I was recently introduced to this show and I was instantly addicted to it. I could not believe that this show was there since 2009 and I did not know about it. This show is about entrepreneurs presenting their business/ideas to wealthy investors, who are called “Sharks” and they ask for an investment/partnership in exchange for a stake in their company. There are some really good ideas in this show and also some very interesting negotiating skills between the entrepreneurs and the Sharks.
Lessons I have learned so far from watching 3 seasons of the Shark Tank
- Show an interesting or fun presentation. This usually catches the Shark’s attention.
- Know your business and sales. The Sharks ALWAYS ask for your last year’s sales.
- Be prepared to give up control of your company. The Sharks usually ask for at least 51% stake of your company.
- Be flexible. Situations and business offers change very fast in the Shark Tank room.
- Be content. You may or may not end up with a deal with the Sharks. Know that you did your best and it’s not the end of the world if you walk out with no deal. Many businesses have succeeded without investments from the Sharks.