Keith Hill, Jr. recently shared with me his favorite 20 “Tank Facts” from Shark Tank. It’s a wonderful list that he put together from watching the hit reality business show, The Shark Tank on ABC. If you haven’t seen it and you are a reader of this blog, then you will definitely want to check it out.
Lessons From the Shark Tank
Not only can you pick up great lessons from the shark tank, you can also see how sharp business investors, like Mark Cuban, Kevin O’Leary, Barbara Corcoran, Daymond John, Lori Greiner and Robert Herjavec think, how they evaluate a business and the people running the company. Without further ado, here are Keith’s “Tank Facts” from Shark Tank…
20 “Tank Facts” From Shark Tank
Sharing is caring … Instead of just watching Shark Tank (and the Canadian equivalent Dragon’s Den) for inspiration and entertainment, over the years I began to study each episode for solid information. Below are 20 of my favorite “Tank Facts” – good advice from the Sharks that I’ve captured (in no particular order):
1. Know how “leverage-able” your business is for growth.
2. You must be already (or be willing to) work at your business full-time.
3. There’s a huge advantage if you have a proprietary component.
4. Know your cost to acquire each of your customers.
5. Sometimes the consumer will need to be “educated” about the product, which is another cost to consider.
6. Must not be a seasonal or regional business.
7. Franchise only after it’s been proven.
8. “Pioneers get slaughtered, settlers prosper”.
9. Have projections for sales.
10. Don’t sell that it “can work”, prove that it IS working (i.e. sales or purchase orders).
11. Make one successful product before considering doing any other(s).
12. 7% royalty is industry standard.
13. It’s not a true net amount if salaries have not been deducted.
14. A good business should “solve a problem”.
15. A good business opportunity has mass market appeal.
16. Know the difference between having a good opportunity from having a good product to sell.
17. Choose the obvious path of success.
18. Know your exit strategy.
19. The “tipping point” is the investor sweet spot; when the company is about to take off.
20. Have humble arrogance as the business owner.
Do you have your own lessons from the Shark Tank?
Please let me know what you thought of his 20 “Tank Facts” from Shark Tank and which one’s are your favorite by commenting below.
Keith Hill, Jr is a Certified Independent Consultant in PC Law Practice Management Software and is an Associate in Accounting for Law. For 14 years Accounting for Law has been satisfying bookkeeping needs for lawyers throughout the Greater Toronto Area and parts of Ontario. Keith can be contacted at email@example.com / www.forLaw.ca
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To your success!
Noel B. Lorenzana
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