AN OPEN EAR
One of the most important things the “sharks” on Shark Tank do is offer their advice. The problem is that many online business owners believe they know everything or think they have the best idea on how to run their business or present their ideas. This is not always the case.
It is very important for you as a business owner to be open to new ideas and to carefully listen and consider ideas presented by others. In the end it is important to ensure the growth of your business even if the idea is not your own. By keeping an open ear, you are apt to learn a great deal and see your business grow.
7.PROVE YOUR COMMITMENT
One of the key attribute’s “sharks” look for is a person that has invested in themselves. If you are looking to acquire investors for your online business, you must be able to show you have invested in your own business. This will prove that you believe in your idea or business to the point where you have done more than just come up with the idea.
Actions do speak louder than words!
8.THE PARTNERSHIP PARADOX
Even if you personally present yourself and your business professionally, you must also consider how your business partners present themselves if you have one. If you have a business partner you will want to be certain they are on the same page as you.
Many “sharks” have turned down deals simply because they don’t have confidence in all those involved in the project. Therefore, it is important to constantly have meetings with your staff to ensure that everyone is presenting your company in the right way.
One bad apple can truly ruin the whole batch!
9.THE MORE FISH IN THE BARREL THE BETTER
One of the main things a business owner can learn from watching Shark Tank is that it is much better to have many “sharks” at your disposal than just one. Consider the fact that the contestants on Shark Tank aren’t presenting their idea to a single person. They are instead presenting their idea to a panel. This allows them to have a better shot of obtaining an investment.
The more options you have when it comes to investors the better your chances will be at obtaining the results you desire. Don’t hesitate to present your ideas not only to your number one choice but also to anyone who may be willing to answer and support your cause.
Put these lessons into action
If you consider these lessons learned from watching Shark Tank, you will quickly be on your way to finding great success with your own online business. You don’t to hear Kevin O’Leary aka ‘Mr Wonderful’ saying “You’re dead to me”, do you?