Shark Tank is one of the leading shows which help in giving budding entrepreneurs the chance and opportunity to bring out their ideas to the next level. It is a show hosted on Sony TV, where a panel of sharks also called the judges will interview or go through the ideas of the budding entrepreneurs. If the ideas are unique and at the same time useful for customer growth then they will be approved by the panel. If the idea is approved, the investors will invest their money in the idea, and in return will ask for a percentage of the shares from the company.
Women are equally strong and independent today, and anything can be done if they have an interest in a specific field irrespective of their gender. Initially, only men were into business, But now almost 14% of women are in the business field which will be increasing year by year. The shows like Shark Tank are helping people to come up with their ideas, to help in their financial situation.
Here are the best 5 business lessons that women entrepreneurs from Shark Tank should know:
1. Have Good Clarity About your Vision:
There are quite a lot of brands out there and your idea must be unique. This is because when a brand is already delivering some quality products, then a question will arise from the panels, what is something special and unique in yours? So, it is important to have good clarity and vision about your idea in the market, for everything else to fall in place. Make sure to learn about your product well-researched and deeply knowledgeable too. This will make sure that you are aware of the market, industry, and product in detail.
2. Budding Stage is Completely Okay:
It is completely normal to be scared. But you are not alone in this! Many of them are on the same path. It is always hard when you are stepping in for the first time, but believe that everything will be fine. You may be in a dilemma that my business is not fully developed, and will it be okay if I am registering for Shark Tank? will my idea be accepted if I am at this stage? and a lot more questions. Never worry, it is completely okay if you are in the budding stage. When your idea or proposal is new, then the investors will even be convinced by the continuous improvement happening around the product.
3. Learn about the Market:
So, when you are pitching the business proposal without any proper research, then things might not fall into place. So, make sure to know what is happening in the market and make a deal with the investors accordingly. This will help in giving you an idea about the industry and product at present and choosing the deal in the right manner without any kind of loss.
It is completely okay when you are not aware of everything, But make sure to have an idea or clarity about what is happening in the industry.
4. Best Inventions Solve Problems:
There are quite a lot of problems occurring today, which may lead to working on solutions. But when one of your inventions can solve the problem, then it’s something that the sharks will be excited about. So, make sure to think unique, and at the same time out of the box too. It is completely okay if you fail, but it is important to note that whenever you get up, you should have a sort of improvement. Never be afraid of failure, they will help in making you shape an even better product after every trial.
5. Listening wins:
Even when you are working on a better idea and have a piece of very good knowledge, make sure that you listen; Because listening helps you in gathering better knowledge; Since the sharks were also once budding entrepreneurs, make sure to observe and listen to your suggestion for better improvement in your small business. The sharks would surely offer better ideas which will surely help in your business journey.
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