9 Business Lessons
I came across a great article that recaps the 9 Business Lessons learned from watching The Shark Tank. While you can debate the benefits or horrors of reality television this show is a peek inside the mind of entrepreneurs.
Never before has the details of business been opened up to such a wide variety of people. Watching just one show you will agree with the article that many people can not pitch their business. We call that the elevator pitch. Imagine meeting a prospect and riding up ten floors with them and that is all the time to explain to them what you are offering. Practicing that pitch will cause you to perfect it quickly.
Having a great pitch, the work ethic to make it happen, and a belief in your product or business is not enough. The business has to actually work and satisfy a need. This is an often over looked process and not just on the Shark Tank. This is imperative.
Sometimes I hear a lot of complaints about how someone secured a sale or the price was too high. I have learned to appreciate signed contracts. If you look at your acquisition costs for a new customer versus retaining a customer the majority of time it is cheaper to retain one.
A business that does not have customers will not make it for very long. This is another lesson shown on the Shark Tank and recapped in the 9 Business lessons. You may want to tune in on a Friday night and catch a show if you are currently or dreaming of running a business.