Did you know that venture and private equity investments in India’s startup ecosystem have tripled, from roughly $11 billion in 2020 to $36 billion in 2021?
Is it any surprise, then, that the Award-winning entrepreneurial-themed reality show Shark Tank has now launched in India? The show received over 62,000 applications from Indian hopefuls, with only 198 chosen to pitch their ideas to the “sharks.”
During a successful first season, viewers seemingly couldn’t get enough. It is half drama, half business lesson, and a glimpse into India’s fast-paced, do-or-die entrepreneurial landscape. While it is certainly a look at business pitches and ideas through the lens of reality TV, here are 7 interesting Shark Tank lessons and essential insights for business owners and aspiring entrepreneurs.
Lesson #1 “Learn to pivot and try a different approach”
These wise words were spoken by contestant Krishnan Sundararajan, who discussed analysing the situation, pivoting, and adapting. This could imply shifting your service delivery method from offline to online. Changing the medium through which you wish to tell a narrative from written to video.
This may necessitate many revisions to your business model, packaging, or marketing strategy. It’s not about following trends because they change all the time. Instead, figure out how to get your concept in front of a broader audience/consumer base.
Lesson #2 Recognize when you require the assistance and knowledge of others in order to progress
It is a source of pride to be the sole owner and co-founder of a company. However, you cannot accomplish everything, and you also do not know everything. Recognize when you need someone else’s knowledge since it could be exactly what is holding you back and causing you to stagnate.
This is a recurring piece of advice by the Sharks throughout the first season of the show.
Lesson #3 Just because you can doesn’t mean you should
In episode 3, engineer Rubal Chib shared a popular statement in the realm of IoT (Internet of Things) technology. It gives us a lot to think about, especially in the start-up world, where we hear about new up-and-coming enterprises and small businesses every week, many of which fail quickly.
When we have a good concept, we must also consider whether it is something we can actually market.
-Is there room for expansion and scalability in the product to fulfill consumer demand?
-Is there a short-term or long-term demand for such a product?
-Is it something in high demand, something truly new and disturbing the marketing, or will it become a trendy gimmick?
Lesson #4 Know thy business
An entrepreneur must comprehend how internal and external issues will affect their company in the long run. For example, one of the pitches showcased Modern Myth- a vegan bag brand. A shark Ashneer Grover was skeptical about the bag designs being non-replicable in the future, to which the founders had no answer to.
Entrepreneurs must understand where their company stands today and how it will grow in the future. It is critical to have a long-term plan and projection for your organisation.
Lesson #5 You’ll learn more by failing than winning
The journey of the participants showed us the difficulties they faced before they were given the opportunity to showcase their items. Jugaadu Kamlesh is the best example of how perseverance can lead to success. He worked on his invention for seven years before getting the chance to submit it to the judges.
Similarly, Shark Tank India’s judges also faced many failures before they were able to invest in other people. Shark Peyush Bansal founded numerous businesses before Lenskart’s success, and Shark Vineet Singh founded several businesses before Sugar Cosmetics took off.
Failure teaches you more than success ever will.
Lesson #6 Having the best resources isn’t the only way to progress
Let’s say you have a million-dollar concept, but what good is it if you can’t take the first step and get started? Simply put, quit feeling sorry for yourself and get to work. Taking the initial step is the only way to get to your destination. You may not have the best resources right now, but you do have some. Make use of them, and better things will come your way. Just as Kamlesh did when he invented the pesticide trolley.
Lesson #7 Investors place a higher value on people than on ideas
Remember the 19-year-old from Shark Tank India who pitched his startup Watt Technovations? His product was not perfect, yet he still received funding from the Sharks. When shark Peyush Bansal bought in Sid07, the same thing happened. This demonstrates one of many important Shark Tank lessons -investors place a higher value on people than on products.
Work on integrating these simple yet powerful lessons from season 1 of Shark Tank India in your daily life and in business. You’ll undoubtedly be on the right track!
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