It might be easy to dismiss reality TV as an unscrupulous form of entertainment, as it's home to more than a few weird or excessive shows. That being said, there are a handful of such shows that can offer some useful information if the viewer is interested. An example of this is the Shark Tank show. Each episode sees hopeful entrepreneurs appear before a panel of business moguls looking for their next big investment. Through the presentation and the conversation, each member of the panel will decide whether to accept, counter or refuse the commercial offer presented by the entrepreneur. Essentially, the show gives audiences a behind-the-scenes view of the start-up business world. For many entrepreneurs, this can provide unique insights that can be used in their own startup. It's also a wonderful way to avoid possible mistakes as a Shark Tank businessman Kevin O'Leary once said, “The path to wealth is never straight and narrow. It can be riddled with financial landmines. »
SummaryBe ReasonableKnow Your NumbersNetworkingImportance of AppearanceBe Open-MindedDon't Think SmallKeep It TogetherPassionGain InformationAcknowledge Your MistakesWhat lessons can every startup learn from watching Shark Tank? We reached out to ten different industry experts to find out their answers to this question.
Isaiah Henry is the CEO of Sea Breeze Management , a company specializing in people management. He believes that rational and logical thinking is a key part of the reality show.
"If you've ever seen Shark Tank, you've seen land that is doomed from the start due to contractors' failure to be reasonable. While a scene like this is good for a laugh, I think it's important to keep that in mind if you're starting your own project. Whether you're designing a product or pitching it, set goals or offerings with care and concern. Compare your companies to others if possible and see what they have done. Your dreams should be big, but they should also be achievable.
Andar specializes in handcrafted leather goods. Their co-founder, Eric Elggren, suggests taking the time to gain a thorough understanding of the financial aspects of the startup.
“There are so many areas of business an entrepreneur needs to be aware of that it can get overwhelming. The numbers can be the most overwhelming of all. However, it is also one of the most influential. On Shark Tank, some of the most unique ideas have come up during pitches wondering why they haven't received offers. Until you realized that many of these people did not have a solid understanding of the finances relating to the startup and the offer presented. In many cases, the more information you have, the better your decision making will be.
Connecting with people is a necessity for creating success as an entrepreneur. Shark Tank investors are a wonderful example of this. Deleted offers online allergy help. Their co-founder, Ryan Rockefeller, considers it useful for learning.
“There are many reasons why Shark Tank investors have done so well. I would say that one of the most important reasons is the extent of their networks. No matter who makes an offer to an entrepreneur, every investor regularly provides examples of companies and experts they have a relationship with that will bring value to the entrepreneur. It's a testament to every investor's ability to build valuable relationships, and it's proof that we should follow their example.
Max Schwartzapfel is the CMO of Fighting for you , a personal injury law firm. He advises others to make sure to pay close attention to all the visual aspects of the startup.
“Regardless of whether your startup is digital or physical, anything that a potential client or investor is able to see with their eyes should be thoroughly scrutinized. This is evident on Shark Tank when the launch party wows celebrities with their professional looks. Not only does the viewing group get their first impression of your startup from these elements, but it's also how they will remember you. If you need help tweaking your website or creating a stylish business card, get it. It matters. »
Acre of Gold specializes in affordable ways to buy gold. Their COO, Jared Hines, thinks being open to suggestions is a powerful insight to take from the reality show.
“Once in a while, an enthusiastic entrepreneur will appear with a sense of overconfidence and knowledge only to be pushed away by one of the personalities of the business world. At this stage, the entrepreneur is offered constructive advice and guidance from the personalities. Some entrepreneurs quickly adapt their way of thinking while others remain stubborn. Personalities come from experience that can be matched by very few humans. Although you may not have access to someone on Shark Tank, advice will be given to you and you should not ignore this.
Sometimes the Sharks are in disbelief at low or no sales of an entrepreneur's product. Other times, the Sharks are reluctant to enter a niche market. Emjay is a cannabis delivery company. Their CEO, Chris Vaughn, offers to learn from these entrepreneurs.
“The funniest interactions seem to happen when a guest comes up with a unique product that, while interesting, may not have broad audience appeal. Investors do not hesitate to reject these ideas because they realize that there is probably growth potential for the startup. Other funny moments occur when investors, in disbelief, drop their jaws at a guest's lackluster sales record because their focus is elsewhere. Either way, the entrepreneur is thinking too small and you should be wary of doing the same.
Lauren Kleinman is the co-founder of The Quality Edit , a platform that selects the best brands on the web. She warns others to pay attention to their physical and mental calm.
“Keeping a cool head in every business scenario is imperative to cultivating success. If you let your emotions guide you, it can lead to results that you would rather avoid. There are a few examples of what happens in Shark Tank episodes. Someone walks into the room to show their idea and for some reason they start showing way too much emotion. From anger to sadness, reaching this state can lead to poor decision-making or damage to relationships. It's not always easy, but try to stick together.
Ohza specializes in appetizing mimosas. Their head of growth marketing, Riley Burke, finds it essential to identify people who show enthusiasm for what is being done with a startup or product.
“Those familiar with Shark Tank know that every investor has a handful of areas of passion. Some are in technology, others in food or real estate. They know what excites them and continually seek more exposure to those things. Because of this passion, they were driven to not only get where they are, but to keep growing. Find people who show that level of passion for what you do. Not only is this an encouragement for you, but it will greatly increase your chances of success.
Just because an entrepreneur has to have a do-it-all attitude doesn't mean they have to have a know-it-all attitude. Kevinmiller.com 's, founder Kevin Miller, advises this approach.
“In business, there is only success and failure. Inevitably, you will encounter one of these results. In many cases, the failure may simply occur because there is not enough information known before or during the boot process. The Sharks have sometimes offered examples of doing their research before getting involved in a deal. He's a great example of someone realizing they don't know everything and letting that reality push them to new heights. You should do the same. »
Fred Gerantabee is the Experience Director of Welcome Grant , a brand offering high quality glasses. He suggests taking ownership of the mistakes that have been made in order to avoid repeating them.
“Everyone will make a mistake, no matter who they are or what they do. On Shark Tank, the judges recounted times when they made a mistake. Along with this, they also discuss the lesson learned from this experience. Such a mindset can help you move forward effectively and efficiently. You don't want to spend your time duplicating the same efforts if they fail and the only way to do that is to admit your misstep.
Running a successful startup is no small task and hitting the road independently is never advisable. While using Shark Tank as your only beacon isn't the right way to go, there are lessons to be learned. Ultimately, the responsibility for the success of a startup rests with the founding entrepreneur. And, they must do everything in their power to ensure success. Shark Tank Investor Marc Cuban To put it better:"It's not whether the glass is half empty or half full, it's who pours the water." The key to business and success in any endeavor is to do your best to control your destiny. You can't always do it, but you should take every opportunity possible to be as prepared as possible and ahead of the competition.
