7 LESSONS THAT EVERY STARTUP CAN LEARN FROM THE SHARK TANK TV SHOW

The Shark Tank TV Show provides a wealth of knowledge and practical approach through investment deals. These lessons can help startups get the thorough preparation for the process of funding.
Shark Tank is an American reality television program that was first broadcast on August 9, 2009 on ABC channel and has been owned the copyright by Vietnam with  the name “The Billion Dollar Deal”.
Shark Tank inspires entrepreneurs to give a lecture to a board of investors (Shark), and these investors will choose to invest or not.
Entrepreneurs can learn a lot from this program, here are the 7 most valuable lessons
1.“ 10 seconds “ rule
Obviously, number 10 plays an important role for startups. There is one advice that you shouldn’t jump on a startup boat unless your product or solution is 10 times better, 10 times cheaper or 10 times faster.
Similarly, when dealing with the sharks, the first 10 seconds will determine whether your case is successful or not. A startup must be able to present clearly their business with accurate figures in about 10 seconds. The shark does not have much time to listen to the stories, it can be spent at the climax, but the first 10 seconds decide a lot of things.
2. Clarity and Trust
Shark Tank’s negotiation can be the stressful experience for many people because the sharks can laugh at or disparage startup’s business plans or products. However, they also appreciate the trust and clarity in thinking of the business people. People  who fail to get funding from the sharks are often those who don’t have the confidence that their business will succeed.
3. Business Scale and Market Demand
Most products or services are looking for a solution for the same problem. The sharks will be willing to spend money on a solution or a product when it is able to solve a problem or create a new market. Without saying, while evaluating this, they will also consider the scale of the problem and the need for the solution in the market. Having a product with good preparation of thinking will be able to go far on the road of funding.

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