6 things to learn from the business reality show Shark Tank India
February 5: Shark Tank India has captured the attention of people of all ages. The series’ creators hoped to make entrepreneurial and start-ups a topic of conversation at the dinner table in a typical Indian family. And what better way to spend your evening than by watching Indian tv from 9:00 to 10:00 p.m.?
We have compiled a list of financial principles that can be learned from the program, before applying.
- Determine your business risk.
Every time a Shark Tank India judge listens to a presentation and decides to invest, the equity is determined appropriately. They might contribute at the same level of equity or request more.
simply, equity refers to stock. Purchasing equity entails purchasing a stake in someone else’s business. When sharks invest in a business, they are effectively betting that the firm/startup will expand, and hence their money will grow as well.
To secure their capital according to their risk tolerance, they request a stake in the company in exchange. If they perceive a higher danger to their money invested, they frequently renegotiate their offer and request greater equity/stake. They assess their risk faces and devise a strategy to protect their investment.
- Long-term thinking
You should have enough wealth to ensure your future, especially if you are a retail investor. The strategy and assets may differ from one investor to the next.
The amount you invest in your long-term strategy may differ. Just as start-ups and enterprises are frequently interrogated on the program about their long-term sustainability, retail investors must have a long-term plan in place.
The sharks have repeatedly questioned the pitchers about the long-term viability of their enterprise. Time does not wait for anyone. Preferences shift with time, and the product or service on offer may become obsolete.
Consider whether your company’s operations are in sync with the times. Do you intend to adapt your product to potential changes in the industry if it is just suitable to the current market? In business, having a clear strategy is not always possible, but being ready for unanticipated occurrences is critical.
- Understand your competition and Finances
Your product/business may be excellent, but are you the only one in your business? On the program, sharks frequently ask the presenters if they are the only ones delivering the product.
If so, how easy will it be to break their current dominance, and if not, how will they stay competitive? This is true for all businesses in all industries. Although not everybody needs an in-depth understanding of finance as a topic, a working understanding is required for managing your finances or operating a start-up.
You should understand the meanings of terms like ratio, net profit, gross profit, sales, Whitelabel, and many others. It allows you to make more informed selections. If you think you are ready with your sales pitch and you want to fund your startup, you need to Register for Shark Tank India, Learn Now.
- Come Prepared and Know your traits
Obtaining the necessary business and finance skills is one end of the point; growing your character is the other. Mental fortification is vital since it prepares you to deal with any obstacles that may arise. Having a never-say-die mentality can go a long way.
The Shark Tank Judges are not newcomers to the business; they have been around for a long time and have created a name for themselves. Speaking in front of them is a huge deal, but you must be ready. This is a critical life and business skill for all entrepreneurs to learn.
You won’t get far if you don’t understand the facts, stats, potential of your firm, and other phrases. Before coming to market, a great entrepreneur conducts extensive research.
- Learn the value Team Spirit
Shark Tank judges inquire not only about the applicants and their company ideas, but also about their staff. They ask questions to gain a better understanding of their management, execution techniques, and technical skills.
It also assures that investors can trust a corporation because a single team cannot accomplish anything on its own.
So, invest in a competent team, understand your market, and remember the above Shark Tank India teachings in mind as you strive to advance in the sector.
- Ensure feedback
Feedback is a terrific method to enhance your business, but it is only useful if you focus on listening. Few people can put their egos aside and listen to their clients’ opinions.
Even if the response is negative, it is necessary to have the confidence and patience to thoroughly listen and then prepare ahead.
This is true not only when soliciting customer feedback, but also when investing. Take note of the various investor viewpoints before deciding whether to invest or not.
Learning can take many forms. Books, movies, seminars, blogs, or even a knowledgeable buddy can all help. We shall grow if we keep our eyes and ears open to any form of facts and communication. The foundation you require is doing your studies and developing your intelligence. So Prepare yourself and plan your investment from Shark Tank India.