“Television is an idiot box” was a term that was coined decades back,
but this is so far from truth today than it could ever be. Today, television
informs, educates, inspires, trains and does so much more.
They say that if you want to swim with the sharks, then you better be a
good swimmer and a good communicator because sharks are not the gentle and docile
creatures that dolphins are, and one wrong step can turn out to be fatal. This
brings me to one of the shows that I am hooked onto – Shark Tank.
Before you read any further, if you have not seen Shark Tank, then click
on the links below and have a look at a few of these episodes:
This show is in its 8th Season and it is only growing bigger
with more sharks coming into the show. As you would have seen, this show is all
about dreams. One person dreams, comes to the show to sell his/her dreams and
the sharks then invest in his/her business if they see merit and value in his/her
dream.
I believe that there are lessons in this show for everyone, whether you
are a businessman, a venture capitalist, a startup entrepreneur , a corporate
employee, a marketer, or a student.
I have tried to put together a list of lessons that I think anyone and
everyone can get from watching Shark Tank:
1. Presentation: One of the key lessons that you learn from
watching Shark Tank is the different styles and ways of presenting your idea.
Some present their ideas the way they would in a serious corporate Board Room,
whereas some others go over the top and present their ideas with complete
playacting, costume and voice modulation. Some others use their props in a
smart manner and make it a part of their presentation like this person:
The lesson here is that there is no right or
wrong way of presentation as long as you are able to tell your story to the
audience and make them feel involved.
2. Negotiation: In life, irrespective of what you do, you come
across situations where you have to negotiate with someone else. The amount of
negotiation may be big or small, but if you do not want to be shortchanged, it
is important that you know proper negotiation skills that involve knowing when
to draw the line, when the other person is pulling a bluff on you and when the
person will take your bait or leave it. Shark Tank will teach you amazing
skills in negotiation not only from the sharks who are experts at this, but
also from people who have come to sell their ideas. The best parts in the show
are when either of the two parties are raising or dropping the bait to see who
falls first. It gives you a good insight into human psychology and how desperation
makes people do stupid things or how false bravado makes them miss their deals.
3. Innovation: The entire premise of this show is built
around innovation. The sharks are not interested in investing in your business
if you bring them run of the mill stuff which does not have a competitive
advantage or where the barriers of business are too low. This show opens your
mind to the world of innovation and the kind of ideas that people are coming up
with. It changes your perspective on categories and makes you think on a
different dimension.
4. Consumer
Insight: The most creative
and innovative idea is a waste if it is not built on a strong consumer insight.
Every idea should solve a problem/cater to the need in the consumers’ life,
even if the consumer is aware or not aware of that problem or need at that
point of time. The kind of ideas that people come up with in this show and the
genesis behind the creation of those ideas gives a fantastic lesson on how
consumer insight can be mined or formed. Sometimes, the insight that the
presenter presents on a category seems like an Aha moment because it is so
obvious and yet it never struck you or any other company so far.
5. Vision
and Valuation: It is
important in life to know your worth and for others to be able to see your
worth. Shark Tank is a great place to see how people are able to carve out a
vision, value themselves and their vision and then ask for the sharks to invest
in their vision. Sometimes the sharks agree with the vision and valuation and
sometimes they do not and they give advice to the presenters on what the right value
should be. Some of them agree whereas some of them take this on their chin with
a clear agenda to prove the sharks wrong.
6. Marketing: There are people on Shark Tank who come with
sales figures already running in millions and it is a delight to hear their
marketing approach on achieving these figures and reaching out to their
audience. If you are smart, you can easily take some of those marketing ideas
and adapt it to your own job or category.
7. Selling: I began my lessons by talking about
presentation but Shark Tank will also teach you that while a great presentation
is helpful, you can still sell your idea or your business if you are a great salesperson.
While a good presentation is normally a prerequisite, but even if that is not
your forte, as long as you know your business and your passion and you are able
to serve the fusion of this business acumen and passion to the sharks on a
platter, their money is for yours to grab. “I’m Out” is one of the statements
that no person presenting to the sharks ever wants to hear and only a good salesperson
can avoid that.
I am confident that these are not the only lessons that Shark Tank
teaches you and am sure that you would have your own lessons from this show. I would
be glad to know what those lessons are so please let me know what lessons have you
learnt from Shark Tank.
One thing that surprises me is that how come, India being a country of
so many start-ups doesn’t have a show like this yet, or is it that a show like
this exists and I am not aware of it. Do you guys know of any such show?