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. Usually these Sharks are six and the entrepreneurs always 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.
It is beneficial to watch Shark Tank because it will help you know 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. Thus why you need to know all the numbers related to sales, relevant costs, gross margins and the story behind them.
Apart from that, it is not all about numbers. Though numbers count you will learn more detail on what 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. For that matter, you should sell your dreams not sales.
You will also learn that you should have a realistic financial goal. It is not wise to oversell or overestimate when pitching your business to investors. You find that great investors will pick it up real quick when you overshoot. Remember that growing eCommerce business is not easy despite the huge online market.
In addition, you should think like a customer. This way you will have an easier time addressing problems and come up with a solution. Apart from that, marketing will also be easy once you know what the customers like.
You should know the business inside out. Here you will need a complete familiarity with the product which 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. One thing that you need to know is that if you cannot show how serious you are with your business, no one will take you seriously.
Apart from that, you should also learn how to pitch. It does not matter whether you have decided to bootstrap your business but at one given point you will need investors. For that matter, it is essential to learn how to sell your business to potential investors, partners, employees, and customers. It is vital that you learn how to communicate your vision.
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