Shark Tank is a reality-based TV show where entrepreneurs pitch their business – from the amount they need to the equity they’re willing to sell for – to prospective investors. The five investors are experts in various fields. There’s Barbara Corcoran, a businesswoman who once sold a business for $66 million; Robert Herjavec, CEO of Herjavec Group of Companies, leads some of the fastest growing tech businesses; Daymond John is CEO and founder of worldwide-famous clothing FUBU; Kevin Oleary is a venture capitalist in the software industry and Kevin Harrington, the man behind the infomercials and label “As Seen on TV.” I want to share the valuable lessons I’ve learned from it. Perhaps the show can inspire you to finally invest on those brighter dreams – business or otherwise. Let’s start!
- Become your passion. Everybody wants to be his own boss but not everybody wants to go through the hard work. You must also believe in the longevity and grit of your business. As Herjavec, my favorite shark, said: “Believe in your business, and in yourself.”
- Where there is a need, there is a discovery. A housewife started a grill charms business because she was tired of being confused which steak was medium rare and medium well. A nanny invented a toy that doubles as a medicine dropper because kids won’t take their doses. Opportunities, it seems, are just right below our noses.
- Know your numbers. If you expect anyone at all to invest in your business, think like an investor and know your basics, such as profit margin and potential buyers. A common question is: How much do you value your business? Value it too little, and opportunity is lost. Value it too much, and you might not get investors at all.
- Never put your funds for retirement and (kids’) education as capital. No matter how tough the sharks are, they do offer personal advice like never compromising on things that matter such as sending your kids to school and taking care of your golden years. This means not letting go of your emergency fund, college money, or retirement nest.
- Spot a good deal when you see it. A deal does not always present itself in broad daylight. And a good investor sees opportunity where others may smell greed. Case in point: a bear market is always the greater time to invest.
TV is always a great way to spend time, if you choose what you watch. If you might as well spend time, make sure it’s worth your time.
Tara Cabullo is the lifestyle blogger behind ChroniclesofVanity.com, founding member of Brighterlife.com.ph, BDJ Box Beauty Minister, and a digital marketer for an FMCG company.
Image used under Creative Commons from flash.pro
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