Lessons in business and marketing come from all kinds of places and sources. A recent goldmine I discovered came in the form of a TV show, The Shark Tank. Although The Shark Tank is considered a Reality Show it shouldn’t and in my opinion doesn’t have the same negative connotation that so many of the Reality shows have. The reason is what is real in this REALity show is the many business lessons that come out of each and every episode. What I realized after watching just a couple of episodes is the magic of the show is the “light bulbs” that each business owner receives from feedback they receive from the Shark panel. For those who haven’t seen it, the premise of the show is that each participant (business owner) gets a chance to pitch their product or company to the panel of Sharks which consist of 5 very successful business experts in a variety of industries. Their goal is to take their business to the next level by selling their product/company to one or more of these sharks for money and more importantly additional resources including their expertise and the business relationships/partnerships these experts’ posses. Along the way here are some business lessons that can be learned.
The good lessons: 1. The passion or drive these owners have for their product or company. You can’t expect your customers to have passion for what you are selling if you first don’t have it yourself. It is no coincidence that many of the most successful business owners posses the most passion. 2 Where their business idea originated. It is amazing how many business owners have capitalized by turning their own personal experience into a product or business. 3. New Ideas. Contrary to the popular saying, there are new ideas under the sun. It is amazing to see the ideas that people continue to come up with and how it can change or enhance our everyday lives. 4. A dream realized. How motivating it is to see someone who has crawled, scratched and clawed their way into making a dream a reality. The bad lessons: 1. Not being willing or open to constructive criticism. These business owners are coming to these experts because they need help to get to the next level but sadly many of them are not willing to take what the experts tell them to heart and admit they have either made mistakes or are not on the right path. Are you open to feedback even if it’s something you don’t want to hear or admit? 2. Spending more time talking than listening. Sometimes you just need to shut up and listen to those who are trying to help you. 3. Being inflexible or not willing to step outside the box. These business owners have reached a certain level of success but are often not willing to change to get to the next level. 4. Not diversifying. Having a single idea and being unwilling to diversify how it came be used or promoted. |
Archives
June 2014
Categories
All
|