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7 Entrepreneurial Lessons From “Shark Tank” (Fast Company)
By Jayson Schmidt on March 29, 2012
You’ve seen the ABC hit show, Shark Tank, haven’t you?
It’s an incredibly riveting reality show that features a panel of five wealthy investors called “sharks” who consider offers from entrepreneurs seeking investors for their business or product. The show hit 5.9 million viewers in February, and these investors (including billionaire Dallas Mavericks owner Mark Cuban) have invested over $6.2 million of their own funds.
Fast Company, the entrepreneurial magazine, outlines seven lessons you can learn from watching Shark Tank:
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- Know your numbers. “Whether you’re presenting to a team of investors or simply working to grow your business, it’s critical that you understand how much cash is coming in and out of the business.”
- Be a good marketer. “The Brewer’s Cow currently has a deal with Whole Foods, but on the online front there is a lot more they could be doing just days after the television broadcast to capitalize from the on-air buzz.”
- Be humble. ”When a young entrepreneur appeared on the show to sell his custom clothing, he expressed the business drive that the Sharks love, but things started to fall apart when he talked about his lifestyle.”
- Understand good timing. “There are good and bad times in your business to ask for investment money.”
- Have a good story. “With a great story and a stellar product, Perry got investment help and now has his Chordbuddy product in more than 100 music stores.”
- Be prepared to walk. “After a heated debate with some of the Sharks, Jordan was happy to walk away without a deal but with some new publicity for both his businesses.”
- Be personable. “As Shark Barbara Corcoran said in a recent tweet, “All the entrepreneurs I’ve invested in have amazing personalities–no regrets.”
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[box_tip]To see the full article and read all of the above points in their entirety, visit Fast Company.[/box_tip]
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