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. Usually these Sharks are six and the entrepreneurs always pitch their business ideas to them for funding. Continue reading to know why as a businessman you need to watch Shark Tank.
One of the things is knowing numbers. It is essential to note that entrepreneurs who come to the show always come prepared with some math and percentage as they knew them from the heart. And as soon as the sharks delve deeper into breaking down these numbers, they have left with nothing to say. Thus why you need to know all the numbers related to sales, relevant costs, gross margins and the story behind them.
You will also learn that it is not all about numbers. This show will help you know 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. In this case, they will first consider the product and model of your business before they make an offer. Because of that 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. You find that great investors will pick it up real quick when you overshoot. It is true that the online market is huge but growing eCommerce businesses is not an easy task.
Besides, always think like a customer. This way you will have an easier time addressing problems and come up with a solution. You will also have easy time marketing once you know what the customers like.
You should know the business inside out. Here you will need a complete familiarity with the product which will place 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. You find that if you cannot show how serious you are with about your business no one will take you seriously.
Last but not least, you should also 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.
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