Business Lessons We've Learned Watching Shark Tank

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shark tank business lessons

Business Lessons We've Learned Watching Shark Tank
It's a situation where you're rooting for the underdog, until you aren't. Sometimes you're rooting for the "bad guy" or the Sharks themselves – one over another, a few against the rest, or maybe you're on absolutely no one's side. It's a scenario that is Shark Tank, a reality TV show where entrepreneurs pitch their business ideas in the big leagues – to business owners who have proven their success rates through millions of dollars, growing brand names, and the savvy to create business models that work. 

Just by watching this profit-driven show, we have been able to learn some incredible lessons. Ones that can be taken away from the program and utilized in everyday business scenarios. 

Some of out most useful takeaways, to date include:

How Markets Work
The Sharks are extremely vocal about how a particular market will or won't hold up against a product. And if you're smart, you're paying attention. These folks are some of the biggest business names in their respective markets, and they're offering up facts it took them years to learn. For free. All you have to do is sit back on you couch and listen to what they have to say. They discuss retail, online markets, clothing, food and restaurants, home services, and more. Because each person who presents is coming in with a completely unique scenario, you might learn about two or more entities (and how they relate to one another) in any given presentation. 

Take note of how the Sharks react, what they say, and how their viewpoints differ from one another, based on their individual backgrounds, and more.

How to Keep a Poker Face
Even when the Sharks are excited, they never seem all that excited. That's because they don't want anyone to take advantage of them, knowing they're hyped up about a pitch. They're constantly thinking about potential outcomes, or what someone else's angle might be. This tactic is a great way to protect yourself in business, and they offer some great examples of how to put on a poker face, even when you're pretty dang jazzed.

The Best Marketing Tactics
When watching different presentations, you can get an idea of what marketing tactics work the best, and which ones might actually drive consumers away. While watching, take a gander at what personalities, gimmicks, etc. come away with the best deals. And how did you feel personally about each presenter based on the information they provided? Remember these examples and use them as to conduct advertising research. Best of all, no two presenters (or Sharks) will be the same, so the more you watch the show, the more widespread your results can become. 

What Investors Are Looking For
Anyone who has viewed the program knows a Shark may or may not invest. What positives draw in these trained pros? And what ones send them running for the hills? This is about as big of an outcome difference as you can get, and finding a way to work the results in your favor is as simple as watching business deals. Gain success from those that go right, and avoid failures not repeating what deal breakers have done.

How to Say No
There's no denying that Sharks are not afraid to say no, and they never hesitate to try and get what they think is right. They'll counter, they'll reason and present their case, and they're letting it be known that they're in it for them. If it's not worth their while, why invest in the first place? Take this gumption with you as a reminder that business deals are meant to be mutually beneficial, and it's ok to say no when the offer isn't as you'd like.

Shark Tank works as a great source of information for business advancement. If you're not a regular viewer, tune in, and take away an unlimited list of free business advice. 

 
 
  • Author: Gary Blanchard
  • Title: Bethaney Wallace
  • Date: July 21, 2017
  • Category: General Franchise Information
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