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. These are Sharks, usually six of them and the entrepreneurs pitch their business ideas to them for funding. Here are some of the lessons that you can learn from watching Shark Tank that can help your business grow.
First of all, it will help you know the numbers. One thing that you need to know is that the majority of the entrepreneurs come to the show prepared with the math and percentages as if they knew them from the heart. However, as soon as the sharks delve deeper into 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.
Apart from that, it is not all about numbers. This show will help you know how much more detail you should focus on. It is true that an investor will care about the numbers, though they have more interest in the potential 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.
Apart from that, you should have a realistic financial goal. It is not wise to oversell or overestimate when pitching your business to investors. I can assure you that when you overshoot, great investors will pick it up real quick. One thing that you should know is that growing eCommerce businesses is not an easy task even though the online market is huge.
In addition, you should think like a customer. This will make it easier for you to address problems and come up with solutions. Besides, marketing will also be easy once you know what the customers like.
The other lesson is to know the business inside out. In this case, you will need a complete familiarity with the product as this will place you in a good position to answer questions about it. It is essential to note that when you go to Sharks, they will grill you about it to find out how much you know about your own venture. You find that if you cannot show how serious you are with about your business no one will take you seriously.
The other lesson is that you should learn how to pitch. It does not matter whether you have decided to bootstrap your business but at one given point you will need investors. Because of that, you should learn how to sell your business to potential investors, partners, employees, and customers. The most important thing is to learn how to communicate your mission.