Sage advice from the business titans of “Shark Tank”

“Shark Tank”, the Emmy award-winning reality television series, returns this weekend with its ninth season. For those not familiar with the hit show, it showcases aspiring entrepreneurial contestants who pitch their business ideas to millionaire (or billionaire in some cases) “shark” investors. Many of us that watch the program may not dream of starting million-dollar business ventures, but we can gain much from the business advice shared by its enormously successful “shark” panel.

Great ideas capture attention, but expertise is everything
Contestants approach the panel with their initial business pitch, hoping to make a great first impression. Those that stand out immediately grab their audience’s attention and leave them wanting more. While this is an extraordinary first step in standing out from the crowd, smart businesspeople understand that the idea is not enough. In order to prove they are worth investing in, they must demonstrate their knowledge in what exactly it will take to see their venture to fruition.

Egos are second to customer satisfaction
Professional businesspeople who have seen success have obviously showcased the moxie and strength needed for getting ahead. But, many also possess too-high opinions of themselves and their endeavors. When an arrogant contestant approaches the “sharks,” it is often instantly apparent that their ego is an issue and the customer comes second. While it’s important they be confident in themselves and their work, demonstrating a real interest in and true understanding of their target market is essential to establishing loyalty and trust.

A plan for business growth is invaluable
Having a great idea and earning the interest of potential investors is noteworthy, but to actually sustain their support and the resources needed it’s essential to have a strong business plan in place. To really get others behind their work, professionals must constantly be looking to the next level. Even if the “sharks” are initially fascinated by a potential business idea, if they are not provided with a solid framework for every aspect of the company’s business model (often including, manufacturing, distribution, and pricing), their interest diminishes almost immediately. This is a lesson to professionals to keep looking ahead and to always map out exactly what it will take to meet their objectives.