I have no doubt that you are familiar with the television program Shark Tank, which won an Emmy Award. The program is watched by a lot of individuals who want the “vicarious excitement” of seeing whether the businessperson they are pulling for will end up with the “grand prize.”
Recently, I was given the opportunity to contact Lori Greiner from the show Shark Tank. Lori provided me with a list of 11 life lessons that she believes may be learned by watching the performance. Wisdom is yours to take from Lori!
The American Dream
In the last five years, there has been a clear shift in our country’s focus toward encouraging people to start their own businesses. When compared to, say, five years ago, there is a significant increase in the number of resources accessible to aspiring business owners today. For instance, lessons on entrepreneurship are genuinely offered at a variety of different institutions nowadays.
Competitions in entrepreneurship are being held by both businesses and educational institutions. We’ve also seen the popularity of “Shark Tank,” which is now in its 10th season on ABC and has grown by leaps and bounds, skyrocket. People are often telling me how much they have gained from watching this program, and it perfectly embodies the concept of the American Dream.
Everyone has had an idea that they believe might be worth millions of dollars, but a few years ago, they probably never truly imagined that it would be able to get them off the ground. However, now that we’re proving it can happen, everyone can connect with the fact that it is possible.
Learn to pitch
Maintain a high level of energy while being fascinating, honest, and informed. When someone can describe their business or product in just two sentences, they have given a great pitch. They should be well acquainted with all aspects of their company.
Enthusiasm and passion are the hooks that will bring in investors. Keep in mind that the person you are trying to persuade has either spent very little time or none at all considering your product, even if you may consider it to be the best available on the market. maintain brevity and focus on the issue at hand while still managing to excite and educate.
In my opinion, a person has the potential to mess up a pitch in a few different ways.
The first and most important error is not being completely knowledgeable about the product or service that is being pitched. You should know all there is to know about your company or product, and you should be ready to answer any inquiry about it. You should know everything, whether it has to do with money, production, inventory, or how things are done.
When it comes to listening to pitches, one of my greatest pet peeves is when the individual making the pitch is not well prepared. This reflects poorly on their work ethic and demonstrates a lack of devotion and care on their part. Furthermore, it reveals to me that there is a high probability that they will not be successful. I also dislike it when they give off the impression of being arrogant, but to be honest, I don’t like that quality in anybody.
Lacking excitement and passion is the second-biggest error that may be made. When given by someone who lacked excitement, even the most brilliant ideas were rendered entirely ineffective in front of me. Enthusiasm and enthusiasm tend to rub off on others. On the other side, I’ve seen excellent salespeople who, through their boundless zeal and excitement, persuade others to purchase or invest in things that they never would have done under any other circumstances. These individuals are exceptional at pitching.
The third most serious mistake is either not listening to other people or being arrogant. Keep in mind that if you want to persuade someone to invest in you, they not only need to like what you’re asking them to invest in and believe that it is a good investment for sound reasons, but they also need to like and believe in you. This is especially important if you’re trying to convince someone to invest in you. If business owners do not pay attention to the questions that are posed during a pitch, they will not listen to what you have to say in the future either, and they will not be reliable business partners.
If the entrepreneur seems tough to deal with, I immediately lose interest in doing business with them. It won’t get any better; in fact, it will only become worse, which is something I believe the majority of people would agree with. My experience has shown me that it does not matter how fantastic a concept for a company or product may be; if the entrepreneur is going to be a problem, then the venture is not going to be worth it.
Connecting People to Get Work
Have confidence while engaging in networking. You have nothing to lose and everything to gain if you make an effort to reach out and ask questions. Be self-assured and forthright about your qualities when you are trying to market yourself. You don’t have to choose between being honest and modest. You may be both. However, if you do not advocate for yourself, no one else will. No one else will.
The Empowerment of Women
Women shouldn’t think of themselves as “women” in the workplace or in whatever role they have, especially in business. They need to have the mindset that they are someone in the company or in their professional position who is equal to, or even better, depending on the circumstances than anybody else.
Find something that you have a passion for doing, and then strive to become the best at it. Take whatever steps are necessary to further your education in the area that interests you. Be like a sponge and take in as much information and knowledge as you possibly can. It is always a plus if you can find employment at a place or with a person where you can learn and get practical experience by working with your hands in an actual setting. Education is important, but having real-world experience is far more beneficial.
Be yourself and have confidence in who you are, what you know, and what you are capable of doing. This is really important. Do not be scared to make your voice heard. It is not necessary to be rough in order to seem powerful. Simply have self-assurance and faith that your information and beliefs are correct.
I believe that attaining success is possible for everybody. It really does come down to having a lot of desire, dedication, and a willingness to put in a lot of hard work. It makes no difference who you are, where you came from, or where you are in your life stage at this point in time. I am of the firm belief that if you have the desire, dedication, and willingness to put in a lot of hard work, you can make anything happen, and you have the potential to be successful. When others tell you that something is impossible to do, you should not accept their words at face value and keep pushing forward anyway.
The saying “What Doesn’t Kill You Makes You Stronger” is really true.
Even the most heated moments on Shark Tank may sometimes end up working out for the best for the entrepreneurs competing on the show. I believe that to be the case due to the fact that you almost always gain knowledge from your experiences. There are always valuable lessons to be learned from every experience, and despite the fact that the questions from the sharks or what happens can sometimes seem quite difficult, I believe that you will walk away learning a great deal and correcting what went wrong.
This is because there are always valuable lessons to be learned from every experience. The things that you believe to be challenges or failures are often the best teachers. In my opinion, these are the most important and important lessons to learn. In life, there are no failures, just tremendous lessons to be learned.
You Need To Be Involved Directly.
When one of my business clients closes a contract with me, they immediately get in touch with me to discuss the terms of the transaction over the phone. I have frequent conversations with them at all hours of the night as well as on the weekends. They are all at various phases, and as a result, have varied requirements.
My procedure after a contract is to make an effort to phone the entrepreneur within a few days after the conclusion of the transaction that took place in the “tank,” when they have returned to their homes. I would want to begin with a more lighthearted introduction and then discuss their time spent in the tank. After that, I would like to learn about the pressing concerns facing their company and determine how quickly we need to act.
My team and I do thorough research on every entrepreneur to ensure that their businesses are indeed investable and that everything the entrepreneurs claim about their ventures on the program is accurate.
After the contract has been agreed upon and finalized, we will start working on a comprehensive strategy that outlines what we need to accomplish, the actions we need to take to get there, etc. Therefore, we get to a conclusion on what is optimal for every single firm. If it’s a piece of technology or an app, we figure out where we are in the market, where we need to go, and how to get there, and then we assess whether or not we need to immediately change the product’s packaging, work on production, produce an infomercial, or enter the retail market.
It is usually extremely dependent on the person. In the Shark Tank, I have investments in a wide variety of businesses and industries across a wide variety of sectors. Therefore, each one is evaluated separately based on the requirements that are unique to them.
Because I really like being able to assist them and because I want them to achieve their goals, I always make the effort to be there for them and give it our best go. I also have a superb group of individuals on my team that really care about my business owners and who do an excellent job of supporting both me and them in meeting their requirements.
People claim that I move at the speed of light, and I modestly state that I have several of the most successful products in the history of Shark Tank. Some of them include the Simply Fit Board, Scrub Daddy, Squatty Potty, Bantam Bagels, and Sleep Styler.
Examine the product and pitchman
Both the product that is being pitched and the entrepreneur who is proposing it are evaluated by me since both are considered to be of equal importance.
When it comes to the company or the product, I look for a number of different things:
- Something that is popular with a large number of people and that a significant number of individuals would find useful or desirable.
- The act of finding a solution to an issue
- An item that cannot be found elsewhere on the market and is distinctive in comparison to similar products.
- Is possible to be produced at a cost that is reasonable
People who are enthusiastic, determined, honest, and passionate are the kind of people I like most as business owners. I need to have faith that they will put in the effort necessary to ensure the prosperity of their company. I take note of how well people listen to me as well as whether or not they have the characteristics of someone who would be pleasant and pleasurable to collaborate with. Over the course of my life, I’ve come to realize that it doesn’t matter how fantastic a service or a company is if I don’t get along with the people who are associated with it.
It pays to be crazy sometimes.
There have been a lot of experiences worth remembering that took place in the tank. That squirrel zapper was by far the weirdest pitch ever! Michael DeSanti, a former aerospace worker turned entrepreneur, came up with the idea for a squirrel-proof bird feeder. This feeder gives squirrels a harmless static shock whenever they try to take bird food, which deters them from doing so. One of the craziest and funniest people there was a guy named Ryan “Cowboy” Ehmann.
I was at a loss to understand what he was trying to promote, and Daymond made a deal with him for his Cowboy gym with a rodeo motif… go figure! …?!?! My investors at Scrub Daddy, which is one of the most successful businesses to come out of Shark Tank, and also Tangle Pets had some of the most compelling presentations, in my view.
Master One Medium
A shopping channel like QVC is, in my view, the best-selling medium available to a new inventor. Although there are many other venues that might play a part in your sales plan, I believe that there is simply no better selling medium available. A brief stint on QVC may throw open the doors to a vast universe of retail possibilities. Because I designed things that were very easy to demonstrate, I decided to pursue a career in television because I thought that was where I would have the most success.
I never intended to become a prolific creator of new things. After my first successful product hit the market, customers wanted more products. Because of QVC and my loyal consumers, I was motivated to keep developing.
I was really fortunate in that I was able to hear the voices of my customers when they phoned in on the radio. Hearing that they enjoyed the product or that it made them happy or improved their lives greatly motivated me to keep working on further creations. The majority of the time, I think about things that people need or want in order to generate ideas for new goods. Typically, this entails coming up with answers to issues that arise in daily life. My goal is to make other people’s life simpler and more enjoyable, and I’ve found that being more organized helps me accomplish this goal.
As soon as you have mastered the process of selling one product on a certain media, it will be much simpler to advertise more items using that medium.
Find Out How to Fill Positions
I’m sure you’ve heard me say this before, but I really do think “Hire character and teach talent.” To me, it is just as vital to know who a person is as it is to know what skills they have. When it comes to recruiting new employees, there are a lot of key qualities I look for, but I’d say the ones listed above are at the top of the list: honesty, ethics, trustworthiness, and the ability to work well with others. Being enjoyable to spend time with is a major benefit!