6 Lessons You Learn Watching Shark Tank (on ABC)

by Victor J. McCoy


I've watched a few episodes of Shark Tank after hearing much about it and being questioned concerning the viability of some of the businesses and their presentations. In viewing the program I tend to focus on the
person more so than the product or the person then the product. Some people view that vice-verse and I think you miss the primary point of what may be gained from the program. Aside from the entertainment aspect.Pay close attention to what they mean by what they say and the response of the business owner(s), therein is the primary benefit of watching a few episodes. After that, there's only an entertainment value for me. Here are a few points that I believe are known by most but bare repeating and are consistently seen on the program.

1. Consistent sales over a period of time is the indicator for the viability of your venture.
2. Profitability is the primary indicator of the viability of your business.
3. Passion for your business is not enough to make it work. Diligence, wisdom, knowledge and understanding your mental limitations will help. Not knowing what you should know can hinder your success.  
4. Key partnerships and relationships are vital. There are "NO" self made millionaires.
5. More important than your presentation is knowing your audience. When you understand that you will tailor your presentation to address their concerns, issues, etc. in your presentation.
6. Know the numbers (financial) and understand your market. Those that do fare better in business then those that don't - which end up going out of business, in some cases.