These days, everybody wants to defy the monotony of 9 to 5 jobs in exchange for the coveted title of an entrepreneur. With websites and apps working as aggregators or marketplaces, you, too, could profit off your skills and talents!
Earlier this 2022, Shark Tank India’s first season concluded with 67 businesses winning over the judges and receiving funding for their respective start-ups. The show began in December 2021 with over 62,000 applicants, and only 198 made it to the sets of Shark Tank India. Nevertheless, the intensity and intrigue of the show quickly made it a crowd favourite!
Shark Tank India: The Concept
Shark Tank India is an Indian franchise of the original American hit reality show, “Shark Tank”. The premise is simple, entrepreneurs pitch their ideas for businesses or products to a panel of potential investors, the “Sharks”. The panellists themselves are self-made multi-millionaires who analyse the business models and products. Depending on the proposed venture, the Sharks will decide whether or not to invest their own money in marketing and mentoring the contestants.
Meet the Sharks of Shark Tank India 2022.
● Ashneer Grover: Managing Director and Co-Founder of BharatPe
● Vineeta Singh: CEO and Co-Founder of SUGAR Cosmetics
● Peyush Bansal: CEO and Co-Founder of Lenskart
● Anupam Mittal: CEO and Founder of Shaadi.com and People Group
● Namita Thapar: Executive Director of Emcure Pharmaceuticals
● Aman Gupta: CMO and Co-Founder of boAT
● Ghazal Alagh: Chief Mama and Co-Founder of MamaEarth
Business Lessons for Entrepreneurs from Shark Tank India
With 67 victorious contestants bagging fantastic deals with the panellists of Shark Tank India, let’s break down what we learned on the way.
Lesson #1: Have a Clear Vision
Clarity of thought is an arterial part of a business. Without comprehending the essence of your start-up, you won’t be able to sustain a business. During episode #2, the panellists of Shark Tank India questioned the motives of an innovative inventor who created three unrelated products.
Takeaway: Ensure that the competitiveness of your start-up can outsmart problems like USP (Unique Selling Point) and deal with duplicates in the market.
Lesson #2: Becoming a Cost-Efficient Business
Everyone wants to be one-of-a-kind, but that kind of rarity comes at a cost. In episode 20, we met an economic entrepreneur who refashioned old apparel and footwear and sold them on social media platforms. Since it virtually incurred no manufacturing costs, it considerably drove the sales.
Takeaway: The ingenuity of your business should adhere to the qualities of a low-funded business. A young start-up could easily be overwhelmed by unrealistic ideas.
Lesson #3: Acknowledge Your Team’s Contribution
The smooth ride of a solo business journey is not viable in the long run. Episode 11 introduced us to a father-son duo and a third Co-Founder, who happened to be the inventor of the pitched product. The sharks pointed out the inequality in stakes between the three, with the inventor receiving the measly end of the bargain.
Takeaway: Treat your fellow Co-Founders or team with respect by rewarding their contributions with adequate compensation and benefits.
Lesson #4: Learn the Art of the Pitch
They say sometimes less is more. That couldn’t have been truer in the case of the entrepreneur who pitched a diabetes detecting device with 90% accuracy. While most medical devices have an inaccuracy of 10% or so, this revelation deterred some of the panellists away.
Takeaway: Basing your business model on transparency is admirable, but it could compromise your pitch in front of investors. Learn to present your pitch favourably without letting uncertainties creep into them.
Lesson #5: The Business-End of Your Confidence
The keen senses of the Sharks help them sniff out contestants with poor confidence in their products or services. They often gruel entrepreneurs with a barrage of questions about the business model.
Takeaway: Investors are not blind to your poor conviction in the product or service – boost your business with confidence!
Carefully follow these lessons imparted by successful entrepreneurs from the panel of Shark Tank India. These nuggets of advice could make a difference in your journey as an entrepreneur.