The Business Lessons We Can All Learn from Shark Tank 41

The Business Lessons We Can All Learn from Shark Tank - let's reach success

Shark Tank is a TV show connecting aspiring entrepreneurs, and powerful and smart investors, looking for the next best companies.

Who are the sharks? These are self-made multi-millionaire and billionaire tycoons,  ready to either crush your startup dream, or help you make it a reality.

If you have something to do with entrepreneurship, the startup world, or are just thinking of becoming self-employed or climbing the career ladder in your field, this show is for you.

Shark Tank can let you see what pitching really is, and by seeing what others do right and wrong, you yourself can understand the main principles of business and sales, without even having to make any mistake or be rejected for an idea.

Together with that, we can learn plenty of things about the real world too.

The skills entrepreneurs need these days go further than the traditional business knowledge and knowing how to market things. It’s about networking, innovation, working with numbers and with words, and tens of personal qualities that can be developed over time and through practice, and life lessons like these.

So, here are the business and life lessons you can find in the episodes of Shark Tank:

1. It’s all about the pitch.

Newbie business owners hear this everywhere, and often try to get better at pitching themselves.

And while there are plenty of resources out there, it still can’t get close to the actual moment you face investors and let them hear how you describe your business idea, what exactly you mention, how you present it, how you begin the story to get them hooked, what numbers you add, etc.

Well, Shark Tank gives you some of the best pitches you can hear.

I say listen carefully to each and every one, notice the words, body language, reaction of the sharks, how you feel about the idea when you hear that person, and more.

Be sure that these are effective even though the deal might not get funded in the end. It happen. But there’s still a ton of value.

I’d even say hear the pitches you like the most a couple of times, write down the structure, try to create something similar yourself, criticize what you think can be polished, etc. That’s a great exercise.

2. Leave emotions behind for some time.

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To build a profitable business, but to also enjoy your work and find meaning in what you do, you need to be passionate about it. Be it about the niche, the type of people you’re helping, the actual product you’re creating, or the game of improving a brand and scaling the business.

Passion, however, is a strong emotion. And when it comes to venture capital, this will get you distracted, and will cloud your vision and mind.

What investors want to hear is real facts and numbers.

If you’ve always cared a lot about the business, but know that it’s time to grow now and you need a new approach, you’ll need to put your feelings aside for a while and get to work on the business valuation and numbers.

3. Negotiations requires preparation.

Many participants had to learn this the hard way in Shark Tank.

For instance, they should have known that when Mark Cuban says a decision is final, there are no compromises so it’s basically in their disadvantage to try and get more out of the deal.

In some cases, this even led to rejection because the aspiring entrepreneur decided to experiment and try and ask for more money. Not to mention that this shows insecurity, not taking smart decisions, and not reading people well.

So even if your idea and pitch are great, prepare for the negotiation part too.

It’s where you show a lot about how you can play the game of entrepreneurship, what kind of person you are, how strong you believe in what you just presented to the investors, and more.

Also, do an extensive research on whatever you can. Be it learning anything you can about the exact investors you’ll be meeting and their deals in the past, talking to people who know them, or who’ve been supported financially by venture capitalists before and had seen success with that.

4. Explain/sell how the investors will get their money back.

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Even if you don’t want to go that big from day one, aren’t sure about the 5 or so year vision of the company and market, and are more about solving a customer’s problem than seeing the big money coming in fast, you need to think through that aspect of the deal too and share it with the sharks.

Why? Because in the end of the day, they are there, looking for promising individuals like you who have something to offer to the world, but who can also help them grow their net worth.

The investors in Shark Tank are millionaires and billionaires from all fields, such as Daymond John (founder of FUBU), Kevin O’Leary, Steve Tisch (Chairman/Executive Vice President of the New York Giants), Nick Woodman (creator of the GoPro camera), and – of course – Mark Cuban (owner of the NBA‘s Dallas Mavericks, co-owner of 2929 Entertainment and chairman of the AXS TV).

Most of these started from the bottom, and got to where they are today with hard work, sacrifices, focused mind, and a vision. They’re pretty good at seeing what’s promising, and which startups have no chance of success in the long-run. That’s why they have the final say in this.

So if you wanna make it with their help, you need to show them what’s in it for them too. Make sure you include that in your pitch in the most effective way possible.

What else have you learned from Shark Tank?

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Data Is Important to Your Business’s Operations: Keep It as Safe as It Is Accessible 4

The Secret to Designing Perfect Landing Pages

Computers have been able to move files between one another since the technology’s very early days. The first File Transfer Protocol (FTP) technology emerged in 1971. Back then, network administrators only needed to move data from one place to the next; security was not an issue. Furthermore, since the computers were probably in the same room, the data did not have very far to go.

Today, there are many ways to move data efficiently and safely over long distances. MOVEit by ipswitch is a good example. It’s very robust yet also very easy to use. It also has a number of audit trail and compliance features that really make it a useful program.

How do you know for sure whether Moveit or some other program is the right one for your business?

What is Secure File Transfer?

FTP still works very well when there is absolutely no need for security, but these instances are few and far between. Some of today’s most popular file transfer options are:

  • Secure File Transfer Protocol: As the name implies, SFTP is FTP plus encryption. The combination is very fast and prevents network eavesdropping. SCP (Secure Copy) is a closely related protocol.
  • Managed File Transfer: MFT is a much more complex option. In addition to file security, it adds a variety of audit, management, reliability, and other features.
  • Email Encryption: Instead of transferring the file as an attachment, a secure email sends a link. Then, the recipient can download the document from a secure site. Moreover, email encryption enables users to send very large files with little drama.
  • Hosting: Originally, file hosting services supported document collaboration and nothing else. Lately, security features have emerged as well, making network hosting a viable secure file transfer option.

All these methods rely on access control. Typically, that involves a username and password. Depending on the organization’s needs, the access control can be much tighter. Usually, this process involves an Identity and Access Management (IAM) system.

Some File Transfer Features

In its most basic form, secure file transfer relies on command line interfaces. This system is automated and not designed for user interface, so there are very few additional features. On the other hand, command line interfaces are very low-cost and allow organizations to maintain control over file security even if they use cloud providers.

SFTP is still the best option for most businesses, but SFTP by itself often falls short. Consider adding additional features like:

  • Auditing: Sometimes, auditing functions are available as an add-on. But organizations that also have compliance issues in this area, such as those that handle Personal Identifying Information (PII), may be better off with MFT.
  • Scheduling: This need is not as common but it’s still out there. Sometimes, users need to send documents at certain times of the day, usually to avoid bandwidth conflicts. Customers with scheduling needs almost always need MFT, because its systems are very robust.
  • Indirect Transfer: Only MFT allows users to send documents to an intermediary server when then forwards them to the recipients. The user and recipient are isolated from each other, and such transfers are easier to track.

Consider the options carefully before making a decision. Then, go with an established provider who stands by its products.