Wealthy Bag Lady Blog

Top 3 Lessons from Shark Tank

Shark Tank is a great reality TV show where hopeful entrepreneurs seek financing for their businesses. The business owners give up equity stake in their company to the "sharks" who are venture capital investors.

There was the Leslie Haywood, a stay-at-home mom, who invented Grill Charms. The charms are placed on meats so that backyard grillers can keep track of who wanted a rare, well-done or spicy piece of chicken. The sharks actually fought over who could make a deal with her company. She ended up taking $50,000 for a 25% stake in her fledgling enterprise.

Here are the top 3 lessons from Shark Tank:

1. It's about Them, Not about You
   
   When approaching potential investors or sponsors, most people talk incessantly about their business, but don't tell the financier the benefits of working with their company. You'll be more successful with investors and sponsors if you can show them brilliant solutions and compelling benefits.
2. Have a Plan
   
   You should have a plan for your company, your book, speaking, events, projects or your charity. Be prepared to answer questions about your demographics, financials, projections, branding and marketing.
3. Show Your Passion
   
   Sponsors and investors have been swayed by the passion of the person who built the company. Create a great presentation and put amazing people on your team. Have a compelling story and make an emotional connection with your sponsors and clients.
   ______________________________________

By watching Shark Tank, you get a keen insight into the way that investors and sponsors think.

 

I'm assigning the show as required viewing for my clients in the Fast Track Sponsor Coaching program and my students in the Attracting Corporate Sponsors Teleclass.

Top 3 Ways to Take Risks

The multi-millionaires that I interviewed for my book, Bags to Riches, believe in smart risk taking.

Here are their top 3 strategies:

1. Calculate the Downside and Upside

When you get training for skills that will improve your business, such as sales and marketing, the downside is that you need to invest time and money, but the upside is that you'll grow your business exponentially.


2. Think of the Long Term Rewards
   The decisions you make now will affect the next 12-18 months of your business. Don't just look at the short term. Think about your rewards for the long term..
   
   
3. Don't Listen to the Dream Stealers
   Most people will tell you not to take risks, but their thoughts are guided by emotion and worst-case scenarios. Instead of taking advice from these people, get mentored by people who are successful and want to play big.