The Shark Tank is an ABC series in which entrepreneurs present their ideas to a panel of investors for on-the-spot discussion, deliberation and investment. Of course it’s over-dramatised and produced to appeal to a mass market, but often there are lessons in the least likely places.
The “sharks” in the Shark Tank television show are bone fide entrepreneurs. They’ve made millions and billions building and exiting successful companies. So no matter what you think about reality TV shows, at least this part is legitimate. But the really interesting part of the show is its fast pace. A handful of entrepreneurs enter the Shark Tank per show, so the advice, guidance and investment decision are made in rapid fire. This lends itself to very succinct and concise advice.
As a private equiteer, you meet investees that are often very similar to the fledgling entrepreneurs on the Shark Tank. Even though in our case the entrepreneurs have businesses grossing millions of dollars, there preconceptions, mistakes and emotions are the same. So with that said, here are my favourite lessons to entrepreneurs from the Shark Tank.