The Series

Shark Tank is one of my favorite shows. It is an American business reality TV series that kicked off in 2009. Basically the show is about entrepreneurs pitching their business ideas or already existing companies to six business tycoons. The series was aired for 13 seasons and has 277 episodes. The so-called “sharks” are Kevin O’Leary, Mark Cuban, Robert Herjavec, Lori Greiner, Daymond John and Barbara Corcoran. These business leaders not only invest in new start-ups but they also provide guidance and connections to the entrepreneurs.

Shark Tank provides a great insight as to how and how not to make your pitch or carry out negotiations with the sharks. Here are 5 lessons that I learned from Shark Tank.

Lesson #1: Don’t Let Failures Get You Down

You know what makes a winner different than a loser? The winner more often than not tried one more time. For any enterprise it is vital for you to have grit. You will face with problems just like anyone else. As opposed to many other people you should never ever allow these failures to define who you are. You must keep going towards your goals, otherwise you will never reach them.

“It’s only when you put yourself in charge that you have a shot at becoming rich. … if you’re competitive and pigheaded enough to get over the failures without wasting time feeling sorry for yourself, and if you can inspire enough good people to join you, you can pretty much become as rich as you want.”

Barbara Corcoran

Lesson #2: Learn From Your Mistakes

In addition to not letting the failures get you down, you should also learn fromt hem. Many entrepreneurs in the show reveal that they had to endure a lot of hardship in their lives; but at the end of the day their success speaks for it self. We all do mistakes, but it is essential to analyze these mistakes and actually learn from them. You should never waste a good crisis. It can be one of the best teachers that you will ever have.

“If you can’t come clean and tell investors how and why you failed, that raises a red flag. They need to see that you learned from it and came back stronger.”

Daymond John

Lesson #3: Know Your Worth

Before heading into any negotiation, be certain to know your best and worst case figures.

It is especially imperative for you to know how low you are willing to go in terms of price negotiation. The sharks are ruthless and you should be so too. On more than one occasion contestants received multiple offers from sharks. While contemplating about these offers the sharks discussed among themselves and decided to reduce each one’s offer. When the poor entrepreneur came back from the break the sharks offered lower deals than the originals.

Lesson #4: Know Your Numbers

This one is different than “knowing your worth”. In addition to knowing the value of your whole enterprise, you should also know by heart the exact figures adding up to your bottom line. Many talented entrepreneurs find themselves in a helpless situation as they are bombarded with questions from the sharks regarding the business’s figures. You absolutely do not want to be in that situation.

You should demonstrate exactly how you came to those amounts. In case you are asked to quote a number, you should always be prepared to back it up with solid facts.

Lesson #5: Trust Your Gut

Gut feeling is one of the most undervalued assets that we have in our arsenal. It is a very delicate tool that was crafted and perfected by our ancestors during thousands and thousands of years before our lives – and for good reasons. Sometimes a pitch may look great on paper, but there can be something ‘off’ about it. Do not ignore that feeling! It is probably there for a reason. Try to put your feeling into words, look into the issue with more analysis and give your final decision only after going through that mental process.

“You have to have a senseless belief in your idea and yourself – almost to the point of being delusional. Remember that everyone has advice but no one knows what you have to go through to start, grow and scale a business until they live it! Talk is cheap, but action speaks volumes.”

Robert Herjavec

Ali Can Ergur