Before Shark Tank India aired, the budding entrepreneurs looked up to Western magnates like Bill Gates, Mark Zuckerberg, Warren Buffet, Steve Jobs and so on. After the show, things changed and for good! We looked for learnings from Shark Tank India and the sharks.
Who knew that Shark Tank India would become such a big hit? Our inside sources say that the startup community and entrepreneurs did not back the show during its inception stages. But the seven sharks truly rocked the business arena in India and most of us learnt quite a lot from the show.
Today, in this article, we are trying to help budding entrepreneurs by sharing some of the most important learnings from Shark Tank India, Season 1. (The most important learning would be to not invest where you don’t have “expertise” or “let other people talk” without “dogalapan”, right? Hahaha!).
1. Passion, passion, passion.
Sharks like Aman Gupta, weighed the entrepreneur’s passion over the numbers a lot of times before investing. If you are not passionate about what you do, the chances of success are lower. So find something that drives you!
2. Rejections and failures are a part of life and biz.
Almost all of the sharks on the panel have had failed investments, failed startups before they succeeded. A lot of pitches were not offered any deal on the show but that only pushed those entrepreneurs to do better. So if you fail or if your pitch is rejected, come out stronger from the storm.
3. Originality is a must.
Do something that has not been done before. Copying another person’s idea does not yield great results. If your business is original, that automatically makes it unique and the chances of people taking notice or investors offering their money go up.
4. If you aren’t solving a problem, then what are you doing?
In a country like India, where there is a loud startup boom, there are still a lot of problems that are not solved. Offer a real solution for an actual problem. Research, identify and test. If the end consumer is happy, your efforts to scale will be maximised. And you will also make a lasting impact.
5. Don’t compromise on your math.
Multiple times on the show, the entrepreneurs were grilled for their greedy valuations. They did not get their math right. There were people who quoted a 100 or 200 cr valuation but their sales did not support their calculations. Numbers are your best friend, get those right. Support your valuation and know things like your net margin, gross margin, YoY growth, revenue, marketing spends etc. at the back of your hand.
Bonus: Five sharks are better than one. They bring more than just money to the table. So aim for a pitch that can impress all!
Those are the five best learnings from Shark Tank India, a show that continues to impress people of all ages across the country. What is your favourite lesson from the show? Tell us in the comments below.