10 Small Business and Entrepreneur Tips From “Shark Tank”

Shark Tank is not just an entertainment show. As a small business owner or entrepreneur, you can learn so much from it. 

An Idea Is Not a Business

You may have a great product or idea but that does not equal to a viable business. For a company to thrive, it needs a dedicated leader, an online presence, marketing techniques, goals and plans. Many brilliant ideas have been presented on Shark Tank but the sharks have to believe in the business for them to bite. 

Go Proprietary

A patented product is always preferred by the sharks. This is because it offers some kind of protection and a competitor cannot replicate its functionality or design without suffering legal consequences. A proprietary idea increases the chances of your business being successful. It also appeals to investors who know how important exclusivity is. 

If You Want Something, Ask; If You Get It, Stop

Sometimes, small business owners ask for a certain amount of money in the show. After they get the offer, they go on to ask the rest of the sharks to join in. Most of the time, this causes the sharks that had offered to withdraw their original deal. 

Don’t be greedy to the point of undercutting your business. 

Prepare Beyond the Pitch

Success is more than a great pitch. If you want investors to believe in your business, show them that you know your staff extensively. They will ask about your marketing plan, current number of customers, five-year plan and so much more. You need to know the answers. 

Numbers Are Not Everything

Your sales numbers may be embarrassing to say out loud. However, you can still get a deal even when you are struggling. Growth potential is all that matters sometimes. 

Allow Creative Solutions

There are times when you have to opt for out-of-the-ordinary solutions. You can ask to partner with investors or for a line of credit just to get funding. Crowdsourcing can also come in handy. 

Exposure Matters

Many businesses presented on Shark Tank don’t get a deal. However, that does not mean that they did not gain anything. The wise ones take advantage of that Shark Tank experience. They give updates and show “As Seen on Shark Tank” banners. 

Some business owners have been accused of going on the show just for exposure. While you may not get a chance to go on a reality show, make sure your business is heard and seen.

Think Like Your Customer

If you put yourself in the customer’s shoes, you can come up with more fitting solutions. What problem are you trying to fix? Why would someone buy your product?

Focus on Connections

A solid connection has more power than you know. Connect with people online, get a mentor and attend entrepreneurial meetings. Expand your circle. 

Longevity

For investors to give you an offer, you need to show them that your business can last. Will your product/service provide for repeat business? Be real about longevity.