21 February 2022
We have an offer for you!
These lines remind us of The Tank of Sharks.
Shark Tank India had quickly established itself as one of the best shows to air on Indian television.
So, what was Shark Tank India was all about?
Aspiring entrepreneurs have the opportunity to present their creative business idea or product to a panel of investors and ask for financial support in exchange for stock in their company Individual investors, known as "sharks."
Some of India's most prominent business leaders, including Vineeta Singh (CEO and Co-Founder of Sugar Cosmetics), Peyush Bansal (CEO and Co-Founder of Lenskart), Ghazal Alagh (Co-Founder and CIO of Mamaearth), Aman Gupta (Co-Founder and CMO of bOAt), Namita Thapar (Executive Director of Emcure Pharmaceuticals), Ashneer Grover (Co-founder of Bharat Pe), and Anupam Mittal (Founder of Shaadi.com) were the sharks of Shark Tank India.
1. Business Knowledge Is Power
Before starting a business, it is critical to know everything there is to know about how it works. The long-term impact on your firm might come from various sources, both internal and external. Understanding your company's current state and future growth prospects is essential.
And most importantly does your business possess your expertise?
You can relate this point with Namita Thapar’s viral dialogue-“Ye Mera Expertise Nahi Hai. I Am Out.”
2. Be aware of your competitors' activities.
Like Ashneer Grover always asked- "Do you know your competitors?
This shows that keeping track of your competitor is important to attain a reputed market position.
Never put too much stock in your business idea or plan. If you don't take the threat of competition seriously, your business could suffer greatly. Always be aware of and one step ahead of your competition.
3. Know Your Company's Financial Condition
A skilled businessman is always on top of their company's financial information. A company's profitability and cash burn should always be kept in mind by anyone interested in the company's success or failure. Decisions and actions can be based on this information, which helps stay on track.
Aman Gupta used to close the deal by always asking-"What's your future growth?" while Anupam Mittal verifies financial position by knowing the sales and revenue data.
4. The importance of networking
It cannot be underestimated. The Shark Tank investors have a massive impact on their networks. Namita Thapar secured Best Buy for the healthcare and retail distribution channels for Pharmaceutical companies. When you're seeking investors, make sure you know their networks and if they're willing to use them for you. Ask about this before signing a contract. In other cases, a deal with less attractive financial conditions is preferable if the correct network is brought to the table.
5. Learn Selling
Everyone can benefit from what we're about to go through here. Even if you work for a major corporation, you will need to sell your ideas and yourself to advance. When it comes to investors, sharks are on the lookout for those who can make a profit. Having revenue also increases the value of a business. Before approaching investors, do everything you can to increase sales.
6. Negotiation Skills is a must
One entrepreneur presented a deal, and he had to consider it carefully before taking it. The Sharks had already talked between themselves and decreased their offer when she decided to move forward.
Counteroffers by sharks for deals are the best example of negotiation.
Some too many entrepreneurs are unclear of what they would take, and their reluctance often results in their getting poorer offers. Also, if you don't know the lowest amount you'd accept, you may end up signing on to something you'll later regret. However, there are always exceptions to the rule, as with Shark Tank.
7. Work on your improvement
To help your organization flourish, you must put in the time and effort to develop yourself as a person. Start-up companies are full of naivete and inexperience. To stay in the market today, you'll need to have the necessary expertise and confidence.
Learn the language used in the financial and business worlds by reading financial and business books.
8. Take a chance
Either 50 percent equity for Lucknow-based Fragrance ISHAK and 40 percent equity for KG Agritech, Peyush Bansal is the live example of risk-taking attitude.
To succeed in business, one must be willing to take calculated yet needed risks. Success over the long term requires taking risks rather than staying safe. You don't have to make hasty decisions, but you have to assess the issue and then take appropriate action. It could be anything from investment and expansion to anything else.
Surely you didn't expect to learn business lessons watching Shark Tank. That's pretty cool, huh?
You'll be on the road to success if you focus on adopting these simple yet effective lessons in your daily life and at work.
Never lose sight of the fact that the purpose of living and accelerating business is to expand one's knowledge base constantly.