Are you ready to swim with the sharks? This video should get you motivated. Listen to the stories of Entrepreneurs who have a dream and are willing to go all in for success. It’s the American Dream and it’s free to anyone with a great idea and who is willing to do anything it takes to get the product on the table.
5 Lessons Learned from Shark Tank:
1) Don’t be greedy. I can’t think of a business that doesn’t measure it’s success by value. Don’t be greedy with your partners and don’t be greedy with your customers. The difference between a successful product and a bomb is perceived value. That means you offer value at a great price.
2) Networks are important: getting involved with the right people for your business is very important. People bring their experience and their own trusted resource networks to the table when you get into business with them. For instance, Lori Greiner brings her knowledge of patents and trademarks as well as the ability to get any product she deems as a “Hero” to QVC.
3) Listen: no one knows everything and there’s nothing more annoying than watching an entrepreneurs ask for help then not listen to valuable advise. There is value in everything, it’s up to you to figure it out but you can’t do that if you don’t listen to what others have to offer. After all the advise is free so why turn it down?
4) Know Your Business: Without being a know it all, be sure to research your business and market thoroughly. The bottom line is you can’t compete if you don’t know what customers know. Customers are savvy online shoppers these days and search engines are excellent at offering comparative suggestions. If you don’t know where you lie in your own market, you can’t possibly swim successfully with the sharks.
5) Be Flexible To Change: You may be good but you can always be better. Being inflexible to change can destroy a company. Many great ideas die a disastrous death by partner conflicts, owners not willing to adjust prices, or alter products slightly for a new market. Just as the earth evolves, you must to so stay loose and flex when you need to. Where there’s a will there’s a way. “No I can’t” is never an option for a successful entrepreneur. It’s “yes I Can” that wins races.
Did Shark Tank teach you something about business and marketing? Tell me what you learned below or share a successful experience.