If you don’t know what the “Shark Tank” is, you’ve been living under a rock, in a cave at the bottom of the ocean.
I love seeing the ingenuity of new and not so new business owners. But sometimes the investors on “Shark Tank” leave me scratching my head.
I love watching Shark Tank.
I’ve been entrepreneur-minded for as long as I can remember, and the imagination of some new businesses owners is usually impressive.
But there have been occasions where someone will come on the show with an idea or business that is truly amazing, but the ‘sharks’ send them away without a deal!
Sharks! What‘s Up?
Here are 4 lessons we can all learn from the Shark Tank;
1. ‘Experts’ don’t know everything
A couple of years ago, a guy showed up in “the Tank” with a product that I (and probably you too) thought was genius.
The Sharks “poo poo’ed” it, telling the product’s inventor Jeff Siminoff that they didn’t think it was a good idea, and that it probably wouldn’t do well with the public.
We all know that this product was the “Ring” doorbell camera, and after the knowledgeable ‘investors’ at Shark Tank sent him away without a deal, Ring was scooped up by Amazon for $1 BILLION dollars.
Proving once and for all that ‘experts’ don’t know everything.
Take THAT Sharks.
Sidenote: The Ring’s inventor, Jeff Siminoff will be sitting in a Shark’s chair in season 10 of the show, now a Shark himself 🙂
How’s that for ‘full circle’?
2. Marketing is sometimes the key to your biggest problems in business
Let’s face it, even when your business is doing well, you’re still thinking about money.
Many times, what a business needs is eyeballs, because more often than not, what that business needs to thrive, is money.
Eyeballs equal traffic. Traffic usually equals sales.
Some ‘inventors’ and business owners get on the Shark Tank for the sheer marketing power that comes with being on the show.
And who could blame them?
Some of the business owners who leave ‘the Tank’ without a deal, leave heartbroken, only to show up on some talk show weeks or months later, talking about how the publicity from the show created the sales they needed to pull them out of the hole financially.
You don’t always need a person/partner to help build your business. More often than not, it’s simply a marketing issue. So figure out what you need to get more eyeballs to your business in droves.
3. Trust Your Gut
You know how much work you’ve put into your entrepreneurial efforts.
More often than not, you have background info that others do not (and should not) about your business.
Trust your gut about what you should and should not be doing to move that business forward. I’m not saying don’t get outside advice. What I’m saying is that you’re fully capable of getting that advice, and making sound decisions for the health of your business.
Don’t let anyone tell you otherwise.
4. Never show all your cards
Sometimes, an entrepreneur will show up on Shark Tank, and in relaying their pitch, they reveal certain details, and others they leave out. Like which company is about to place a massive order for their product.
When the Sharks ask, and the entrepreneur gently refuses to reveal the name of the company on national TV, the Sharks always try to push them to reveal who the company is, threatening that they might not get a deal if they don’t.
Business 101: Never show all your cards. And shame on you Sharks for pushing entrepreneurs to do ON TV, what you’d never do in a business negotiation!
The Sharks get to do their off-camera due diligence once you’ve made your cursory deal.
Deal or no deal, never let anyone push you into revealing sensitive information in an environment where you’re not comfortable doing so.
Same applies in life situations. No one needs to know everything about you, and everything you think doesn’t need to come out of your mouth.