CXO Matters | 7 Winning Business Tips Shared by Sharks From “Shark Tank”

7 Winning Business Tips Shared by Sharks From “Shark Tank”

7 Winning Business Tips Shared by Sharks From “Shark Tank”
Image Courtesy: Unsplash
Written by Siddhraj Thaker

Must-watch for entrepreneurs and highly talked about for its on-the-spot-investment format, Shark Tank is more than just an American reality TV show. Imagine walking into a show with nothing but a unique business concept and coming out with a promise of a million dollar investment. 

A prime-time favorite, the show has a lot to offer to the business world. When a panel of investors called “sharks” engage with presenters, the outcome is an atmosphere filled with interesting business ideas and tips. 

On one hand, where sharks-cum-tycoons Kevin O’Leary, Barbara Corcoran, and Mark Cuban buy in the audience with their eccentric attitude, hopeful contestants also offer a lot of learning lessons with their sales and marketing approach on the other.

Sometimes floor to “business pitch of the century,” the show is a great way for business owners to lead and succeed – especially in a world like today that is disconcertingly unprecedented and unpredictable. 

Let’s walk through some winning business tips shared by sharks from “Shark Tank.”

7. Keep it simple, stupid

“Make your product easier to buy than your competition’s, or you will find your customers buying from them, not you.” — Mark Cuban

Like Steve Jobs famous quote and Mark Cuban’s decent elaboration, business owners like you must remember the value of simplicity. Your consumers don’t have the time to surround themselves with complexity. You, as their dream weaver, must certainly work in the same direction by giving them something that is easy, rather than working in the opposite direction by coming up with products that are special to you but complicated to them.

6. Find problems. Solve them.

“Don’t start a business. Find a problem, solve a problem. The business comes second.” — Robert Herjavec

When the pandemic enforced a worldwide shutdown, but businesses had to continue, Zoom, the video-conferencing company, helped maintain flawless communication with its feature-packed app suite. Today, the company’s net worth is $100 billion. 

Invent a product that solves problems, improves quality of life, and makes things easier. If you can do that, your business will have a better chance of thriving, irrespective of a pandemic or failing economy.

5. Be empathetic

“People want to do business with someone they like. If people like you, they’re going to want to do business with you. And if they don’t, you’re going to have an almost-insurmountable obstacle to overcome.” — Barbara Corcoran

Qualities like kindness and empathy really pay off in today’s world. Make this your default status and people will express goodwill even if they don’t express interest every time. 

4. Take a loan. Don’t be ashamed.

“It’s an opportunity to save your business and maybe even propel it into something bigger and better than it was before,” — Mark Cuban

It’s difficult to survive in a pandemic-fraught economy. If uncertainty and low revenue is bringing your business down, don’t be ashamed to look into loan options. “Go to your state’s government website. Go to your city’s government website. There are so many places you could turn to for loans and grants,” he suggests.

3. Leverage Social Media

“Understand social and digital marketing. You can’t survive unless you understand Instagram, Snapchat or all the tools out there. You have to be contemporary.” — Mark Higgins

Denying the power of social media right now will be like denying yourself of this tremendous opportunity to succeed. It houses over 2 billion people worldwide and you simply cannot ignore it. 

2. Take Failures positively

“Failure, to me, is just an opportunity to begin again more wisely.” — Daymond John

The times of struggle are the necessary part – it is a valuable experience and not a waste of time and money. Understand the lessons learned and keep your entrepreneurship going and you’ll get through anything.

1. Get on Shark Tank

“Get on Shark Tank, it really works — or Real Housewives that works, too.” — Robert Herjavec

Funny, but true. Simply getting on Shark Tank has helped many entrepreneurs. Some reported revenue increase of 10-20 times post the show’s airing. Almost 20% of handshake deals made on the show are never executed, with the biggest reasons being withdrawals from the entrepreneurs end, who simply wanted to appear on the program for publicity, believes Shark Robert Herjavec.