As Shark Tank Season 2 continues to fascinate viewers across the country, the audience has become far more familiar with financial terminology and business jargon! However, there is more to be gained from this popular television show than just entertainment. The behaviour of the Sharks provides a deeper understanding of business and entrepreneurship.
Here are the top takeaways from the show:
Use Your Knowledge
Shark Namita Thapar rejects pitches from companies she doesn’t have any knowledge or expertise. Knowing your business, the market and offerings extremely thoroughly will help you in the present and in long term. It will also help gain an insight and understanding into your competition, this will assist in positioning their product or service in a unique way that sets it apart and appeals to their target customers.
Manage your risk
Each Shark hears the same pitch but chooses wisely to purchase equity at a different stake or price depending on how much risk they are willing to take.
Every shark makes a different offer because they each have a different level of risk potential. While Vineeta Singh and Amit Jain have tried to minimise risk to their bottom line, Namita Thapar and Aman Gupta have emerged as the biggest investors this season.
The Sharks are looking for companies with the possibility of growth. Entrepreneurs must be prepared to alter their business strategy as needed. This shows that they are adaptable, open-minded, and ready to put in the work needed to succeed as well as their ability to handle challenges in the future.
A solid grasp of financials, including your revenue, costs, and projected profits is key for business or investment. Every contestant on the show tries to keep this information close by when looking for investment from the sharks.
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