5 Insider Tips From The Sharks

Shark Tank has gained more and more fans every year. There’s something thrilling about watching entrepreneurs pitch their businesses to six of the world’s most charismatic billionaires. Here are the five insider tips from the sharks which you could apply to your business.

Kevin O’Leary 

For Mr. Wonderful, he stressed the importance of accepting your limitations as a human. He said: 

“My partners […] taught me that in order to create wealth, I needed to pair up with people whose strengths compensated for my weaknesses.”

O’Leary pointed out that for entrepreneurs to flourish, they must accept their own flaws. There’s no better way to improve your skills by building alliances with someone who’s more skilled than you. Always remember to reach out to other people. Some are more skilled or equipped than you. Asking them for help saves you more resources. 

Robert Herjavec

“You can’t let your emotions control the moment…If we tell you there’s a mistake in how you’re running your business, you’d better listen.”

For any entrepreneur, it’s understandable if your passion for your business reflects on how you talk to people. If you are securing your first investor, you need to be extremely humble. Admit that there are a lot of improvements that could be done. If other investors give you a piece of advice, listen to them. It won’t hurt your business if you would listen to others. Right?

Remember that if you reply with an emotional outburst you might get a negative impression from your investors.

Lori Greiner

“Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week”

Ah, here’s what other entrepreneurs are waiting for. No one wants to be stuck in a 9-5 job forever. If you want to launch your business off the ground, remember that it would take massive sacrifices. As Lori points out, some people would prefer spending 80 hours on their business just to stop working a 9-5 job. She says that it is more exciting to spend double the time on your idea than 40 hours on someone else’s idea. 

Mark Cuban

“Selling ultimately comes down to connecting and serving”

For Mark Cuban, he stressed the importance of customer experience and customer satisfaction. He added that business must have the “If the customer’s needs are put first, then our needs will ultimately be met” type of mentality. 

For you to make a sale, always remember to put your customers first. In order to convert them into sales, you need to let them understand that you are there to make their lives a little easier.

Daymond John

“Cut most of the other things you’re doing out of the way,” John says, “and focus.”

As we’ve said earlier, some would want to quit their 9-5 jobs. John reminds us to think things through before making the leap. If you are a professional with a day job, ensure first that your business is working. After that, cut other things out and focus on your business. 

As he puts it, it’s not important to work hard. What’s important is you work hard on the things that result in sales.

Which lesson speaks to you the most? if you’re curious about the sharks’ net worth, click here.