Shark Tank India has become one of the most phenomenal TV shows in India yet. With this show coming to an end it has taught us investment and business lessons better than any course or school could. In this wave of entrepreneurship or this decade of entrepreneurship this show has motivated and showed the entrepreneurs a map to launch their products and services.
YLCC has brought to you a list of 25 lessons Shark Tank India taught us:
- You need to be confident about the nitty gritties of your product. It becomes easier to convince the masses about the product or services if you are well aware and confident about your product.
- 2020-30 is likely to be the decade of entrepreneurship, as is already evident from the latest trends of the times we are living in.
- Your product and services need to be streamlined in the beginning. In the initial stage the motive of any company should be to focus on certain types of products only so as to get recognised in the market and create its unique niche.
- Having a good product is not enough; you should have a concrete marketing strategy. Without concrete market strategy it is impossible to get good response only on the basis of a good product.
- Most of the time the bet won’t be on your product, but on You. Product is only one aspect of marketing much depends on how you deal with rest of the things marketing, customer, your attitude, etc.
- Even when the world doubts you, you just need one right investor’s faith in you. This is one of the best lessons Shark Tank India has taught us. Most of the investors might ignore your product or services but only one investor’s faith can make make the whole difference.
- Be confident about what makes you unique to stand out from the competitors. Competition is only one aspect of marketing what makes the real difference is how your product or service stands out from rest of the related products or services. There should be clarity regarding the Unique Service Provider (USP).
- Choose a team that has your back through thick and thin. You must choose your team wisely as it’s your team only that keeps you keep going and moving forward.
- There is a market for every product. In today’s diverse and fastly growing world there is market for every product you just need to find a target audience and good strategy to market your products or services
- There is always a silver lining to rejection. Rejection should never demotivate you towards your product but it should inspire you to find out how to improve your product and what better can be done to make it more effecient.
- Unconventional partners sometimes make a good business.
- You do not require a degree to get on with business ideas.
- It is never too late to start your own endeavour, even if it is after retirement.
- Apart from knowledge, confidence is important to sell your product.
- Turn real life problems into solutions. Products and Services are nothing but the solution to some problem that creates a sustainable demand. For example AC is nothing but a solution to rising temperature in summer. Similarly finding solutions to other real life problems can help you find a place in the market.
- Only if you take the chance of growing your business will others take a chance on you. What makes you doubt yourself or what is stopping you from taking your chance. In today’s fast and growing world you should take risks because if you do not why will someone else?
- Ideas are all around you, all you need to do is look for it.
- Vetting is the key to getting good deals. If you think you can get a great deal and your idea is revolutionary do not hesitate to vet it.
- Humility is key whether you are a shark or a contestant.
- There are hidden talents everywhere, all you need to do is look for in the right corners. Follow your aspirations despite social opinions because the right platform will get you to the right places.
- It is not only about the idea, it is about how you sell it. With good marketing you can sell anything. And also its not always about money it’s about people/guidance.
22.Working in a specified niche helps you build a brand and then expand further.
23. You should be passionate towards your product or service because it is passion that derives the desire to create change instead of waiting for it.
- You need to understand where your business stands today and what your growth possibilities are ahead.
- Sometimes it is all about luck. Thousands of businesses applied for the show, but only a few got selected.
YLCC would like to thank Upendra Yadav for his valuable insights in this article.
