The debut season of Shark Tank India last year received a staggering response from brands, advertisers, and even the humble viewer. And hence, the popular show is back with its second season, which began on January 2nd, 2023.
The show highlights the phenomenal entrepreneurial talent that India possesses, and along with the sharp business acumen exhibited by the sharks, we simply can’t help but marvel at the lessons learned.
Here are some massive giveaways, highlighted on the show.
1. It’s a lot about clarity of thought
A business idea will remain an idea alone if there is no clarity of thought on its execution. And though hard work is indispensable, the belief in one’s idea is concurrently important.
Know the ‘WHY’ of your business. Having a clear vision and mission is paramount.
Also, being truthful and showing conviction are important. Investors buy into the idea when they know how genuinely invested you are in that business.
2. Financial knowledge is mandatory
Terms like P/E Ratio, ROI, profit margin, and net profit signifies a lot about your business projections, and also how you plan to get going in the said time frame. Having a thorough knowledge about the same is a must.
However, just having adequate knowledge isn’t enough either. Anyone investing in your business would like to know how funds would be utilized. Do extensive research, and know your numbers and business techniques like no one else would. After all, this is your business.
3. Soft Skills
A business cannot survive only on the art of number-crunching. The idea needs to be presented effectively to win investors’ trust and encourage potential investments.
Soft skills and presentation go a long way in making anyone interested in your business.
However, along with soft skills, listening skills are important as well. If you are looking to run a business, listen to ideas and suggestions, ignore criticism, and focus on feedback.
4. Make your product the hero
Catchy lines or stories are just an effective medium of expression. But if the product itself doesn’t surpass or match up with customer expectations, there isn’t much to look forward to.
Back your product with exhaustive research- how will it address pain areas, its marketing mix, packaging, and so on.
Also, support your product with scientific evidence. This makes it more acceptable and also helps us understand what will work and what won’t.
5. Confidence is key
Armed with the right information, know-how, and the science of your product, confidence is inevitable. But many times the best products may fail to make it to the top, just because it wasn’t confidently represented at the right time.
The famous dialogue ‘Jo dikhta hai woh bikta hai’ is 100% true and so, ace your pitch, like the world is watching you.
A piece of advice here- it is definitely better to be silent on certain facts and figures rather than leading investors with wrong or compromised information. Even this is a subtle sign of confidence and truth.