The show Shark Tank on ABC is a popular reality show where entrepreneurs and business owners get the opportunity to pitch their idea or company to wealthy investors, with the hope of gaining an investment into their product or business. Some entrepreneurs are successful in getting an investment deal, while others leave with nothing but exposure. For those that own a small business, this television show may be an opportunity. Can watching how the “sharks” interact with the investors teach you valuable lessonsthat you would otherwise have to get an online MBA to learn?
The Importance Of Presentation
On Shark Tank, business owners have just a few minutes to talk to the sharks and sell their ideas and their business strategies. While you may get more time in an actual meeting with your prospective investors or clients, it is still important that you can concisely state what your company does, why it has been successful in the past, and why it will be success in the future. The more skill you have at conveying the positives of your company in presentations, the more success you will have when trying to find new business or people to invest in your company.
Learn From Failures
Even when entrepreneurs did not get a deal on the show, the sharks would often provide them with their personal opinions on their business or product as well as things that they would do in the future to further the success of the company. In some cases, you can gain some very helpful insight into your business and its offerings simply from analyzing how you failed to win over an investor or potential customer. Always try to do what you can to learn lessons from your failures so that you can avoid repeating these mistakes in the future.
Know How Far You Can Compromise
In many business deals, consumers or investors will try to negotiate to get a better deal. This negotiating is a central part of what makes Shark Tank such an interesting show to watch and talk about. In many cases, an entrepreneur will leave with a deal that is not exactly what they came in asking for, but is still suitable for what they need to succeed with their business in the future. When you are going into a meeting with an investor or a customer, make sure that you consider what kind of compromises you are willing to accept for the sake of getting the deal done.
A Deal Is Never Done Until Contracts Are Signed
One thing that many people do not realize about Shark Tank is that in some cases, the deals that are agreed upon on the show never take place. This is because of circumstances that come up after the episode that were not known by the investor when they first started negotiating with the entrepreneur. The lesson here is to make sure that you treat every deal like you are still at risk of losing it, no matter how strong of a verbal confirmation you feel you have from your customer or investor. This will help keep you sharp and prevent your business from losing deals because of a failure to take the final steps necessary to complete a transaction.
Shark Tank is a show that entertains millions of people across the country. However, it also contains lessons for the observant entrepreneur that is passionate about taking their business to the next level. Shark Tank can help teach business owners that want to learn more in fields like sales, negotiation, and presentation, areas that are all important for the success of modern businesses.