The reality TV Show, Shark Tank gives great insights about how to make big money from your big idea. Michael Parrish Du Dell author of Shark Tank: Jump Start Your Business reveals some of the show’s most useful lessons.
Lesson 1: The best business offers are simple, affordable solutions to real world problems rather than complex, expensive solutions
One of the big success stories from the show was ReadeRest, a magnet that clips to your shirt and provides a secure place to hang your reading glasses.
Lesson 2: Pick an effective name
Your business name should be catchy, tasteful and it should also reflect what your product or service is or does.
Shark Tank success story, The Painted Pretzel was just that, elegantly packaged gourmet chocolate covered pretzels. After winning the heart of a Shark Tank investor the product now comes in more than a hundred varieties and is sold in major stores across the country.
Lesson 3: Play up your “secret sauce”
What are the big differentiators about your product or service that make it stand out and is not easily replicated?
New Jersey entrepreneur Aaron Krause invented a round yellow sponge made of a special foam that was actually patent-worthy. The sponge material will change textures based on the water temperature. His Scrub Daddy product solved needing a different cleaning sponge for soft or hardened debris on plates or pans.
Lesson 4: Perfect your elevator pitch
Generally speaking, you have about 60 seconds to sell your ideas. If you are pitching a business idea for an investor, be sure you can be compelling in 60 seconds while creating the impression that an investor will be missing out on a big opportunity if they don’t invest in you. Be inspirational, explain your company’s current financial picture and share how you plan to make the company more profitable.
Source: Bottom Line Personal, Volume 37, No. 5