Review on Some of the Importance of Watching Shark Tank to Your Business
You find that Shark Tank is a reality TV show that features real successful, filthy rich capitalists who invest their money in great business ideas. These are Sharks, usually six of them and the entrepreneurs pitch their business ideas to them for funding. Here are some of the lessons that you can learn from watching Shark Tank that can help your business grow.
First of all, it will help you know the numbers. It is true that most of the entrepreneurs that come to the show have prepared themselves with the math and percentages as if they knew them by heart. However, as soon as the sharks delve deeper into breaking down these numbers, they have no idea what to say. Therefore, you need to know all the numbers related to sales, relevant costs, gross margins and the story behind them.
Besides, you will learn that it is not all about numbers. This show will help you know how much more detail you should focus on. You find that an investor would care about the numbers but they have more interest in the growth of your business. In this case, they will first consider the product and model of your business before they make an offer. Because of that you should sell your dreams not sales.
Apart from that, you should have a realistic financial goal. It is important that you should not overestimate or oversell when pitching your business to an investor. I can assure you that when you overshoot, great investors will pick it up real quick. One thing that you should know is that growing eCommerce businesses is not an easy task even though the online market is huge.
In addition, you should think like a customer. One good thing with this is that you will have an easy time addressing problems and coming up with solutions. Apart from that, marketing will also be easy once you know what the customers like.
You should know the business inside out. In this case, you will need a complete familiarity with the product as this will place you in a good position to answer questions about it. Like when you go to Sharks, they will grill you about so that they can determine how much you know about your own venture. Unless you can show how serious you are with your business, no one will take you seriously.
Last but not least, you should also learn how to pitch. Even if you decide to bootstrap your business, at some point you will need investors. Because of that, you should learn how to sell your business to potential investors, partners, employees, and customers. It is vital that you learn how to communicate your vision.