All budding entrepreneurs will know its not easy being young and ambitious, with a mind bursting full of unique, exciting and innovative ideas in a world already full of aspiring Duncan Bannatynes it can be hard to be taken seriously. If being face to face with a Dragon wasn’t scary enough now the budding entrepreneurs of the USA have to come nose to nose with the vicious and ever so slightly terrifying sharks, the predators of the business world that will quite happily eat you up and spit you out.
The hit US TV series sees a number of aspiring entrepreneurs come face to face with a panel of five investors all itching to tear them to shreds and shatter their dreams of making it big. We love the show for our sheer viewing pleasure, with laughter and plenty of tears it’s hard not to fall hook line and sinker but if you listen closely enough you can also learn a thing or two. With some of the world’s richest business men and women at the ready to put several budding entrepreneurs through their paces with the promise to make them filthy rich should they deliver I’d say it’s time to sit up and take note, you could be next.
#1 Learn how to Pitch
You may never find yourself standing in front of a room full of television cameras and a panel of 5 rich investors hanging off your every word but that doesn’t mean you can’t learn a thing or two from those that do. If you learn anything from the several hundred pitches you see on Shark Tank it will be how not to deliver a pitch, be prepared to view some of the most awkward and damn right embarrassing pitches you may ever see and just be thankful it’s not you.
#2 Know your business
The amount of people that appear on the show and are left utterly speechless when asked relatively straightforward questions about their business is worryingly high. You should know your business inside out, every little fact and every little detail, after all if you don’t have the answers nobody else will.
#3 Passion isn’t everything
Shark Tank is full of passionate individuals all hungry for success, whether they want to be the world’s greatest musician, the next skincare guru or the next fast food chain extraordinaire. Having passion is great but sometimes it’s just not enough, the majority of budding entrepreneurs are left red faced when they come to realise they actually don’t know much about how a business works at all. Loving what you do is a must but be realistic.
#4 Believe in yourself
As an entrepreneur you are often your own biggest fan, without complete faith in yourself and your product you really don’t have a leg to stand on, if you wouldn’t put money into your idea then you can’t really expect someone else to. Of course we all dream of seeing our products, brands and ideas come to life but from the very first word you scribble down on paper to the moment your vision become a reality it’s no easy ride.
If you believe in yourself and your idea then the rest should follow. Until then why not sit back, relax and watch an episode or two, even if you learn absolutely nothing it’s bound to put a smile on your face.
Written by Sophie Black.