Perspectives

3 Lessons Learned While Watching Shark Tank

shark-tank

I don’t watch a lot of television, but there are a few shows I enjoy. One of them is called Shark Tank where business hopefuls get an opportunity to pitch their ideas to a group of wealthy and high-profile business owners better known as “sharks” for a chance to receive a solid investor into for their company and mentorship.

This show is intense, and I always cringe when a new business hopeful starts to crack under the pressure of tough questions from the sharks.

Not every business receives a unique opportunity like this, and not all of the people who come on the show walk away with a good deal. But there are a few who have great potential, strong evidence of past success and future profits and are a good fit for one of the shark investors.

3 Lessons Learned While Watching Shark Tank:

1. Know Your Stuff.

This is where most people fall on this show. Having passion is one thing but being able to articulate that passion with good financials to back it up is another.

There are usually at least two team members from each potential business that present their ideas to the sharks. You need both to swim in the deep waters with these sharks! One person should know the numbers inside and out, the other should know the front end day-to-day aspects in the same manner.Team work makes the dream work, especially when we work well together.

2. Learn from Past Mistakes.

Great businesses have great stories. No one likes to talk about his or her faults and failures. But it’s in those places that we learn some vital lessons that can potentially help us advance in the future.

If you had a bad business year, own it and take the necessary steps not to make those same mistakes again.

Everyone loves a good comeback story. We want the hero to win. Use that as fuel to move in the right direction.

Sometimes we limit out potential by remaining stuck in the past, obsessing over past failures. When we learn from our mistakes, we are able to make better choices, move forward with confidence and have insight to share with others on the road to success.

3. Be Willing to Invest in Yourself First.

I can’t stress this one enough. It’s foolish to think that another person will sacrifice their hard-earned funds to support you, when you aren’t willing to do the same. Investing in yourself means saving money from each paycheck and depositing it into a special savings account to help fund your business. It means taking advantage of webinars, conferences, tools and other resources locally and regionally to become a life-long learner. It means getting rid of unnecessary debt so your investments have room to grow.

We may not all have a business idea that is ready for the sharks, but we all have something we are passionate about. Take the time to think of how you can best share your passion or strengthen your reach with the lessons above.

What advice would you give someone interested in presenting their business on Shark Tank?