Even the most robust company plan can backfire if it lacks logic. That was among the most important lessons the show imparted to its viewers and participants. After you launch your firm, you will not be able to sustain it if you do not have a clear vision. Only when you understand the value you bring to your clients and can articulate that value to prospective customers will you be able to expand your reach. With a clear goal and vision, you can craft an engaging brand narrative that will attract clients to your company.
For instance, one engineer produced three separate, unrelated products. The sharks claimed that he was in the invention business rather than problem solution and had mistaken his degree for a business degree.
Starting a business requires having a clear head. Two questions are frequently posed to prospects by sharks: “Why would people buy from you and not from others?” and “How will you stand out if your product is simple to copy?” Before you begin, get the answers to these questions.
The Importance of Human Resources in Business
The sharks value the founders and their subordinates, as they have said time and time again. An example of this was a father-son partnership that came with a third co-founder who was also the inventor of the product. One of the sharks requested an increase in the inventor’s stake before making an investment. He thought the inventor was being undermined by the father-son combo.
The reason you launch a business is to make money for yourself. However, whether they are co-founders or team members, you should respect other people and the value they bring to the table when you bring them on board. You should also give them the salary and perks they are entitled to.
Remember how one of the sharks recognized the engineer’s promise and made a conditional offer, even though the others scolded him for his ignorance?
Cost-effective
Even the best ideas are never put into practice because they are too expensive to begin with. Therefore, you should have the tools to launch a low-funding firm or have the money to bootstrap your venture in addition to identifying a market niche and creating a business plan. For instance, a designer from Mathura who appeared on Shark Tank India revamped used clothing and shoes and advertised them on social media to increase sales with very no financial investment. That is the cost-effectiveness that you should think about. If your idea is sufficiently unique and serves the client, it will succeed whether or not it receives finance. It will eventually develop into a brand.
Make a SWOT evaluation.
Many participants faced harsh criticism from the sharks since they were unclear about their position and aspirations. They were unable to answer the question, “Where do you see yourself in the future 5/10/15 years?”
You can only answer that question once you have a solid understanding of your business and product. It is critical to understand the benefits and drawbacks of your business, but you also need to be informed about the opportunities and the status of the sector. Understanding the competitors and the factors that can work against your business is also essential.
The mother and son, for instance, were aware that their product was neither unique nor patented. They decided to take advantage of the first-mover advantage and rapid scalability in order to make money. When they got to the exhibition, it was clear they required assistance with branding strategy because they were novices in this area. Such mental clarity is produced via SWOT analysis.
Be quick and fervent.
Of course, you are very excited about your invention or discovery. Is it the reason you went into business for yourself? Okay, now that makes sense. Let us say, nevertheless, that your concept fails to get traction for any reason. What takes place after that? Do you give up? That is when the passion starts to flow. If your concept is sufficiently compelling and self-assured, you will keep honing it until it precisely meets the demands of your target market and your business prospers.
The modern consumer is short on patience and has ever-evolving demands, tastes, and preferences. As the sharks have indicated over and again, a company cannot function or expand only on its branding strategy. You should be able to find accommodations in the market.
Develop become a pitching pro.
One of the sharks informed a competitor in “Jo dikhta hai wo bikta hai” who had demonstrated a 90% accurate non-invasive diabetes testing device that “it is the perception that sells.” The shark went on to remark, “Knowing about the 90% accuracy has made me question the project’s viability,” even if I might have invested had I not been aware of it.
The lesson here is that there are situations when it is preferable to withhold some data from disclosure due to the possibility of misunderstandings. In the case given above, no medical testing device is ever 100% correct. As such, a 10% margin is most likely negligible. But when the shark found out about it, it hesitated. Such small imperfections are usually best left unseen.
But it is not an easy process to choose. A lot depends on the investor and his interests. Some investors may just be interested in your presentation, while others may want to learn more. So, consider it carefully before providing information.
Seize the Chances
Surgery was advised as a last resort for the firm owner’s ailing mother, who had been left behind. The young child began researching options and, in the process, enrolled his mother in research projects that focused on diet and supplementation as a therapeutic approach. This great victory caused his mother to begin to heal. After that, he turned the concept into a business and went to the shark tank to get money.
The lesson is that there are many opportunities for us to start and grow our enterprises. The only caution is that you have to be alert enough to spot them and watch out for opportunities to take advantage of them.
Pay Close Attention
Many of the participants received harsh criticism from certain sharks on the show for their impoliteness. One shark, for instance, asserted that a rival possessed moral standards that were in conflict with one another. A competitor was characterized as stiff by one of the sharks. Conversely, some, such as the young farmer, were acknowledged and rewarded for their candor, hard work, and persistence
While some Shark Tank contestants took the criticism personally, others felt that they had gained knowledge from the process even though they were not selected for funding.
It would be wise for you as a businessperson to ignore semantics or the words themselves and instead concentrate on the context of any criticism you hear. Although some criticism may come out as harsh, its main objective is to make you more aware of your shortcomings and help you grow as a person.
Possess Confidence
“Jo Dikhta hai wo bikta hai,” said one of the sharks, implying that looks sell. Despite the shark’s negative comments, the episode had many instances of pure confidence winning show. The best were Juggadu Kamlesh, who was applauded for his bravery in appearing on the show, and the two young ladies who caused a ferocious battle among the sharks and earned investment from three sharks.
Confidence may cover up many flaws. If you know your business inside and out and you can make a convincing pitch, you can and will succeed. Whoa! We oppose being deceitful or lying. However, your confidence will carry you far.
Strong Base
Marketing is, without a doubt, an essential and required part of any firm. However, it is also true that if your company does not have substance, it will not survive for very long. The young businessman and his mother, for instance, were sure that their product was of the highest caliber and would satisfy their clients. On the other hand, a businessman who approached them in search of investors for his “glass mask” was severely criticized for producing a “wahiyat” (meaningless and worthless) item. Sharks asked him about sippers and straws that served the same purpose.
Final Words
Before starting a firm, be sure your product is salable and offers value to the customer. If not, your company will not even be able to launch, let alone grow.There is much more to business than just marketing, even if branding is a crucial component that should not be disregarded. Having learned from the show, it is time to create a strong company identity and brand.
