What Shark Tank Can Teach You About Startup Failures

October 19, 2017 - By 

startup failuresThe business world can be a brutal, take-no-prisoners type environment. In fact, 8 out of 10 new business are expected to fold within their first few years. And perhaps that’s why millions of viewers tune in to ABC’s hit television program Shark Tank.

Comprised of rotating judges Mark Cuban, Lori Greiner, Daymond John, Barbara Cochran, and of course, Mr. Wonderful, Kevin O’Leary, Shark Tank is one of the most exciting and downright fascinating shows on television.

Competitors duke it out with the judges to get funding for their dream business.

But beneath the reality show exterior, there’s a lot that Shark Tank can teach us about business. Namely, failure isn’t always a bad thing.

Here are some key lessons to take away from Shark Tank’s startup failures.

Business Isn’t Always Easy

Shark Tank shares a lot with its reality show sister, American Idol. It’s theorized that people don’t so much tune in to watch the successes as they want to watch others fail.

This sounds harsh, but it brings about an important lesson: business isn’t always easy.

Entrepreneurs shouldn’t expect their first idea to be a smash hit. Sometimes ideas need refinement that can take weeks, months or even years.

This isn’t a bad thing, however. Don’t take rejection personally and learn to develop a thick skin. Rejection is going to come often, but it isn’t a personal matter.

There are plenty of reasons a business may not make it. Perhaps there isn’t enough capital, or an investor already has too many clients. So before contacting SBA Attorneys, be prepared for rejection.

Marketing Begins Upon Entering The Boardroom

Ultimately, a pitch doesn’t begin when the presentation does. On the contrary, a presentation is about more than PowerPoints and tables.

It’s about the entrepreneur themselves.

Everything from wardrobe to body language can make a huge impression in the boardroom. An awkward, aloof presentation may seem fun on TV, but in real life, it’s anything but.

And since startup failures are so common, one bad presentation can leave a business reeling. Accordingly, practice makes perfect.

Before presenting — even to just one person — have every detail planned out. That includes things like wardrobe and technology.

Like on Shark Tank, it’s the investor’s job to size up the entrepreneur. In fact, they may even pass on an opportunity because of the entrepreneur.

Remain calm, cool, and collected.

Failure Is Just As Important As Success

Finally, learn from every mistake. Don’t look at these as failures, but as growing opportunities as a businessperson.

Sometimes it’s important to sit down and look at the facts. What went wrong? What could have been avoided? What should’ve been done differently?

Debriefing a failed venture is a great way to learn some lessons. Understanding why something went wrong is far more helpful than shrugging it off. These failures should be cherished.

By understanding what happened in the past, it’s possible to improve future ventures.

Final Thoughts On Startup Failures

Shark Tank makes one thing abundantly clear: business is tough. But preparing, planning, and understanding can make a venture far more likely to succeed.

For more great tips and downloads, be sure to check out Pligg’s blog. From business advice to software, Pligg has everything you need to get ahead in life.

Posted In:  Business and Finance

Related Posts

Recent Posts

  • 9 Ways To Eliminate Chronic Body Pain
    Living with chronic body pain affects every aspect of your life. Here are 9 things you can do to help ease or even eliminate chronic body pain.
  • 10 Ways To Improve Your Smile
    Your smile is one of the first things people notice about you. Make sure it leaves a good impression. Here are 10 ways you can improve your smile now.
  • How to Get the Best Deal on Your Cell Tower Lease
    If you're thinking of taking advantage of a cell tower lease, it's important to know how to get the best deal. Here are the top tips for getting the most value.
  • 10 Best Sobriety Apps
    In this digital age, you never have to go it alone. Read on to discover the top 10 sobriety apps to help you stay the course, no matter your fight.
  • Top 5 Diving Apps
    You don't have to be a pro diver to use these diving apps. Check out the best diving apps that will help make your next dives safer and more efficient.
  • Types and Benefits of Life Insurance Policies
    Are you aware of the different types of life insurance? Understanding each variation will help you enjoy the many benefits of life insurance policies.
  • things to do in England8 Unforgettable Things to Do in England
    If you're thinking of planning a trip to England, then you won't want to miss this article. Click here to discover 10 unforgettable things to do in England.
  • How to Keep Healthy at the Office
    Being healthy is essential for any productive person, check out this article for tips on how to keep healthy in an office setting.
  • How to Combat Slow Download Speeds
    Are your downloads taking longer than they should? Click here for a helpful guide on what to do if your computer has a slow download speed.
  • 15 Rustic Kitchen Decor Ideas
    Are you looking to give your kitchen a rustic makeover, but not sure where to start? Here are 15 rustic kitchen decor ideas for inspiration.

Categories