For many business owners and entrepreneurs, the hit ABC television show “Shark Tank” is not only entertaining, but also extremely inspirational. Since it debuted in 2009, the show has helped to grow, save and start many incredible businesses. In addition to the businesses it has directly helped on the show, it has also helped countless others through the lessons that business owners can learn just from watching the show.
The following are five of the most significant business lessens you can learn from watching the Shark Tank. When properly understood, they can help improve almost every aspect of your business.
Know Your Numbers
One of the biggest mistakes people on the Shark Tank make is not having a firm understanding of the financial number of their business. As a business owner, you need to know about sales numbers, projections, historical data and much more. Even if you have an employee who is directly responsible for these things, you should still know them inside and out, especially if you are talking to potential customers or investors.
Learn About Your Audience
You’ve likely noticed how all the people who go into the Shark Tank tailor their presentation slightly for each shark. When talking to Mark Cuban, for example, they often bring up sports or the Mavericks. For ‘Mr. Wonderful’ they may talk about money, wine or olive oils. Whether you’re trying to make a sale or attract an investor, knowing as much as you can about your audience will help you get the best possible results.
It’s who you know
There have been countless people on the Shark Tank who are looking to partner with the Sharks, and the money component is only secondary. Both the individuals in the ‘tank’ and the Sharks recognize that their experience and established networks of contents are extremely valuable. Even if you never associate with one of the Sharks, it is essential to build up your network of contacts whenever possible. This can be done at trade shows, business meetings or just by chance at a coffee shop. The important thing is to always be prepared to exchange information and grow your network.
You need to be a People Person
Not everyone has a bold, confident, extroverted personality that loves to talk with others. In fact, many business owners are much more private and introverted. The reality is, however, that you need to be able to play the part of a ‘people person’ when it is necessary. You’ve likely seen a number of very awkward business owners trying to pitch their company to the Sharks, and the thing they almost always have in common is that they don’t get a deal.
Always Accept Advice
One of the biggest mistakes people in the Tank make is dismissing great advice, just because of how it is given. While it can be difficult to hear when someone thinks you are doing something wrong, or offers tips on how to improve, it is essential for the success of your company.
Overall, Shark Tank is likely the best television show for business owners and entrepreneurs today. Make sure you always watch it, and focus on what you can learn from both the sharks, and those who are in the ‘tank.’
Update : Miss rocker was quick to respond with her favorite show on her blog and now the war is on!!!