India was enthralled with the first season of the renowned television programme Shark Tank India, which debuted on December 20, 2023, and ran until February 4, 2024. On the show, business owners made pitches to investors, or “sharks,” hoping to get money in exchange for a stake in their venture. Even though the show is over, there is still a lot of talk about it since it was the first of its type and because it brought attention to a number of important but frequently overlooked areas of business. Everyone, even the audience, gained knowledge from the show even though some people won and some lost.
These are the top ten takeaways from the programme that every entrepreneur should know.
Understand Your Business’s “WHY”
Without coherence, even the strongest business plan may backfire. One of the most significant things the programme taught its audience and participants was that. A lack of a clear vision will prevent you from being able to maintain your business after you start it. You can only increase your reach if you are aware of the value you provide to your customers and are able to communicate that value to potential clients. You may create a compelling brand story with a defined objective and vision that will draw customers to your business.
For example, there was this engineer in episode #21, who invented three unconnected items. The sharks said he had confused his degree with business and was in the invention industry rather than issue solving.
Having a clear mind is crucial while starting a business. Sharks often ask prospects two questions: “Why would people buy from you and not from others?” and “If your product is easy to copy, then how will you differentiate?” Prior to starting, ascertain the answers to these queries.
The Value of People Management in Business
The founders and subordinates are valued by the sharks, as they have frequently stated. A father-son team who arrived with a third co-founder who was also the inventor of the proposed product served as an example of this in episode #11. Before making an investment, one of the sharks asked that the inventor’s equity be increased. He believed that the father-son team was undermining the innovator.
You start an enterprise because you want to benefit yourself. But, you should respect other people and the value they bring to the table when you bring them on board, whether they are team members or co-founders. Additionally, you ought to offer them the pay and benefits they merit.
Remember from episode 21? The engineer was chastised by the sharks for his confusion, but one of them saw his potential and extended a conditional offer.
Economical
The most brilliant ideas are never implemented because they are too costly to start. Therefore, in addition to figuring out a market niche and developing a business plan, you should also have the resources to start a low-funding company or have the funds to bootstrap your venture. For example, a designer from Mathura revived worn shoes and clothes on Shark Tank India episode #20 and promoted them on social media, generating sales with essentially little outlay of capital. That’s the kind of cost-effectiveness you ought to consider. Your idea will succeed whether it receives funding or not if it is sufficiently original and benefits the customer. Eventually, it will grow to become a brand.
Conduct a SWOT analysis.
The sharks severely criticised a lot of participants during various episodes just because they were unsure of their position and goals. The query, “Where do you see yourself in the next 5/10/15 years?” was one that they were unable to respond to.
It is only after you have a thorough understanding of your product and business that you can respond to that question. Knowing your company’s advantages and disadvantages is important, but you also need to be aware of the opportunities and state of the industry. It’s also critical to understand the competition and the elements that could work against your company.
For example, the mother and son in episode 21 knew their product was not patented or distinctive. In order to turn a profit, they chose to take advantage of first-mover advantage and quick scalability. They obviously needed help with branding strategy, something they were inexperienced with, when they arrived to the show. SWOT analysis produces such mental clarity.
Be nimble and passionate.
You have a strong enthusiasm for your creation or finding, of course. Is it the reason you entered the corporate world? Alright, it makes sense. However, suppose that for some reason your idea does not catch on. What happens next? Do you give up? That’s when you start to feel passionate. If you have enough passion and self-assurance in your concept, you will continue to refine it until it perfectly suits the needs of your target market and your company succeeds.
The customer of today has short attention spans and quickly changing preferences, tastes, and needs. A business cannot operate or grow on its branding strategy alone, as the sharks have often stated. The market should be able to accommodate you.
Become an expert at pitching
“Jo dikhta hai wo bikta hai,” as one of the sharks remarked to a competitor in episode #8, who presented a 90% accurate non-invasive diabetes testing gadget (it is the perception that sells). The shark continued by saying that although I might have invested if I hadn’t known about the 90% accuracy, knowing about it has made me question the project’s feasibility.
The lesson here is that sometimes it’s better to keep quiet about some things than to divulge them because they could be misconstrued. Using the aforementioned example, no medical testing apparatus is ever completely accurate. Consequently, a 10% margin is probably insignificant. However, the shark hesitated after learning about it. It’s usually advisable to keep such minor flaws hidden.
But choosing is a difficult task. Much relies on the investor and his areas of interest. While some investors would wish to delve deeper, others might only pay attention to your presentation. Thus, give it some thought before disclosing or revealing facts.
Take Advantage of Opportunities
In episode #19, one of the business owners left his position to take care of his sick mother, who was told surgery was her only option. The little boy started looking into choices and, in the process, signed his mother up for scientific studies focusing on supplementation and nutrition as a therapy method. His mother started to heal as a result of this enormous triumph. After that, he developed the idea into a firm and went the shark tank in search of capital.
Lesson learned: there are lots of chances around for us to launch and expand our businesses. The only warning is that you need to be on the lookout for them and vigilant enough to take advantage of them.
Pay Attention Well
Some sharks on the show severely reprimanded a lot of the competitors for their rudeness. For example, one of the sharks claimed that a candidate had double standards in episode #4. One of the sharks referred to a competitor in episode #19 as stiff. Others, such as the farmer boy in episode #24, received recognition and rewards for their diligence, honesty, and tenacity.
While some Shark Tank competitors took the criticism personally, others came out from the experience feeling as though they had learned something even though they had not received an investment.
As a businessperson, you would be well to look past the words themselves, or semantics, and instead focus on the context of any critique you receive. Even while criticism might occasionally come out as harsh, its main goal is to help you recognise your flaws and become a better person.
Have Self-Assurance
One of the sharks remarked, “Jo Dikhta hai wo bikta hai,” which means appearances sell. The episode had numerous examples of sheer confidence winning show, despite the shark’s critical remarks. The two young sisters in episode #10, who sparked fierce competition among the sharks and secured investment from three sharks, and Juggadu Kamlesh of episode #24, who was commended for his bravery in participating on the show, were the best.
Many defects are hidden by confidence. You can and will succeed if you make a confident pitch and are well-versed in your industry. Whoa! We do not support lying or being dishonest. But you can go far with your confidence.
Robust Base
Without a doubt, marketing is a crucial and necessary component of any organisation. It’s also true, though, that your firm won’t last very long if it lacks content. In episode #21, for example, the young businessman and his mother were certain that their product was good and would benefit their customers. However, in episode #30, an entrepreneur came to raise money for his “glass mask” and received harsh criticism for having a “wahiyat” (worthless and useless) product. Sharks questioned him about straws and sippers that performed the same function.
Last Remarks
Make sure your product delivers value for the customer and is saleable before going into business. If not, your business will never get off the ground, much less expand.Business is much more than just marketing, even if branding is an essential part of it that shouldn’t be overlooked. Now that we know what the show taught us, it’s time to develop a solid corporate identity and brand.
Your branding agency in India, Litmus Branding, is ready to provide comprehensive support and guidance throughout your journey. We can be reached via phone or email, too.
