shark tank is one of those binge-worthy tv shows especially if you're into business and innovation
it's about a group of multi-millionaire and multi-billionaire angel investors who give funding
to entrepreneurs with brilliant ideas and also help them grow their business through mentorship
every small business owner knows the exposure from the show alone is enough to make one want to
get a shot with the sharks since not all of these brilliant ideas make the cut to impress the sharks
some have to settle for just taking away some of the show's most important lessons
today we list for you ten great amazing lessons we could all learn from shark tank one communication
is a product the sharks are big on communication and if you're a fan of the show you can see how
they're always scrutinizing how entrepreneurs are handling this in their presentation
the how in communication plays a big role for many organizations and can't be compromised
all current communication channels need to be examined to determine if the set systems
and networks are effective the most effective means of getting word out there is preferred
the most important goal here is clarity often you may know what you want to communicate but then
fail to communicate clearly needless to say poor communication is one reason so many initiatives
fail you must think carefully about expressing yourself and develop a communication plan how you
communicate with people will vary depending on the recipients and their positions in the organization
the parts of the initiative you want to share with them and the timing of the communication
try adapting the kiss principle keep it short and sweet no need to get lost in your words
remember clarity is key 2. doing your homework pays off if you noticed contestants who've done
their work beforehand have a better chance in convincing the sharks and scoring a deal the
best way to win in business is to be prepared the entrepreneurs who get a decent deal on shark tank
are the ones who practice their presentation and polish it until it's perfect so if you need things
to work to your advantage do your homework and understand how everything works before presenting
yourself extensive research goes a long way i mean how can you convince the next person that you know
what you're doing if you also don't understand it sharks love it when the entrepreneurs come
in well acquainted with what each shark could bring to the table for their businesses these
equipped entrepreneurs are also aware of their production costs and have gone the extra mile to
seek licenses and patents most of the time these entrepreneurs have also done their market research
and can demonstrate that there's an interest or need in the product they are presenting
taking their pitch into consideration it's evident that the most confident entrepreneurs
have tried presenting before other investors or at least an audience who offer honest feedback
multiple times before getting on shark tank understanding the how and why will save you a
lot about anything you pursue in life three don't accept the first offer many of us have a bad habit
of rushing for the first offer presented to us especially if it beats our expectations truth is
the sharks are aware of what you're bringing to the table so they will lowball you to see if
you'll fold and walk away with the first offer presented to you if you don't like the offer
you've been presented with make a counteroffer what have you got to lose well you could lose
everything if you don't come into an agreement but you'll probably do that anyway if you don't try
sadly some entrepreneurs shy away from negotiating and end up leaving the show with nothing
negotiation is one of the most important and critical aspects of business
if you learn the art of negotiation you can easily build strong business relations
don't just try to act greedy and ask for absurd terms or request offers that do not make sense
learn to judge value and make offers and counter offers that reflect your knowledge
4. humility first if anything entrepreneurs do not cope well with failure because most put their all
into their businesses not everyone will appreciate your creativity or understand your vision better
than yourself however if you're humble enough to understand the shortcomings of your product
and use constructive criticism to improve instead of being arrogant then you're bound for greatness
when doorbot appeared on the show in 2013 it was a disaster and the ceo jamie simonoff acknowledges
as much the sharks were all highly skeptical that a wi-fi enabled doorbell with a camera
in it had any value beyond being a neat gimmick and almost all of them passed with one offering
a deal the company could not accept like most success stories from shark tank jaime simonov
appeared on the show as a guest judge because his idea kicked off pretty well after he listened to
the shark's advice and made the necessary changes to his product the sharks may not have seen the
value then but consumers absolutely did and doorbot began moving far more products and
saving the company in the process ultimately the company was renamed ring and sold to amazon which
uses it to streamline their delivery if jamie was arrogant he wouldn't have seen any faults
or shortcomings with his product and maybe it wouldn't have been the success story it is today
5. know your production costs so you've got a product or a service that's doing
good numbers in sales do you know how much it costs for the production or service provision
all the sharks want to know is what your profit margin is your total expense cost subtracted
from your selling price having a low cost to produce whatever you're selling is a good thing
and looking for alternative methods that allow you to make your product with the proper quality
at the lowest possible price is good for your bottom line this attracts the sharks more because
they see an opportunity to recoup their investment within a shorter period of time if at all it
goes down to detail including the packaging and branding details okay so if you're enjoying the
video so far i'd like you to do something for me pause this video right now and do me a huge favor
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6. feedback matters if you can remember jamie one of the most invaluable parts of the process for
many entrepreneurs is the constructive feedback from the sharks whether it's positive or negative
their input goes a long way towards improving your product do not shut down people who may be able
to help you identify some loopholes you may have missed to begin with the sharks in this instance
are often able to spot problems that are only obvious when you haven't worked with an idea day
in and day out while this can sound discouraging many who go on the show incorporate the feedback
even without an investment make sure constructive feedback is part of your innovation strategy as
well it can inspire even people with rough ideas to try again just like jaime did 7. always think
like a shark this should have been the takeaway but it's best we just get it out there just like
the sharks in the world of business you can eat or be eaten you may not consider yourself as a
predator but if you don't think like one you'll become the next predator's meal have you seen
how aggressive these guys are especially when they're all interested in the pitch idea they
pounce on it teeth out with their best offers trying to outweigh each other and even sometimes
throwing shade just to remain at the top they've seen the benefits of the idea and how profitable
the businesses could be and would stop at nothing to get a piece in short if you think like a shark
you'll be able to survive some of the most wanting situations in life whether small or large your
business deserves good judgment no matter what sector you do business in you'll survive much
longer if you sharpen your teeth and your wits eight innovation involves everyone detaching from
something you may have worked on for years sounds difficult especially if the idea is sentimental
to you however a different view or perspective is necessary if you wish to make it grow on a
different level just like in shark tank as much as the judges offer funding to the entrepreneurs
they also provide mentorship that's not all none of the sharks just cut their investment to check
and let them sink or swim they love a hands-on approach and will be at the center of the business
over the long term even at some point the ceo of the company is expected to move their business
across states if they want to keep going sometimes the sharks actively take the reins of the company
temporarily your innovation strategy should be built on the same concept people beyond
your innovation team should become invested in what you do and its success nine know your value
sounds a bit harsh but you won't get anywhere in life or business if you don't know your value
imagine facing the sharks unprepared and unaware of the value of your brand or product
if you don't know how hungry the shark tank judges are watch an episode or two
you'll witness at least one entrepreneur seeking capital who doesn't understand how to judge the
value of their business this totally puts off the sharks or the opposite may happen
they may seize the opportunity and take the entrepreneur for a ride
as a result the entrepreneurs end up accepting ridiculous control losing offers just so they can
partner with a big shot or they walk away with nothing when you understand your value and know
what you bring to the table no one can shake you off because you're coming in with all the goods
and you know it 10. control your debt running a business is a tricky affair and when you
present yourself to investors while in debt the business doesn't look so appealing anymore
getting a shark or any other source to invest in a company with a lot of debt would be a tough sell
this also applies to personal finances your ideal situation is zero debt though that's
rare to achieve it's critical to ensure your debt is under control and low to avoid it eating
away your profits bad debt can result in sleepless nights due to overthinking and even depression you
should do your best to stay away from adding debt to your financial equation if all your business
does is create more debt then it may be time to re-evaluate or seek a different strategy something
else not mentioned here that could be a great take away is to not fold when you're under pressure
you can save yourself from such situations if you create a strategy of tackling worst case scenarios
these are situations that may find you off guard but just like the most successful
entrepreneurs on shark tank they anticipate the questions they'll be asked while in the hot seat
as a result they respond intelligently without giving away too much information and they just
might walk away with a deal even if they don't they can be satisfied that they leave the show
in a better position than when they went on thank you all so much for watching if you liked the
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awesome content like this with that said have a good one and i'll see you all in the next one