Without rationality, even the most solid business idea can backfire. That was one of the most significant lessons that the program taught its audience and participants. Without a clear vision, your business will not be able to survive when it is launched. You will not be able to reach a wider audience until you know what value you provide to your clients and can clearly communicate that value to potential clients. You can create an interesting brand narrative that will draw customers to your business if you have a clear aim and vision in mind.
One engineer, for example, created three unrelated and distinct products. The sharks said that he had confused his degree for a business degree and was in the invention business rather than the problem-solving industry.
It need a clear mind to launch a firm. Sharks often ask prospects two questions: “Why would people buy from you and not from others?” and “If your product is easy to imitate, how will you differentiate yourself?” Obtain the answers to these questions before you start.
The Value of Human Resources in the Business World
As they have repeatedly stated, the founders and their subordinates are valuable to the sharks. A father-son collaboration that included a third co-founder who was also the product’s inventor serves as an illustration of this. Before making an investment, one of the sharks asked to see the inventor’s stake increased. He believed that the father-son team was undermining the innovator.
The primary motivation behind starting a firm is self-interest. But, when you bring someone on board, you should respect them and the value they bring to the table, regardless of whether they are co-founders or team members. Give them the pay and benefits to which they are entitled as well.
Recall how, in spite of the other sharks’ reprimands for his ignorance, one of them acknowledged the engineer’s pledge and extended a conditional offer.
Economical
The reason why the greatest ideas are seldom implemented is that they are first too costly. Therefore, in addition to figuring out a market niche and writing a business strategy, you should also have the resources to start a low-funding company or the cash to bootstrap your endeavor. For example, a Mathura-based designer who featured on Shark Tank India redesigned used clothes and shoes and promoted them on social media to boost sales with almost no out-of-pocket expenses. You should consider cost-effectiveness in this way. Your idea will succeed whether or not it receives funding if it is sufficiently original and benefits the client. It will grow into a brand in due course.
Conduct a SWOT analysis.
Since many of the contestants were unsure of their position and goals, the sharks gave them severe criticism. When asked where they saw themselves in five, ten, or fifteen years, they were unable to respond.
Answering that question will not be possible until you have a firm grasp on your product and business. While it is important to comprehend the advantages and disadvantages of your company, you also need to be aware of the opportunities and industry conditions. It is also critical to comprehend your rivals and the things that can go against your company.
For example, the mother and son knew their product was not patented or unique. In an attempt to turn a profit, they chose to capitalize on the first-mover advantage and quick scalability. When they arrived at the expo, it was evident that they needed help with branding strategy as they were not experienced in this field. SWOT analysis is used to achieve this kind of mental clarity.
Be brisk and passionate.
You are naturally ecstatic about your discovery or creation. Is it the reason you started your own business? Alright, that makes sense now. Let us assume, however, that your idea is rejected for whatever reason. What happens next? Do you give up? At that point, the passion begins to pour. If your idea is strong enough and confident enough, you will continue to refine it until it perfectly satisfies the needs of your target market and your company thrives.
The modern consumer is impatient and has constantly changing needs, preferences, and tastes. As the sharks have repeatedly shown, a business cannot grow or operate solely based on its branding approach. There must to be lodging options available on the market.
Become proficient at pitching.
A competitor in “Jo dikhta hai wo bikta hai,” who had shown off a non-invasive diabetes testing gadget with 90% accuracy, was told by one of the sharks that “it is the perception that sells.” Even though I might have invested if I had not known about the 90% accuracy, the shark continued, saying, “Knowing about it has made me question the project’s sustainability.”
The takeaway from this is that there are instances in which it is better to keep some information private since there could be miscommunications. As demonstrated above, no medical testing apparatus is ever 100% accurate. Therefore, a 10% margin is probably insignificant. However, the shark hesitated when it learned about it. It is usually better to ignore such minor flaws.
However, the selection process is not simple. A lot is dependent upon the investor’s preferences. While some investors might only be curious to see your presentation, others might be interested in finding out more. Thus, give it great thought before sharing information.
Take Advantage of the Opportunities
The sick mother of the business owner, who had been abandoned, was urged to have surgery as a last resort. In the process of investigating his alternatives, the young youngster engaged his mother in studies that examined nutrition and supplementation as a therapeutic method. His mother started to recover as a result of this enormous win. Subsequently, he developed the idea into a firm and approached a shark tank to raise capital.
The takeaway is that there are plenty of chances for us to launch and expand our businesses. The only warning is that you need to be sufficiently vigilant to recognize them and keep an eye out for chances to seize them.
Be Very Alert
Some of the sharks on the show gave a lot of the contestants hard time for being rude. For example, one shark claimed that another had moral standards that were at odds with each other. One of the sharks described a competition as stiff. On the other hand, others—like the young farmer—were recognized and given rewards for their honesty, diligence, and perseverance.
Although some Shark Tank hopefuls took the criticism personally, others believed that even though they were not chosen for investment, they had learned something from the process.
As a businessperson, it would be prudent for you to focus on the context of any criticism you hear rather than on semantics or the words themselves. Although some criticism may come out as harsh, its main goal is to help you improve as a person and increase your awareness of your inadequacies.
Have Self-Belief
One of the sharks responded, “Jo Dikhta hai wo bikta hai,” meaning that appearances do sell. The program included numerous moments of pure confidence winning show, in spite of the shark’s critical remarks. The two young women who incited a fierce struggle among the sharks and obtained investment from three sharks were the most impressive, as was Juggadu Kamlesh, who was praised for his boldness in participating on the show.
Many defects can be hidden by confidence. You can and will succeed if you have a thorough understanding of your industry and can present your case persuasively. Whoa! We are against lying or being dishonest. But your self-assurance will get you a long way.
robust base
Without a question, marketing is a crucial and necessary component of any business. It is equally true, though, that your business will not last very long if it lacks content. For example, the young businessman and his mother were confident that their product was of the best quality and would satisfy their customers. However, a businessman who came to them looking for investment for his “glass mask” received harsh criticism for creating a “wahiyat,” or worthless and pointless, product. Sharks questioned him about straws and sippers that had the similar function.
Last Remarks
Make sure your product is marketable and provides value to the customer before launching a business. If not, your business will not be able to start up, much less expand.Though branding is an important aspect of business that should not be overlooked, there is much more to it than just marketing. Now that we know more about the show, it is time to build a solid company brand and identity.
