One of the hottest television shows is now pimping out businesses all across the US. Which is awesome if you get the shot to be on the hit show. Here’s the catch, you are unlikely to get that shot.
Here are some takeaways from Shark Tank
1. Solve a real problem + find customers
If you show up with no sales and no customers, you will be eaten alive – by the sharks of course. Businesses, every single one of them, is in existence to help in some capacity. Find a problem, a pain point, or something that is making businesses or consumers struggle and fix it.
2. Find Your Mr. Wonderful
I’m not shocked that everyone hates Mr. Wonderful, but he’s the one everyone should be listening to. He’s not pitching the american dream, he’s sharing his stories and techniques on how to get filthy rich and successful. He knows it takes a lot of time, money, and hard work to get seen. Mr. Wonderful is giving amazing content to viewers, but because it’t not what viewers want to hear, they dislike him.
You need to find a successful, brutally honest business person to speak to. You need someone who will not tell you what you want to hear, because those people do not have your best interest in mind.
3. Sometimes going viral is good, Sometimes it’s not – Either way, there are many ways to do it
Being on Shark Tank, whether you are successful or not, surges a companies’ popularity. Some companies are not able to handle that popularity. Lesson 1: Don’t seek viral popularity if you are not ready to handle it. Granted, sometimes it happens on its own whether you are ready or not. On the other hand, Shark Tank is not the only path to getting that level of reach. Yes, you will have to be more creative, but you never know when a video, blog post, picture, etc. will go viral. Lesson 2: Shark Tank is one of many ways to reach the masses.
4. Remember what your foundations are
If you decide to go into business because you think you can get onto the show, raise money and be the founder of a multi-million dollar company, you are starting a business for the wrong reasons.
5. Focus on your pitch, what do you do in 10 seconds
Imagine you are meeting someone for the first time. Can you describe what your company does in ten seconds? If not, you need to work on it. Just like commercials, the storytelling needs to come immediately. If investors can’t understand what your business is, what makes you think someone else could?
Join our free Facebook group!
For more tips, tricks, and advice from small business owners, entrepreneurs, and other people growing a brand.
