The business reality show, Shark Tank, after having successful seasons globally, now has come to India. The show airs on Sony India is gaining immense popularity not only by seeing the innovative business pitches but also by the entrepreneurial lessons from Shark India’s judges that comprises of India’s top business leaders- Anupam Mittal, (Founder of Shaadi.com), Ashneesh Grover (Co-founder of Bharat Pe), Namita Thapar (Executive Director of Emcure Pharmaceuticals), Aman Gupta (Co-Founder and CMO of bOAt), Ghazal Alagh (Co-founder and CIO of Mamaearth), Peyush Bansal (CEO and Co-Founder of Lenskart), Vineeta Singh (CEO and Co-Founder of Sugar Cosmetics).
Along with the banter of judges, budding entrepreneurs from the B2C, B2B, D2C sectors can learn what are the best ways to build their brands and get the necessary funding from investors.
Let us look at the key entrepreneurial lessons one can learn from Shark Tank India
- Do not pitch without making sales and generating revenue
Many businesses that came to Shark Tank India could not get funding because they generated low or no sales, Without generating revenue, investors cannot take the risk to put their funding in the business unless you are ready to provide a large share of the equity. Without revenue generation, one cannot estimate the value of your company which can create a hindrance for investors to put their money into the market.
- Be sure of your niche
One of the businesses that pitched in Shark Tank India was Good Good Piggy which helps to literate kids about financial literacy through a behavioral change ed-tech platform. The business model of the company was more catered to towards Non-Profit, rather than a fin-tech or ed-tech company. During the pitch, the judges clearly pointed this out and also about the competitors who had built similar, yet more profitable models of business.
For budding entrepreneurs having a clear-cut niche and business model is very essential to pitch to investors rather than beating around the bush.
- Investors are interested in innovations
Peyush Bansal, founder of Lenskart says that the business should always solve a bigger problem that would provoke him to invest, and this is what budding entrepreneurs should always incorporate in their business model. The business should have innovation to solve existing problems. For this, entrepreneurs should have a human-centric design approach to create innovative solutions to gain the interest of the investors in the market.
- Know the next step of your business
After creating engaging and easy-to-digest comics on menstruation and reproductive health for kids and adolescents, the organization Menstrupedia started by Aditi Gupta and Tuhin Paul got investment from Namita Thapar as it had a clear vision to start an ed-tech content platform for parents to get easy hands-on content.
For investors, knowing the brand’s vision and its scaling-up process is very important to evoke their interest in investing. Budding entrepreneurs should have a road map of their business.
- The ability to change with the consumers’ needs
Entrepreneurs do not tell the market what to do, but it is the market that shows the next step. If business owners do not listen and change their strategy with the consumers’ needs, they will be budged out of the competition. Hence, keeping up with consumers trends and having fresh ideas to innovate your product with the changing times is very important.
Well, if you are starting your own entrepreneurial journey, these entrepreneurial lessons from Shark Tank India will surely be helpful.