What does Barbara Corcoran, Mark Cuban, Lori Greiner, Daymond John, Robert Herjavec and Kevin O’Leary all have in common?
They are the cast of the ABC reality series, “Shark Tank”, and are multi-millionaire and billionaire tycoons. These moguls have given several promising entrepreneurs the opportunity to start or expand their businesses via sound financial investment and business advice in exchange for a percentage of the entrepreneur’s company or a fraction of company’s profit.
If you ever watched Shark Tank, you may have noticed that the knowledge imparted by these experienced business magnates is quite invaluable, so here are six traits aspiring entrepreneurs can adopt from the Shark Tank:
Solid Business Plan
Many of the participants were unable to provide a clear and detailed explanation of their business model to the Sharks. A strong business plan must not be vague. Instead, your plan should be SMART – Specific, Measurable, Attainable, Realistic and Timely.
Knowledgeable about Product and Service
The Sharks were often disappointed by the response they received from some of the innovators who could not identify with their product or service. Always equip yourself with ample information. Do effective market research - testing, interviewing and other relevant groundwork prior to launching your product or service to your target market.
The entrepreneurs had to negotiate with the Sharks to receive a fair business deal. At some point in your business, you may be faced with the possibility to negotiate. If you have to negotiate, do so expertly. Weigh the pros and the cons of the options before you make a decision with the intent to have a positive long-term effect on your business.
Creativity and Innovation
Rick Rubin, President of Autowraptec has been successful with his invention - a machine that automatically wraps silverware in napkins and puts a band around it. Also, Jimmy and Michelle Mahoney of exduzzit placed a spin on an invention of the back-scratcher with the ‘Backhand’ by adding fake finger nails to the creation. These persons were once Shark Tank participants and are now thriving entrepreneurs.
You do not have to be the next Mark Zuckerberg or Albert Einstein. Once you have a unique idea, with careful research and planning, if your invention can solve a problem for many people, your chances of success have the potential to generate a significant income and filled the needs of others in years to come.
Thrive on Risk
Taking a chance to participate on Shark Tank before millions of viewers worldwide, showed that these entrepreneurs were willing to either face rejection or enjoy victory. Also, prior to attending the show, some of the participants would have already taken the risk by investing their time, energy and resources to establish their businesses, which may fail or succeed.
Thrive on Criticism
Many of the ideas that were presented to the Sharks by the entrepreneurs were rejected. Twenty plus persons may reject your idea before you get that one yes. If you have an idea that you are certain will be successful, by all means follow through with it. If not, and you are willing to receive constructive criticism – accept it and make the necessary modifications to your idea until favorable achievement is attained.
Do you think you have what it takes to be a successful entrepreneur? Do you think you can gain pertinent information from the show? I encourage you to take a look for yourself to see what you can learn from the cast as well as the entrepreneurs of Shark Tank.