Shark Tank from ABC – Must See TV
If you haven’t been watching ABC Shark tank, I highly recommend that you start. The show has already run for several seasons and there are plenty of real life lessons for everyone.
The reality show features entrepreneurs presenting their products and business ideas to successful billionaires who are investing their own money in other businesses. These millionaires and billionaires ask tough and penetrating questions; And those questions provide information that the rest of us would not normally see. Ideas alone are worth it.
Learn to present your ideas
Even if you are not an entrepreneur, you can learn to present yourself more effectively. It is not enough to have a great idea. Investors also want to see a great marketing / sales plan. One of the sharks’ favorite questions is, “How many have you sold?” This is often followed by “In what period of time?”
If the product is manufactured, entrepreneurs will surely be asked, “How much is it retailing for?” This is followed by: “And what is your cost to produce it?”
Lesson: While any presentation should be attractive, not knowing the facts will result in the loss of credibility and, most likely, in the loss of any potential deals. You can learn a lot about combining style and substance.
Learn to negotiate
Here is the area where most people are weakest. They are really not prepared to negotiate, especially with people who negotiate all the time.
Many of the entrepreneurs come to the fair prepared to ask something like this: “I am asking for an investment of 100k for 20% of the capital stock of my company”. Your initial application is almost never accepted. Instead, one or more sharks will make one or more counter offers. This can be tricky when bidding with a 30 second time limit.
Lesson: Developing at least one backup plan is really important.
Learn to give yourself a second chance
If you pay attention, you will not only see the obvious things mentioned above, but you will see more subtleties that impact the agreements. If someone asks you a difficult question or does not accept your idea, it is important to stay calm and be pleasant.
In the last season, a businessman was so disgusted that one of the sharks wanted to buy 100 percent, everything, so that he (the shark) would never have to deal with him (the businessman).
Another creative innovator gave a very bad answer to the question, “Why should I do business with you?” However, she was so beloved that one of the sharks invited her to take a moment and give a better answer. This time his answer gave him a deal.
You can catch up
One of the best things about today’s technology is that you can miss something, but thanks to the internet you can often catch up. Also, on the ABC website they have added tips from sharks.
It’s not often that you can watch a show and learn (1) how to best present your ideas, (2) how to develop some negotiation skills, and (3) have fun while learning.
So go ahead: watch it, learn and enjoy.