It’s been almost a month since Shark Tank ended, but we still can’t get over it excitingly yearning for season 2. Till it arrives, we still rewatch the glimpse of the shark tank for the valuable pointers to note from it.
The popular American Television Series Shark Tank franchise managed to grab eyeballs and has become the talk of the town. Potential investors, sharks, entrepreneurs, and their unique offers are trending content on social media with lots of memes and countless fans. ‘Arre Bhai Tu kya Kar Raha hai’ and ‘Yeh Meri Expertise Nahi Hai so I am out’ have become common memes. Along with being an interesting and entertaining show, there are multiple lessons from the show to learn.
So, let’s tell you about the Top 8 entrepreneurship lessons to learn from Shark Tank India.
Entrepreneurship Lessons To Learn From Shark Tank India
Success comes from true passion
If we Take a look at the majority of the entrepreneurs that came on shark tank, all of them were passionate about their work. Although many of them had different jobs and educational backgrounds, their passion was reflected in their products and unique business concepts.
It is important to have clarity
Everyone wants to be successful but lack of clarity can be a barrier to it. Pick the best products and businesses that came on Shark Tank, the investors always asked questions about their vision and mission. Among them, the ones who were clear about their company’s products and vision managed to convince them.
Research is the Key
The sharks always tried to ask questions to an entrepreneur about their industry and market trends. We found that the entrepreneurs who were more informed about the status and details of their industry better developed their business and the ones who lacked research were asked to leave.
Investors invest in an entrepreneur and their capability and not in company profits
The investors were looking to invest in an entrepreneur who is passionate, clear, knowledgeable, and dedicated to their work. The Sharks were more impressed with entrepreneurs than their company or products. We many times heard them say, ‘we are investing in you, not in your products or company’.
You don’t always need expensive resources to make the best products
One of the most popular entrepreneurs on the show was Jugaadu Kamlesh who built a unique design product from limited resources. You can always begin with simple resources and effective ideas and things will become better along the way.
You need to be consistent in your efforts
The most successful persons in life are the ones who have managed to be consistent on their ideas even if it takes years to complete. Many entrepreneurs in the field were consistently working on their product for 5-10 years and even Jugaadu Kamlesh took 7 years to shape his idea. It is all about being dedicated and your efforts will pay off.
You need to have confidence in yourself for others to trust in yourself
Another thing that we noticed in Shark Tank was that investors did not go ahead to invest in entrepreneurs with alternative jobs. Often they asked the entrepreneurs about their work background and doubted the confidence of those who were working somewhere else simultaneously. You need to trust and have confidence in yourself before you want others to trust.
Take feedback seriously
You need to contact change and grow your business for success. For this, one needs to take feedback seriously and try to work on it. Every entrepreneur was given some kind of feedback by the investors that made them realize their shortcomings. So, If any feedback comes from the superiors it should be incorporated in business for further success.
Let us know your learning from the shark tank in the comments section below.