Lessons I have learned from Shark Tank

For those of you who are fans of the t.v. show [B][I]Shark Tank[/I][/B], what business skills/lessons have you gleaned from it.

For me it was:

having [I]confidence[/I] in your product
understanding the potential [I]value[/I] of your goods and services
understanding the [I]value[/I] of your company
making sure that your [I]profit margin[/I] was high enough
realizing the importance of [I]branding[/I]

knowing who the product is intended for (demographics). [B]Who are you marketing to? [/B]You don’t have enough enough resources to market to [I]everyone, [/I]so you need to know who your real customers are - you need to know who your most valuable customers are (for me this isn’t just about money, it’s about enjoying working with them)
realizing your niche in the market. [B]Why should there be “another one” of you? [/B]
— I would hear that question over and over (especially by Kevin O’Leary)
[B]What problem does this solve for the customer?
[/B]— This is huge. You’ve got to be able to explain this one, and not just in the obvious: “there problem was dirty windows.” You need to go deeper than that. You need to tell them that this makes their home more spacious and comfortable, that they can relax and enjoy themselves in the comfort of their home. Dirtiness and clutter stresses people out. We are stress relievers. For those who can afford us, we make people’s lives easier. Which gets me to my point: [B]what are you selling? [/B]After all,You aren’t selling glasses, you are selling [I]vision. [/I]You’re not selling a suit, you are selling an [I]image[/I]. A car isn’t a piece of machinery, it’s an instrument of freedom and power. Your not selling a car your selling f[I]reedom, mobility, travel, prestige.
[/I][B]What’s you business plan? [/B]How detailed are you in your goals. [I]Where do you want to go, and how do you plan to get there?[/I]

What other stuff have you learned/observed?

when does that come on and what channel?

Friday nights, I believe on ABC. You can go to YouTube and download all of them. I love that show, I’ve actually bought quite a few products from some of the people that go on there.

It’s cool, it really lets you know what the minds of Mega Millionaires and Billionaires think of when they see a business.

Charlie

it exposed the inherent difficulties of working with the wc industry:

[LIST=1]
[]there’s no patents in method or equip to lock competition out and have advantage
[
]not scalable
[]ease of entry for start up exists - no licensing, schooling or rigorous test that needs to be passed (=additional competition)
[
]seasonal
[*]no binding contracts (for the most part, large comml yes)
[/LIST]

If you haven’t yet, start taking notice of the specific reasons why or why they don’t invest

could you “design” a window cleaning company that they [B]would[/B] invest in?

Love Shark Tank! Possibly my favorite show… But Kevin is a jerkoff.
I call him an “Idea Broker.”

  • he’s only interested in buying your ideas (patent, licensing, etc…) and selling to someone else for more than he paid you for it.

Cuban and Robert are the “dreamers.”
(one of the best qualities in an Entrepreneur.)
And THAT’S where the show is the most fun, when they get excited about an idea.

Thats what we all do, its called capitalism. We are not buying ideas, we buy supplies and sell services for more than what we invested